Mahagun Group to invest Rs 1,800 crore to build luxury housing project in Noida

Realty firm Mahagun Group on Saturday said it will invest Rs 1,800 crore over the next five years to develop a luxury housing project in Noida, Uttar Pradesh.

The company has started bookings for its project 'Mahagun Medalleo' at Sector 107, spread over 40,000 square metres.

The total project cost is about Rs 1,800 crore, Mahagun said in a statement.

The project has been financed by corporate trustee Vistra TCL (India) Ltd. It will be developed in phases and fully delivered by 2027. The project comprises 686 residential units.

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Amit Jain, Director, Mahagun Group, said the new project has received a good response from customers.

Mahagun Group is one of the leading real estate firms in the Delhi-NCR market. It has developed many projects in Noida and Greater Noida in the last 27 years.

According to housing brokerage firm PropTiger's data, Delhi-NCR saw 22 per cent increase in housing sales during July-September quarter at 5,430 units compared to 4,460 units in the year-ago period.