Saya group to invest Rs 400cr in housing project at Ghaziabad

New Delhi: Jan 26 Realty firm Saya group plans to invest around Rs 400 crore to develop a new housing project at Ghaziabad in Uttar Pradesh.

The company will develop about 650 housing units, having a saleable area of nearly one million sq ft, in this project, located at Indirapuram.

“We are coming up with a new project in Indirapuram. There is great demand for housing in this area as there is not much new supply,” Saya group CMD Vikas Bhasin said.

The company would launch this project after getting it registered with state regulatory authority, which has become mandatory under the new real estate law, RERA.

Saya Group Director (Finance) Manoj Jain said the total cost to develop this project is estimated at around Rs 400 crore to be funded through internal accruals and bank debts.

This will be the group’s fourth residential project in the region and fifth overall, he added.

Jain said the company expects to launch sales and start construction of this project in next 2-3 months.

Ghaziabad-based Saya group has so far completed two housing projects in Ghaziabad and is developing a housing project ‘Saya Gold Avenue’ in Indirapuram comprising 1,600 units with an investment of about Rs 1,200 crore.

In mid 2015, the company had raised Rs 200 crore from financial services firm Edelweiss group to fund this project, which is expected to get completed by March 2019.

That apart, Saya group has applied for the completion certificate of its project ‘Saya Zion’ in Greater Noida West, known as Noida Extension, comprising 680 units.

On the Ghaziabad property market, Bhasin said the widening of NH24 would be a major boost for this area.

Saya group is also looking at expanding business through entry into new segments and new locations.