Saya Homes to invest Rs. 200 crore in new shopping mall in Noida.

Realty firm Saya Homes recently said it will invest around Rs. 200 crore over the next two years to develop a shopping mall in Noida as the company expects retail sector to bounce back post-COVID-19. The company will develop 2 lakh square feet area in this 1.7 acre project named 'Saya Piazza'.

"We are coming up with a shopping centre in Noida. We have acquired a plot in Jaypee township," Saya Homes Managing Director Vikas Bhasin said.

The company will sell the retail space in this project but has kept the leasing rights with itself.

Saya Homes recently started the construction work of this project with ground breaking ceremony at the project site.

Asked about investment, Saya Homes Director Manoj Jain said the total project cost is estimated at around Rs. 200 crore. The project is expected to be completed in the next two years.

Jain said the retail sector, which was badly impacted due to first and the second wave of the COVID pandemic, has been gradually recovering.

"There are not many retail projects on Noida Expressway. We expect a great response for our project from investors as it will cater to a large population in Jaypee township," Jain said.

Saya Homes has delivered nearly 6 million square feet area in multiple projects across the Delhi-NCR market. At present, it is developing few residential and commercial projects at Noida, Greater Noida and Ghaziabad in Uttar Pradesh.

ET