Nirala World buys 2.5 acre land in Greater Noida for Rs 175 cr to build commercial realty project

New Delhi, Jan 25 (PTI) Real estate company Nirala World has bought 2.5 acre land in Greater Noida to develop a 8 lakh square feet commercial project to meet rising demand of office and retail spaces.

In a statement, Nirala World said the company bought this land through an auction, from Greater Noida Industrial Development Authority (GNIDA).

It has won bid to acquire a 10,400 square metre (2.5 acre) commercial land parcel worth Rs 175 crore.

“We recently purchased a land parcel in Greater Noida West through an auction process,” said Suresh Garg, Chairman and Managing Director of Nirala World.

He said the company will develop its second commercial project in Greater Noida.

Garg said the project will have retail spaces, high street, food court, multiplex, office spaces.

The total development potential in this project will be 7.87 lakh square feet.

In October last year, Nirala World had purchased a 2.6-acre land parcel in Sector 10, Greater Noida West to develop its first commercial projects.

Nirala World said the company will continue to look for land parcels in Delhi-NCR.

To expand its footprint, the company intends to enter the Gurugram commercial and housing markets.

Nirala World is already developing a luxury residential project situated in Sector 2, Greater Noida West by the name of ‘Nirala Trio’.

The project comprises 400 units in which 40 per cent units are already sold.

Nirala World has developed a 25-acre project by the name of Nirala Estate in Greater Noida West comprising 4,050 homes out of which possession of 3,600 units has been given to the buyers and 450 units will be delivered soon in its last phase.