Nirala World Acquires 2.6-Acre Land in Greater Noida for ₹180 Crore to Develop Commercial Project
Nirala World, a prominent real estate company based in Delhi-NCR, has made a significant move by acquiring a 2.6-acre land parcel in Greater Noida West for ₹180 crore. The land, located in Sector 10, was secured through a competitive auction conducted by the Greater Noida Authority. This purchase includes GST, lease rent, and stamp duty, and the company has plans to develop a large-scale commercial project on the site, with an estimated construction budget ranging from ₹250 crore to ₹300 crore.
The company’s intention is to build a modern commercial center, which could either be a mall or a high-street retail complex. Suresh Garg, Chairman and Managing Director (CMD) of Nirala World, expressed the company's ambition to start the construction as soon as the necessary approvals from UPRERA and other local authorities are obtained. Garg emphasized the competitive nature of the auction process, which highlights the growing demand for prime real estate in Greater Noida West.
Nirala World’s presence in Greater Noida is already well-established, having developed Nirala Estate, a 25-acre residential project in the region. This project consists of 4,050 homes, with 3,600 units already handed over to buyers and the remaining 450 units expected to be delivered soon. The success of Nirala Estate has further solidified the company’s reputation in the Delhi-NCR real estate market, and the upcoming commercial project is set to build on that foundation.
The commercial development is expected to boost the appeal of Greater Noida West as a growing hub for business and retail activities. The company has chosen to finance the project using its internal funds, demonstrating its financial stability and commitment to the region's growth. Garg noted that the company is ready to commence construction as soon as regulatory approvals are in place, and the project is expected to adhere to stringent quality standards.
The acquisition and development come at a time when the demand for commercial office space is rising across India. A report by Knight Frank India highlighted that office space leasing in the mid-segment, particularly spaces between 50,000 to 100,000 square feet, witnessed a 70% year-on-year growth in the first half of 2024. Cities like Mumbai and the National Capital Region (NCR) recorded the highest transactions in this category, each with 1.57 million square feet leased. Hyderabad followed closely with 1.29 million square feet. This surge in demand is driven by businesses seeking flexible, sizable office spaces in strategic locations.
Greater Noida West, also known as Noida Extension, has seen rapid development in recent years, attracting both residential and commercial real estate investments. Its growing infrastructure, including metro connectivity and improved road networks, has made it a preferred location for developers. The area has become a hotspot for both affordable housing and high-end commercial projects, drawing the attention of investors and businesses alike.
However, as the region continues to grow in popularity, property prices have also risen. Recent reports indicate that the average cost of an apartment in Noida has climbed to ₹1.68 crore, making it increasingly difficult for middle-class buyers to secure affordable housing in the area. Despite this, the demand for premium commercial spaces and luxury residential projects continues to thrive, making Greater Noida West an attractive destination for real estate development.
Nirala World’s decision to invest in this new commercial project is a testament to the company’s confidence in the future growth of the region. By providing modern, high-quality commercial spaces, the development is expected to contribute to the ongoing transformation of Greater Noida West into a vibrant business and retail hub. With its strategic location and growing infrastructure, the project is poised to attract businesses and consumers, further enhancing the appeal of the region.
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