Realty developer Saya Homes will invest Rs 200 crore over the next two years to develop a shopping mall in sector 131, Noida. The company has also recently acquired a stalled project near Noida expressway by taking over IIFL’s Rs 350 crore debt in sector 129.
The retail project – PIAZZA will have total 300 shops with total constructed area of around 2 lakh square feet. As per the plan, the lower ground floor will have hyper-market, ground and first floor will have retail shops, second floor will cater entertainment section and the third floor will have dining and food court.
“The sectors like 129 and 131 are of high potential locations for real estate projects and it will stand out as the new high street commercial destination in Delhi NCR,” said Vikas Bhasin, managing director of NCR-based Saya Homes.
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Saya Homes on Sunday started the construction work of this project with ground breaking ceremony at the project site. Asked about investment, Saya Homes Director Manoj Jain said the total project cost is estimated at around ₹200 crore. The project is expected to be completed in the next two years.
“Retail sector, which was badly impacted due to first and the second wave of the COVID pandemic, has been gradually recovering. There are not many retail projects on Noida Expressway. We expect a great response for our project from investors as it will cater to a large population in Jaypee township,” Jain said.
Saya Homes has delivered nearly 6 million square feet area in multiple projects across the Delhi-NCR market. At present, it is developing few residential and commercial projects at Noida, Greater Noida and Ghaziabad in Uttar Pradesh.