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Paras Buildtech, a Delhi-based real estate developer, has purchased a 2-acre land parcel in Noida’s sector 129 from a South Indian financial institution for Rs 91 crore, according to a senior company official.
The company intends to develop 2.7 lakh square feet of retail space and approximately 1.5 lakh square feet of office space with a total investment of approximately Rs 450 crore.
“Paras Avenue will almost certainly be developed as a retail high-street challenger to that space.” We expect Paras Avenue to be fully sold within the next three to six months, generating a profit of Rs 750 crore,” said Aman Nagar, Joint Managing Director of Paras Buildtech.
The company has raised Rs 70 crore from DMI for land acquisition but intends to fund the development through internal accruals.
Paras plans to finish the challenge within three and a half years of its launch. Nonetheless, it will be promoted in retail spaces for the time being.
Sectors 128–135 on the Noida Expressway have emerged as popular NCR micro markets for builders for both residential and commercial projects, with non-locals looking to buy land in these two areas.
Builders such as Saya, Paras, Gulshan, and Gaurs have recently launched projects along the Noida expressway, and Max has also purchased land in the area. According to brokers in the area, developers such as Status, County Group, DLF, and M3M are also interested in purchasing land in many sectors.
The Noida Expressway market accounted for 52 percent of total workplace leasing in Noida. To date, Paras Buildtech has completed approximately 15 million square feet of retail, commercial, and residential projects.
These sectors are also witnessing a brand new development journey via business retail areas and Grade A workplace areas, as there is currently a quick supply of malls and organised excessive streets on the Noida-Better Noida Expressway in comparison to the density of people staying in the neighbourhood.