New Delhi: Realty firm Saya Group has formed a joint venture to develop a luxury housing project in Ghaziabad and will invest Rs 550 crore in the construction of 264 flats.
The company has partnered with Harmony Infra to launch an ultra-luxury residential project 'The Horizon Residences' at Indirapuram in Ghaziabad.
"We have around 2-acre of land in Indirapuram. We have formed a joint venture to develop a luxury housing project comprising 264 units," Saya Group MD Vikas Bhasin told reporters here.
He said the company will sell homes in a price range of Rs 6 crore to Rs 8.5 crore.
Asked about project cost, Bhasin said the total investment will be around Rs 550 crore, excluding the cost of the land that it bought in 2018.
"We are expecting around Rs 1,600 crore sales revenue from this project," he said, adding that the total saleable area is around 12 lakh square feet.
The company has obtained RERA and other statutory approvals to launch this project.
Bhasin said the company has already sold around 100 units so far, as the housing demand in Indirapuram is very strong because of the limited fresh supply in this region.
Saya Group has a portfolio of over 4.99 lakh sq metre of real estate development, including both delivered and under-construction residential and commercial projects.
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