Realty developer SKA has acquired 3.5 acre land in Sector-143, Noida for Rs 100 crore and will invest another Rs 300 crore to develop 508 housing units.
The project will be funded through internal accruals, promoter’s contribution and booking of units.
“The nearby region will continue to attract the attention of investors and end-users, increasing the number of new launches and sales activities in ongoing and upcoming projects. It will bode well for the pricing aspect also, as this region will become a hub of properties catering to different segments,” said Sanjay Sharma, Director, SKA Group.
To be developed in single phase, the project has 508 units of 3 BHK configuration; the company has launched 380 units of the total stock and will complete the project by 2026.
The company has completed four projects in Noida, Greater Noida, and Ghaziabad and five projects are under construction.
“The real estate sector, particularly the residential segment, has exhibited significant development since the first unlock last year; the sector has faced unforeseen hurdles as a result of the COVID situation, but it has maintained its lustre. In fact, there has been an uptick in demand for luxury housing that prioritises healthy living; the tendency is obvious in the growth in inquiries and sales in Noida,” said Sharma.