On Sunday, Realty firm Saya Homes said that they will invest around Rs. 200 crore over the next two years to develop a shopping mall in Noida as the company expects retail sector to bounce back post-COVID-19. The company will develop 2 lakh square feet area in this 1.7 acre project named ‘Saya Piazza’.
The company will sell the retail space in this project but has kept the leasing rights with itself.
On Sunday Saya Homes started the construction work of this project with ground breaking ceremony at the project site.
Saya Homes Director Manoj Jain said that the total project cost is estimated at around Rs 200 crore. The project is expected to be completed in the next two years.
Jain said the retail sector, which was badly impacted due to first and the second wave of the COVID pandemic, has been gradually recovering.
He also said, “There are not many retail projects on Noida Expressway. We expect a great response for our project from investors as it will cater to a large population in Jaypee Township.”
Saya Homes has delivered nearly 6 million square feet area in multiple projects across the Delhi-NCR market. At present, it is developing few residential and commercial projects at Noida, Greater Noida, and Ghaziabad in Uttar Pradesh.