Mumbai: IVRCL Infrastructures & Projects today said it will pay Rs228 crore for around 33 acres of land in Sector 118 of New Okhla Industrial Development Authority (NOIDA).
The company is planning construction of 2.9 million square feet of dwelling space spread over about 1,800 units at an estimated cost of around Rs800 crore, IVRCL Infrastructures informed the Bombay Stock Exchange.
The project would be funded through internal accruals and debt and the development is expected to begin by August, it added.
IVRCL said it hopes the project would generate revenues to the tune of Rs1,007 crore over a period of three to four years.
Noida is located southeast of New Delhi and is home to the software development companies as well as BPO firms.
Shares of IVRCL Infrastructures were last trading at Rs287, up 2.83% or Rs7.90 on the BSE.