Gurugram based Experion Developers is set to invest approximately INR 1,500 crores in developing a luxury housing project named 'Experion Elements' in Noida. The project, registered with the Real Estate Regulatory Authority (RERA), will feature around 320 housing units on a 4.7-acre site, with the first phase offering about 160 units for sale. The project, boasting a total developable area exceeding 10 lakh sq ft, will offer modern amenities including electric vehicle charging infrastructure, a clubhouse, fitness centre, swimming pool, and landscaped gardens. The investment will be covered through internal accruals and advance collections from customers.
Experion Developers, a realty firm based in Gurugram, is set to invest approximately INR 1,500 crores to develop a luxury housing project in Noida, reflecting the company's expansion plans amidst the rising demand for residential properties. The new project, named 'Experion Elements,' has already been registered with the Real Estate Regulatory Authority (RERA).
Experion Developers, a wholly owned subsidiary of Experion Holdings Pte Ltd, Singapore, plans to build around 320 housing units on a 4.7-acre site in Noida, Uttar Pradesh. The first phase of the project will see about 160 units offered for sale. Nagaraju Routhu, CEO of Experion Developers, said that the company's entry into Noida marks a significant step as the city is a crucial real estate market in the Delhi-National Capital Region (NCR).
Having secured RERA registration for the project, Experion Developers has launched the first phase of 'Experion Elements.' The total developable area of the project is expected to exceed 10 lakh sq ft. The starting price for a 3-bedroom apartment is nearly INR 5 crore, with modern charging infrastructure for electric vehicles among the project's amenities. Additionally, it will feature luxury amenities such as a cafe, clubhouse, shopping centre, state-of-the-art fitness centre, and swimming pool, along with landscaped gardens, and recreational and fitness assemblies.
Routhu noted that the land for the project was purchased from the state government through an auction process, allowing Experion to develop the residential community. Experion Developers had acquired 5 acres of land in Noida and two plots totalling 9.5 acres in Gurugram in auctions.
When asked about the estimated INR 1,500 crore investment in the project, Routhu said the cost would be covered through internal accruals and advance collections from customers.
Last year, Experion Developers showcased its plans to build premium residences in Noida and Gurugram, investing INR 4,700 crore in FY24. The company said it expected a cumulative top line of INR 6,500 crore from three projects spread over 4.1 million square feet in Noida and Gurugram.
It plans to invest INR 1,400 crore in the luxury housing project in Noida's Sector 45. In Gurugram, investments of INR 1,800 crore are planned for the Sector 48 project and INR 1,500 crore for the Golf Course Road Sector 42 project.
Experion Developers is engaged in developing township, housing, and commercial projects across various locations, including Gurugram, Amritsar, Lucknow, and now Noida. Experion has so far developed about 7 million sq. ft in eight projects across Gurugram, Lucknow and Amritsar.
This move by Experion Developers comes amid a significant upsurge in housing sales in Delhi-NCR. According to PropTiger.com, a housing brokerage firm, the region witnessed over a two-fold increase in sales, reaching 10,060 units during January-March 2024, compared to 3,800 units in the same period the previous year. In terms of value, sales in Delhi-NCR rose sharply to INR 12,120 crores from INR 3,476 crores in the period under review.
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