Paras Buildtech Acquires Two Acres Land Parcel in Noida

New Delhi:

South Indian Bank sold real estate developer Paras Buildtech a two-acre land in Noida's sector 129 for 791 crore, according to a top official of the business.

Aman Nagar, joint managing director of the Delhi-based firm, said that around INR 450 crore would be invested in the development of 2,70,000 square feet of retail and 1,50,000 square feet of office space.

Paras Avenue (the new project) will be built as a retail high street. Paras Avenue is expected to be completely sold out within three to six months, yielding 750 billion rupees in income as per the developers.

The business has obtained INR 70 crore from DMI Finance for the purchase of land, but aims to finance the building using internal accruals. It intends to finish the whole project within three and a half years from its inception. To date, Paras Buildtech has completed about 15 million square feet of retail, commercial, and residential buildings.