Experion Developers, backed by Experion Holdings of Singapore, intends to invest Rs 4,700 crore in the construction of luxury apartments in Gurugram and Noida in Financial Year 2024.
The company anticipates three projects in the two cities bordering the national capital, totaling 4.1 million square feet and a collective top line of Rs 6,500 crore.
It intends to invest Rs 1,400 crore in Noida’s Sector 45 luxury home project. In Gurugram, investments totaling Rs 1,800 crore and Rs 1,500 crore, respectively, are planned for the Sector 48 and Golf Course Road projects.
The real estate firm purchased two sites totaling 9.5 acres in Gurugram and 5 acres of land in Noida through auctions.
According to BK Malagi, COO of Experion Developers, the land for the Noida property was purchased for roughly Rs 300 crore. “We plan to invest over Rs 1,400 crore in this project, which will be 1.3 million square feet of premium luxury apartments. There will be 300 deluxe luxury units in the development. The project is scheduled to begin in December 2023 or January 2024.
According to him, the projects in Gurugram will begin the next year. The company intends to build a 1 million square foot boutique luxury residential property on Golf Course Road and a 1.8 million square foot ultra-luxury housing project in Sector 48 Subhash Chowk.
We will provide larger apartments that are above 2,500 to 3,000 square feet in the new projects. The specifics of the number of units and sizes of the flats are still being worked out. After their launch, these projects will be finished in four to five years, according to Malagi.