Property brokerage Investor Clinic's group firm Home and Soul has bought a small land parcel in Jaypee's township at Greater Noida to develop a luxury project with an investment of over Rs 200 crore.
Noida based Investors Clinic is a leading real estate broker with 34 offices across India. It competes with other organised brokers like Anarock, PropTiger, Quikr Realty, 360 Realtors and Square Yards in property brokerage business.
The group has forayed into real estate development business as well and is developing residential and commercial projects in the Delhi-NCR market.
"We have taken around 5,000 meter land in Jaypee group's 452 acre golf-centric township in Greater Noida. We will develop an ultra luxury project, PAGE 3, on this land comprising 46 apartments, villas and penthouses," Home and Soul CEO Sakshi Katyal told PTI.
The company is selling an apartment at Rs 3-4 crore, while a penthouse at Rs 10-12 crore. The size varies from 3,900 sq ft to 10,000 sq ft area.
"The total project cost is estimated at Rs 210 crore," she said, adding the payments for land has already been done and the construction cost would be met from internal accruals.
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The construction work has started and the project would be complete in the next three years.
Debt-ridden Jaypee group has huge land bank in Noida and Greater Noida which it is selling to other developers to raise funds.
On existing projects, Katyal said the Home and Soul is developing a housing project 'Beetle Lap', comprising 460 units, on Yamuna Expressway at a cost of Rs 200 crore. The project is expected to get completed by March.
That apart, it is constructing a commercial project in Noida Extension and a housing project on Yamuna expressway.
In brokerage business, Investors Clinic helped builders in selling 7,122 flats worth Rs 2,800 crore across the country during the first half of this fiscal.