SHRI group to invest Rs 600 cr in third Greater Noida project

The SHRI Group will be developing as many as 2,000 units in its third housing project in Greater Noida  at an investment of around Rs 600 crore. The company, which has executed about dozen projects in the Mathura region and Greater Noida (West), will sell flats in a price range of Rs 18-35 lakh in this 8-acre project, said Director of the group Ram Agrawal. The project 'SHRI Sky Park' would be constructed as per the area norms laid down under the Pradhan Mantri Awaas Yojana (PMAY) so that the eligible buyers can claim subsidy from the government, he added. The project is registered with the real estate regulatory authority (RERA) and is expected to be completed in the next 4-5 years. The project would be funded through internal accruals and bank loans, and the company intends to raise Rs 100 crore to fund this project, he added. This is the company's third project in Greater Noida. The first project comprising 2,000 units is complete and being handed over to buyers for possession, while the second project having 1,000 units will be delivered next year. SHRI Group has delivered 12 projects in and around Mathura region comprising 9,500 units. — TNS