New Delhi: Realty firm Nimbus Group will invest around Rs 1,000 crore to develop a luxury housing project in Noida.
The company will develop 342 apartments in the project 'Arista Luxe' at Sector 168, Noida.
"We will develop a luxury housing project in Noida. The total investment will be around Rs 1,000 crore," Nimbus Group promoter Bipin Agarwal told reporters here.
He said the company has become a co-developer in a 10-acre stalled housing project, which was originally launched by Sunworld Residency Pvt Ltd in 2011-12.
In the first phase, spread over 6 acres of land, around 600 units have already been delivered to customers.
"Now, we are developing four towers in about 4 4-acre land parcel," Agarwal said.
Out of the total investment, he said, around Rs 500 crore will be for construction. The company would also clear the dues of the Noida Development Authority. It would also pay some amount to Sunworld towards the land cost.
Agarwal said the co-developer policy introduced by the authority will help in the completion of many stalled housing projects.
Nimbus Group will sell these 342 apartments in a price range of Rs 4-8 crore. The company has launched this project at Rs 16,000-18,000 per sq ft, he added.
"The demand is steady in Noida and Greater Noida, and we will sell these apartments slowly to end-users," he said.
Nimbus Group has developed many housing projects in Noida, comprising around 8,000 homes. It is currently constructing a few more projects in Noida and Greater Noida.
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