The luxury segment in India's real estate market is experiencing a significant boom due to rising incomes. To tap the growing market, Noida-based real estate player CRC Group has announced to expand its footprint by venturing into the premium segment.

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It has announced the development of a commercial project in Noida, comprising 24 lakh square feet of built-up area. It expects revenues of Rs 1,200 crore from the premium commercial project over the next four years.

The company has acquired 11 acres of land in Sector 140 A, Noida in Uttar Pradesh to develop a Grade-A integrated IT/ITeS commercial project.

CRC Group Founder and CEO Kunal Bhalla has said that the project would cost around Rs 750-800 crore.

"The company will develop 12 lakh square feet of office spaces, 4 lakh square feet of retail space and 102 service apartments in this project. We will be selling office space while the retail space will be provided on lease," he said.

CRC Group Director (Marketing and Business Management) Salil Kumar said the company is in talks with operators to manage its service apartments in this commercial project.

There is a great demand for Grade-A office space in the Noida market because of the limited supply of premium projects.

CRC Group has completed two housing projects in Delhi-NCR (National Capital Region), comprising of around 1,200 units, at a cost of nearly Rs 500 crore.

Notably, Noida is emerging as the next corporate hub of NCR due to its proximity to Noida International  Airport and the emergence of Yamuna Expressway as an industrial hub. As a result, a phenomenal increase in the rental value has attracted huge investments.