NEW DELHI: Saya Group, a real estate company, has established a joint venture to create a luxury housing project in Ghaziabad, investing Rs 550 crore for the construction of 264 flats.
The partnership with Harmony Infra will yield an ultra-luxury residential project named ‘The Horizon Residences’ located at Indirapuram, Ghaziabad.
“We have secured around 2 acres of land in Indirapuram for this luxury development, which will feature 264 units,” said Vikas Bhasin, MD of Saya Group, during a press briefing.
The company plans to market homes within the price range of Rs 6 crore to Rs 8.5 crore.
Regarding the project’s finances, Bhasin mentioned that the total investment will be approximately Rs 550 crore, excluding the land purchase made in 2018. “We anticipate sales revenue around Rs 1,600 crore from this initiative,” he added, noting that the total saleable area is around 12 lakh square feet.
The company has already secured RERA and necessary statutory approvals to proceed with the project.
Bhasin highlighted strong housing demand in Indirapuram, stating that approximately 100 units have already been sold due to limited new supply in the area.
Saya Group boasts a portfolio exceeding 4.99 lakh sq meters of real estate development, encompassing both completed and ongoing residential and commercial projects.
