The money will be used for land payments, construction of housing projects in Greater Noida as well as other corporate purposes.
Director of Shri group, Sudeep Agarwal certify the transaction and said the company has taken Rs 40 crore as yet and Rs 20 crore will come soon. He said “We have to take a responsibility on the rest of the money”.
Agarwal said that 1st phase of Shri Group project name Shri Radha Aqua Gardens will complete soon in Greater Noida West with a part of money and another 2 phases of the project later.
He also said that some projects are ready for possession in Greater Noida West and people have moved in more than expectation.
Agarwal said “Buyers are not less in the real estate market. It is only that people are not able to take buying decision so far.” He also said “The sketch has started to change and that is what gives us strength and confidence to launch next phase of our project.”
A speaker woman of Edelweiss certifies the transaction but refuse to comment more.
On the basis of year over year NCR were up in sales of about 33%, Mumbai rose by12%. Bengaluru witness sales drop by 18%. In Mumbai price remained low while in NCR up t0 3% compared to a year ago.