GREATER NOIDA, India – July 1, 2025 – Real estate firm Nirala World is setting its sights on a significant expansion, earmarking approximately ₹1,000 crore for two new mixed-use developments in Greater Noida West. This ambitious push comes as the developer, much like its peers, contends with the sharp rise in land acquisition costs across the Noida and Greater Noida regions.
Suresh Garg, Chairman & Managing Director of Nirala World, shared insights into the company’s strategic move. The projects, named “Nirala Gateway” in Sector 12 and “Nirala Diadem” in Sector 10, are each slated to cover an expansive area exceeding 10,600 square meters. They are designed to integrate retail spaces, contemporary offices, and modern studio apartments. Estimates suggest land procurement for each site will hover around ₹200 crore, with construction demanding an additional ₹300-350 crore per project.
These forthcoming developments are conceived as comprehensive mixed-use hubs, offering multi-level retail establishments alongside serviced studio apartments intended for both purchase and rental. Nirala World is also planning to bring in an international management expert to oversee more than 500 studio units, each approximately 650 sq ft and carrying an estimated price tag of ₹65 lakh.
However, the path to expansion isn’t entirely smooth. Garg pointed to the “discouraging” impact of soaring land prices. He elaborated, “In certain instances, land rates have surged from ₹36,000 per square meter to ₹1.38 lakh per square meter in just a few years.” This rapid appreciation, he emphasized, complicates the feasibility of new residential planning, especially when juxtaposed with the considerably lower prices at which older properties were sold. Despite a general uptick in real estate values over the past three years, these climbing land expenses are notably squeezing developer profit margins. While Nirala World is exploring opportunities in other NCR markets like Gurugram, the challenge of high land costs persists there as well.
Nirala World’s portfolio already includes successful projects. Their “Nirala Estate” in Greater Noida, launched in 2011, has seen remarkable value appreciation; a 1,000 sq ft unit originally priced at ₹18 lakh now commands around ₹1.25 crore. Two other ongoing projects within the “Nirala Estate” — “Nirala Drive” and “Nirala Trio” (launched last year), both in Sector 2 — are progressing, with “Trio” slated for completion by 2026 and a RERA delivery target of 2028.
To bolster its financial resilience and provide crucial capital support, Nirala World established SGRE Fund (SGREF), an alternative investment fund (AIF) targeting a total corpus of ₹2,000 crore for real estate ventures. Jointly promoted by Nirala World and Sea Fund, SGREF is officially registered with SEBI under Category II. The fund’s primary objective is to assist residential and commercial real estate projects across Delhi-NCR, particularly those facing financial bottlenecks or struggling to secure traditional financing.
Garg revealed that SGREF has already deployed ₹125 crore from its inaugural scheme and is actively evaluating proposals totaling ₹500 crore under its due diligence process. To further broaden its funding reach, a second scheme proposing ₹500 crore through equity participation has also been put forward.
