Delhi-based real estate developer Paras Buildtech has acquired a 2-acre land parcel for Rs 91 crore from South Indian bank at sector 129, Noida, a senior executive of the company said.
The company plans to develop 2.7 lakh sq ft of retail and about 1.5 lakh sq ft of office space with the total investment of about Rs 450 crore.
“Paras Avenue will be developed as a retail high-street project of that area. We expect Paras Avenue to be fully sold out in the next three to six months, generating a revenue of Rs 750 crore,” said Aman Nagar, Joint Managing Director of Paras Buildtech.
The company has raised Rs 70 crore from DMI for the land acquisition but plans or fund the construction through internal accrual.
Paras aims to complete the entire project within three and half years after the launch. However, it will sell on retail area as of now.
Sectors 128-135 on Noida Expressway have emerged as the preferred NCR micro markets for developers for both residential and commercial projects, with even non-locals looking to acquire land in these two areas.
On the Noida expressway, developers like Saya, Paras, Gulshan and Gaurs have launched projects recently, while Max has also acquired land in the region. Brokers in the area say that developers like Prestige, County Group, DLF and M3M are also eyeing land in a few sectors.
The Noida Expressway market held a major share of 52% of the total office leasing in Noida.
Paras Buildtech has delivered approximately 15 million sqft retail ,commercials and residential projects till date.
The area around Noida Expressway is a bustling commercial destination with a host of new IT & other enterprises.
These sectors are also witnessing a new growth journey in terms of commercial retail spaces and Grade A office spaces, as currently on the Noida-Greater Noida Expressway there is a short supply of malls and organised high streets as compared to the density of people staying in the vicinity.