Realty firm CRC Group will invest around Rs 1,500 crore to develop an ultra-luxury housing project in Greater Noida as part of its expansion plan.
The company has launched this seven-acre housing project 'The PERIDONA' at a press conference in Dubai.
"We will develop 341 ultra luxury units, including some villas and duplexes, in this upcoming project," CRC Group Founder and CEO Kunal Bhalla told reporters here.He said the company has tied up with Jaiprakash Associates Ltd, which owns the land parcel.
The project will be located within Jaypee Greens Golf Course in Greater Noida.Live Events Bhalla said the total investment will be around Rs 1,500 crore, excluding land cost.
"We will be selling these apartments by invitation," he said.
The total saleable area in this project will be 2.1 million sq ft while the developable area is 3.1 million sq ft."We have roped in about 50 top consultants to develop this project, including Killa Design, Rockwell Group, Gensler Architects, SWA Group and MACE," Bhalla said.The project is envisioned to establish an international standard in luxury condominiums, with a strong focus on sustainable living, CRC Director (Marketing and Business Management) Salil Kumar said.According to CBRE's latest report, Delhi-NCR has witnessed sales of 3,960 luxury homes, each costing Rs 6 crore and above, during the January-June period, an increase of more than three times on an annual basis.There were 1,280 units sold in the year-ago period across Delhi-NCR.Noida-based CRC Group has completed two housing projects comprising around 1,400 units.It is constructing one housing project in Greater Noida and a 22 lakh sq ft commercial project in Noida.