Noida, the neighboring city of Delhi, is gearing up for the introduction of a luxury housing unit, addressing the increasing demand for residential properties in the area. Experion Developers, a realty firm, is investing approximately Rs 1,500 crore in this venture, as part of its expansion strategy. The project, named ‘Experion Elements,’ has already been registered with the real estate regulatory authority, RERA, in preparation for its launch.
This project, spanning 4.7 acres in Noida, Uttar Pradesh, will see the development of approximately 320 housing units. The initial phase will witness the launch of around 160 units for sale. CEO of Experion Developers, Nagaraju Routhu, expressed the company’s excitement about entering the Noida market, emphasizing its significance in the Delhi-NCR real estate landscape. With the RERA registration secured, the company is moving forward with the launch of the first phase, comprising 160 units.
The land for this housing project was acquired through an auction process from the state government. The total developable area for the entire project exceeds 10 lakh sq ft. Regarding investments, Routhu mentioned that the project’s estimated cost is around Rs 1,500 crore, which will be funded through internal accruals and advance payments from customers.
The starting price for a 3BHK apartment in this project is approximately Rs 5 crore. The project will also feature modern charging infrastructure for electric vehicles. Experion Developers has ongoing projects in Gurugram, Amritsar, Lucknow, and Noida, encompassing township, housing, and commercial developments.
According to housing brokerage firm PropTiger.com, housing sales in Delhi-NCR surged to 10,060 units during January-March 2024, more than doubling from 3,800 units in the same period last year. In terms of value, sales in Delhi-NCR escalated significantly to Rs 12,120 crore from Rs 3,476 crore during the reviewed period.
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