Latest news with #AristaLuxePhaseII
Time of India
6 days ago
- Business
- Time of India
Nimbus Group to invest ₹1,100 crore to revive housing project in Noida
NEW DELHI: Nimbus Group will invest ₹1,100 crore to develop Arista Luxe Phase II , a residential project located in Sector 168, Noida . The 10-acre project, which had earlier been stalled, is being revived under the Legacy Stalled Projects Scheme with formal approvals from the New Okhla Industrial Development Authority (NOIDA). The development is being undertaken through a joint development agreement (JDA), with Nimbus stepping in as co-developer. Arista Luxe Phase II will include 342 apartments spread across Towers 5, 7, 8, and 9, along with the completion of the clubhouse and common areas. The project is expected to be completed by 2029 and is being funded through a mix of bank finance, internal accruals, and institutional lenders. The group had previously delivered The Golden Palms in the same sector and has also completed projects such as Express Park View I & II in Greater Noida and The Hyde Park in Sector 78, Noida.
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Business Standard
6 days ago
- Business
- Business Standard
Delhi NCR-based Nimbus Group to invest ₹1,100 cr in stalled luxury project
Delhi NCR-based realty firm Nimbus Group on Monday announced that it will invest ₹1,100 crore in the formerly stalled Arista Luxe Phase II, a premium residential project located in Sector 168, Noida. The project, revived under the Legacy Stalled Projects Scheme with formal approval from the Noida Authority, was originally launched by Sunworld Residency in 2011-12. Commenting on the development, Nimbus Group Chairman and Managing Director Bipin Agarwal said the company has become a co-developer via a joint development agreement, aiming to restore buyer confidence and fulfill long-pending commitments. The total project spans 10 acres, of which 600 units spread over 6 acres of land have already been delivered to customers in the first phase. Agarwal mentioned that the ticket prices for the units will range from ₹4 to 6 crore, with the company launching the project at ₹16,000 to 18,000 per square foot. Nimbus added that the ₹1,100 crore investment is being funded through a combination of internal accruals and institutional financing, with 100% of the funds earmarked exclusively for project construction. This will also include clearing dues with the Noida Development Authority and paying part of the amount to Sunworld towards the land cost. Calling Noida's Sector 168 a high-potential micro-market, Agarwal said that the company views this revival as part of a larger mission to bring momentum back to NCR's real estate landscape through responsible development. The micro-market offers connectivity via the Noida-Greater Noida Expressway, easy access to the upcoming Noida International Airport, and an expanding metro network. 'Its prime central location ensures high accrual potential, making it attractive to both end-users and investors,' Nimbus added in a regulatory filing on the exchanges.
