Real estate company Sobha Ltd will invest around ₹800 crore to develop a luxury housing project in Greater Noida as part of its plan to expand business in the Delhi-NCR property market.
The Bengaluru-based company has got all regulatory approvals to launch its project 'SOBHA Aurum' in Greater Noida, comprising 420 apartments.
The project is spread across 3.46 acres with development potential of 9.3 lakh square feet, the company said in a statement on Thursday.
Sobha Ltd did not mention the project cost.
However, sources said the total investment will be around ₹800 crore.
The realty company has launched this project at around ₹14,000 per square feet. The apartments are being sold in a price range of ₹1-3.5 crore.
Sobha Ltd had bought this land parcel through an auction process for around ₹160 crore.
The company already has a presence in the Delhi-NCR market. It has developed many projects in Gurugram, including 'Sobha International City' on Dwarka Expressway. This is the first project in Greater Noida and the fifth project in Delhi-NCR.
"Entering Greater Noida marks a significant new chapter in Sobha's journey. Over the past 30 years, we have built a legacy grounded in quality, transparency, and trust - values that have earned us the confidence of our customers across India," Jagadish Nangineni, Managing Director of Sobha Ltd, said.
"As we step into this dynamic market, we are confident that our commitment to excellence will set a new benchmark in luxury living for the region," he added.
Sobha, one of the leading real estate developers in the country, has delivered around 145 million sq ft since its inception.