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Delhi NCR-based Nimbus Group to invest ₹1,100 cr in stalled luxury project
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.
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