Realty firm Saha Groupe will invest about Rs 160 crore on construction of its new housing project in Noida on 6.25 acre land that the company bought from another real estate company Logix.
The company would construct 480 units in its new housing project 'Eminence' at Noida Sector 150, which is coming up as a new residential hub in the nation capital market with presence of big developers like Tata Housing, Godrej Properties, ATS and Shapoorji Pallonji.
"We had bought 6.25 acre land from Logix group in Sector 150 on Noida Expressway. We have launched our new housing project on this land parcel. The construction work has started and the project will be completed in three and half years," Saha Groupe Director (Marketing, Construction and Sustainability) Aunirban Saha said.
He said the total built up area in this project would be about 8 lakh sq ft.
Saha declined to share the total cost to develop this project.
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According to the market estimates, the construction cost alone would be around Rs 160 crore.
Saha said the company is selling apartments at around Rs 4,500 per sq ft in this festive season.
On funding of this project, Saha said the company has raised about Rs 200 crore as construction finance from Edelweiss group for a portfolio of its four ongoing projects.
Apart from this project, Saha Groupe is developing three other housing projects -- 'Amadeus' at Sector 143, Noida, 'Meghdutam Encore' at Noida Extension and 'Panchvati' in Dehradun, comprising a total of 1,000 units.
The project in Noida Extension is expected to be delivered by the end of next year and the remaining three projects will be completed by 2021, he said.
Elaborating on the new project, Saha said the project would have 3 acres of green spaces and has been designed to meet USGBC's LEED Gold standards.
Noida-based Saha Groupe, led by architect Aniel Kuumar Saha, has completed one project 'Meghdutam Residences' in Noida having 172 units. It aims to provide the market a product that is luxurious as well as sustainable.
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