Nirala World has announced a total investment of approximately ₹1,000 crore for two mixed-use projects located in Greater Noida West, as stated by Suresh Garg, the chairman and managing director of the company. The two projects — Nirala Gateway in sector 12 and Nirala Diadem in sector 10 — each cover an area of over 10,600 sq meters, incorporating retail spaces, office areas, and studio apartments.
The land acquisition costs for each project are estimated to be around ₹200 crore, while construction is projected to require an additional ₹300–350 crore for each. Both developments are classified as mixed-use projects, featuring multi-level retail and serviced studio apartments intended for both sale and lease. Nirala World intends to hire an international operator to oversee more than 500 studio units, each approximately 650 sq ft in size and priced at around ₹65 lakh.
Additionally, two more projects — Nirala Drive and Nirala Trio, both situated in sector 2 — are presently under construction. Trio, which was launched last year, is expected to be completed in 2026, with its RERA delivery deadline set for 2028. Garg mentioned that the average price for units in Nirala Estate currently falls between ₹1.5 crore and ₹2.25 crore, a significant increase from the ₹18–40 lakh pricing at the project’s launch in 2011. A unit of 1,000 sq ft that previously cost ₹18 lakh is now valued at approximately ₹1.25 crore, he noted.
While the company is eager to initiate new residential projects, Garg pointed out that escalating land prices in Noida and Greater Noida are acting as a significant obstacle. “In certain cases, land prices have surged from ₹36,000 per square meter to ₹1.38 lakh per square meter in just a few years,” Garg stated.
In this context, effective residential planning poses a challenge, particularly when older apartments were sold at much lower prices. He further mentioned that land expenses are diminishing developer profit margins, even with the increase in real estate prices over the last three years.
We are actively exploring other NCR markets, including Gurugram, but elevated land prices continue to be a hurdle there as well, he remarked. Nirala World has entered the investment sector through SGRE Fund (SGREF), an alternative investment fund (AIF) focused on real estate, with a total target corpus of ₹2,000 crore.
This fund is co-promoted by Nirala World and Sea Fund and is registered with the Securities and Exchange Board of India (SEBI) under Category II. It aims to facilitate residential and commercial real estate projects throughout Delhi-NCR, especially those that are stalled or unable to secure funding from traditional sources, Garg explained.
According to him, SGREF has already allocated ₹125 crore from its initial scheme and is currently assessing proposals worth ₹500 crore under active due diligence. Additionally, a second scheme of ₹500 crore through equity participation has been proposed to enhance the fund’s deployment capacity.
