Realty firm CRC Group on Wednesday said it will invest Rs 525 crore to develop a super-luxury housing project in Greater Noida to meet rising consumer demand. The company will develop 358 apartments in its new housing project 'CRC Maesta', which is spread over nearly 4 acres of land in Greater Noida-West, also known as Noida Extension.
"The total investment in this project will be Rs 525 crore," CRC Group Founder and CEO Kunal Bhalla told reporters here.
The investment includes land cost, he said, adding that the total project cost would be largely met through internal accruals.
Bhalla said the company expects a sales revenue of Rs 800 crore from this project.
"Our new project is a significant step forward for CRC Group as we enter the ultra-luxury segment," Salil Kumar, Director-Marketing & Business Management at CRC Group, said.
The group entered the real estate development business in 2015.
CRC Group has completed two housing projects in Haridwar and Greater Noida West, comprising over 1,100 units.
At present, there are two under-construction projects. It is developing a housing project in Greater Noida comprising 527 units and also a large 2.2 million square feet commercial project in Noida.
CRC Group will do the ground-breaking of this new project 'CRC Maesta' on Nov. 9. It will deliver this project in 42 months. This is the fifth real estate project of the group.
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