The Delhi-NCR-based realty firm has managed to acquire 2.6 acres of land in Greater Noida for ₹180 crore. Adding all the costs, such as GST, lease rent, and stamp duty, is when it comes in as a commercial space expansion project under Nirala World.
The newly acquired land is about 10,600 square meters and is situated in Greater Noida West within Sector 10. This parcel was procured through a competitive auction conducted by the Greater Noida Authority, which speaks much about the strategic importance of the location.
Suresh Garg, Chairman and Managing Director of Nirala World, said, “We have recently acquired a land parcel in Greater Noida West through a tough auction process.”. We have purchased this land and intend to develop a commercial project over here. It could either take the shape of a shopping mall or a high street; its construction is estimated to be around ₹250–300 crore. He says the funds would come from the company’s pocket itself, with construction to follow once the necessary approvals come through from the Uttar Pradesh Real Estate Regulatory Authority and other similar authorities.
Nirala World has some impressive success stories in the area. The company had built a 25-acre residential project known as ‘Nirala Estate’ in Greater Noida West. The project has 4,050 units for buyers, and it has already handed over 3,600 units. The developer is expected to complete 450 units shortly.
Remarkable improvements in the office space leasing side have been witnessed in the first half of 2024, revealed Knight Frank India. According to the latest available figures, leasing in the mid-segment office space market of size 50,000 to 100,000 sq ft has surged to 7.28 million square feet, with a year-on-year growth of 70% in the middle segment. Meanwhile, it is Mumbai and NCR that led the charge at 1.57 million square feet, while Hyderabad is close behind at 1.29 million square feet.
This trend speaks of burgeoning demand for commercial space in these key urban areas and further supports the ambitious development plans as revealed by Nirala World.
