New Delhi, Mar 11: Realty firm SKA Group on Saturday said it will invest Rs 140 crore to develop a commercial project at Ghaziabad in Uttar Pradesh.
The project ‘SKA Arcadia’ will have around 2.5 lakh square feet of high-street retail spaces.
Delhi-NCR based SKA Group has majorly focused on development of affordable group housing projects in Ghaziabad, Noida and Greater Noida.
This will be SKA’s first commercial project.
“The project cost is Rs 140 crore. It will be funded through company resources and bank funding,” said Sanjay Sharma, Director, SKA Group.
He said there is strong demand for high-street retail projects in Ghaziabad.
The project is expected to be delivered by December 2025. Its RERA approval came in December 2022.
For generating footfalls in the retail project, the company is banking on people residing in an integrated township Wave City and other group housing societies.
SKA Group, which was founded in 2012, has so far delivered five projects, having more than 4,000 apartments, in Ghaziabad and Greater Noida (West), also known as Noida Extension.
The company is currently constructing four housing projects. These will be completed by the end of 2024. (PTI)
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