Eros Group to invest Rs 125 crore in Greater Noida residential project
Thursday, March 5, 2020 IST
The real estate developer will launch four towers initially, while the remaining six towers will be opened depending on demand.
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After delivering Eros Sampoornam in Sector 2 at Greater Noida West, Eros Group has launched the second phase of the project, Sampoornam I for which it is investing Rs 125 crore, the company said.
Spreading over 12 acres, the phase will incorporate four towers with 258 two and three BHK units ranging between 835 sq ft and 1560 sq ft.
Currently, only four towers have been opened for booking with a completion deadline of December 2023 under UPRERA.
The new project will be built alongside the first two phases of the Sampoornam project. The first two phases consist of 10 and 11 towers each, including a total of 1,768 apartments.
"It is a RERA registered project. These newly launched four towers will consist of 258 apartments ranging from 835 sq ft to 1560 sq ft. These are 14 to 15 storeyed towers. We are planning to introduce six more towers in the same phase shortly depending on demand," said Avneesh Sood, Director of Eros Group.
"We are just being conservative and have not opened the entire phase at one go. We are waiting to see what the response is like. These apartments are priced between Rs 45 lakh to Rs 50 lakh. We would be completing the project within two-and-a-half years. We will launch the final phase in three or four months if all goes well.
"We have kept the FAR of the project at 2.75 for the simple reason being that we do not want to over congest the place. Others are going as high as 3 to 3.75, we are keeping it as low as possible to offer as many public spaces as possible," he told Moneycontrol.
There is an upcoming metro station outside the project and a fully functional shopping area inside the colony, he added.
After completing the project, the company may decide on when and where to launch other projects in the region, he said, while discussing future plans.
The 70-year-old company has two hotels -- Shangri-La's Eros in central Delhi and Eros Radisson Blu Hotel in Faridabad, Haryana. It also runs Vishal Cineplex in West Delhi.
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