Saya Homes to invest Rs 450 cr on high-street retail project in Greater Noida

Realty firm Saya Homes Monday said it will invest RS 450 crore in its first retail project at Greater Noida.

The project 'Saya South X' would be primarily a high street retail development on a total plot area of 12,000 square metre with a saleable area of 6.85 lakh sq ft, the Ghaziabad-based firm said in a statement.

The project will comprise of retail shops, banquets, six-screen multiplex, themed restaurants and over 300 business suites, it said.

"The project is based on 100 per cent sales model where all retail and business suites will be sold to individual buyers," the statement said.

Saya Homes' CMD Vikas Bhasin said: "The funds for construction of Saya South X would be met by equity, debt and internal accruals".

The demand for high street retail will rise as number of housing projects are being delivered in Noida and Greater Noida West, also known as Noida Extension.

Saya group has so far completed two housing projects in Ghaziabad.

It is developing a housing project 'Saya Gold Avenue' in Indirapuram comprising 1,600 units with an investment of about Rs 1,200 crore. In mid 2015, the company raised Rs 200 crore from financial services firm Edelweiss group to fund this project, which is almost complete.

Its another project 'Saya Zion' in Greater Noida West comprising 680 units has recently got completion certificate.