Delhi-NCR-based company Nirala World has acquired a 2.6 acre land parcel in Greater Noida for ₹180 crore and intends building a commercial project on it.
The company said it has bought 10,600 square meters of land (2.6 acres) worth ₹180 crore, including GST, lease rent and stamp duty.
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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, the company said in a statement.
“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 ₹250–300 crore,” said Suresh Garg CMD of Nirala World.
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Funding for the project
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,” he said.
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.
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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 witnessed 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.
