New Delhi, Dec 10 (PTI) Realty firm Migsun Group has acquired a 3-acre land parcel in Greater Noida through an auction for Rs 160 crore to develop a mixed-use project comprising business suites and retail space.
"We have acquired a 3-acre land parcel in Greater Noida through auction to develop a mixed-use real estate project. The total development potential in this project is 10 lakh square feet," Migsun Group MD Yash Miglani told PTI.
The total acquisition cost is Rs 160 crore, including lease rent, registration charge and applicable taxes, he said, adding the investment on land has been met through internal accruals.
Migsun Group will soon start construction of this project, which will have 4 lakh square feet area of retail space and remaining will be business suites tailored for professionals and entrepreneurs, Miglani said.
He said the company would adopt both sale and lease model in this upcoming project.
"There is a strong demand for housing as well as commercial properties in Delhi-NCR," Miglani said.
To encash this, he said the company is looking to expand business and is scouting for land across Delhi-NCR.
In April this year, Migsun Group had said that it plans to invest Rs 426 crore to develop a mixed-use project in Lucknow. The project 'Migsun Lucknow Central' is located at Shaheed Path in Lucknow.
The Group has delivered over 40 projects across Delhi-NCR and Lucknow.