Realty firm Saya Group will invest Rs 2,000 crore to develop a 14 lakh square feet shopping mall in Noida as part of its expansion plan, its CMD Vikas Bhasin said on Wednesday.
The construction work has started and the shopping mall ‘Saya Status’ is expected to be operational in January 2025. ”We are developing the country’s tallest mall in Sector 128, Noida Expressway. The total built up area is 14 lakh square feet while the leasable area is 11 lakh square feet,” Bhasin told reporters. The height of the 9-floor shopping mall is around 160 square feet, the company said. The company will keep 70 per cent area in the mall and sell 30 per cent area to investors. The company however will retain the leasing rights. Asked about investment, Bhasin said the total cost will be around Rs 2,000 crore, including expenditure on land, construction and marketing. The investment will be funded through internal accruals and loans from IIFL. Saya Group is selling the retail space in a price range of Rs 18,000 to Rs 40,000 per square feet. ”There is a great demand for luxury retail on Noida Expressway because of large scale residential development,” Bhasin said.
After the second wave of the COVID-19 pandemic, he said the retail sector has bounced back. Saya Group has completed four residential projects in Delhi-NCR comprising more than 3,000 units. It is currently developing three retail projects in Noida and Greater Noida. It is investing around Rs 200 crore to develop a shopping mall, comprising of 2 lakh square feet area, named ‘Saya Piazza’. The company is also developing another commercial project ‘Saya South X’ in Greater Noida West having retail space of 5 lakh square feet and 3 lakh square feet of business suites.
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