Delhi-NCR based company Nirala World acquires a 2.6 acre land parcel in Greater Noida for Rs.180 crore and intends to build a commercial project on it.
The company have bought 10,600 square meters of land (2.6 acres) worth Rs.180 crore, which includes GST, lease rent and stamp duty.
As per the statement given by the company, the amount includes GST, lease rent and stamp duty. The parcel of land is located in the Greater Noida West sector 10. The land was recently acquired through an auction by the Greater Noida Authority.
According to Mr.Suresh Garg,CMD of Nirala World ,“We have recently acquired a land parcel in Greater Noida West through a tough auction process. On the purchased land, we intend to build a commercial project (a mall or a high street), with a construction budget of roughly Rs.250–300 crore”.
He further added that the project will be developed by the company using its funds. “We would start construction as soon as UPRERA and the authorities give their approvals”.
The company has already developed a 25-acre project 'Nirala Estate' in Greater Noida West comprising 4,050 homes out of which possession of 3,600 units has been given to the buyer and 450 units to be delivered soon.
According to a report by Knight Frank India, office space leasing in mid segment or spaces between 50,000 sq ft to 100,000 sq ft was recorded at 7.28 mn sq ft, witnessing a growth of 70% YoY in H1 2024. Mumbai and NCR witnesses the highest transactions in the mid-office space segment at 1.57 mn sq ft each, followed by Hyderabad at 1.29 mn sq ft.
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