Ghaziabad has one of the most flourishing real estate markets in the NCR (National Capital Region) and the noted real estate firm Saya Group will be pumping in approximately Rs. 400 crore for developing a new housing project here. The company will be developing around 650 housing units which have a cumulative saleable area of close to 1 million sq. ft. The project is located at Indirapuram. The area is witnessing huge housing demand with limited supply of housing units and hence the company’s decision to foray into this micro market.
The project will be launched post registration with the state regulatory authority. This has become compulsory under RERA. The Saya Group will be funding the money required for this project via bank debt and internal accruals. This will be the fourth residential project by the Saya Group in this region and the 5th overall in its portfolio.
The company is expecting to start sales and construction of the project within 2-3 months as per estimates. The Saya Group is based in Ghaziabad and has already completed 2 housing projects in the city. The Saya Gold Avenue project is also being developed by it in Indirapuram. The company had previously raised a sum of Rs. 200 crore from Edelweiss Group, the financial services firm, for funding this project. The project should be finished by March, 2019 as per reports.
The Saya Group has also submitted the application for the completion certificate of the Saya Zion project at Noida Extension or Greater Noida West. This project encompasses 680 units. The Group has also stated that the National Highway 24 will be widened soon and this will give a major boost to this region. The Group is also looking at foraying into newer locations and market segments.