Realty firm Arihant Group will invest ₹ 250 crore to develop an affordable housing project comprising 944 flats at Greater Noida in Uttar Pradesh. The company has launched sale of flats in the project ‘Arihant Adobe’ in Greater Noida West (popularly known as Noida Extension) in price range of ₹ 30-35 lakh.
The entire investment would be met through internal accruals and customer advances, said Arihant Group MD Kaushal Jain.
“Noida/Greater Noida is primarily an end user driven property market. So, housing demand and sales in Noida and Greater have always been good,” he said.
The project, though in affordable category, would be built with best of construction technology, Jain said.
The first phase of the project is expected to be ready and delivered by April 2022 while the entire project may be complete by November 2024.
Jain said eligible home buyers would get interest subsidy of up to ₹ 2.67 lakh as this project is being developed as per the area and other norms under affordable housing scheme of the central government. The GST rate will be one per cent.
Arihant Group has delivered seven residential and commercial projects in Noida, Greater Noida and Ghaziabad. It is planning to develop a housing project at Faridabad.