The Delhi-based realtor Brys Group on Monday announced plans to develop a 300-metre residential tower at Sector 150 in Noida. Once completed, it will be one of the tallest buildings in the NCR.
The company has earmarked an investment of R1,000 crore for the tower that would have 285 premium apartments and villas and will be built in nearly four years.
"Our potential buyers could be CEOs, CFOs and other high net worth individuals who have the buying capacity and want to live in apartments that offer international facilities," said Rahul Gaur, chairman of Brys Group.
Gaur was earlier the founder and managing director of real estate firm Gaursons that had developed other residential projects in the NCR.
Gaur added that the 300metre high tower will have 81 storeys and will be take up 10 acres in area.
"Land is a fast shrinking commodity and there are issues related to acquisition as well. Vertical development is the only way to create iconic properties," Guar explained.
This is the second tall building to be launched in NCR. Last year Supertech had launched a similar 300-m-long residential tower in Noida.
"Development and construction of tall structures is not an easy task. Considering the high cost of these apartments, resale becomes extremely difficult that eventually forces short term investors to stay away from such projects," said a real estate analyst. He also explained that this often leads to a financial crunch for the developer.
Gaur, however, said the company was relying on end-users and not short-term investors.
The company is offering 3, 4, 5 and 6 BHK flats and luxury villas priced between R3 crore and R9 crore. The construction will begin by January next year and is expected to be completed by 2016.