1,200 flats to come up near Pari Chowk

NOIDA: Migsun, earlier known as Mahaluxmi group, has announced an investment of Rs 500 crore in a housing project in Greater Noida. The company’s managing director, Yash Miglani, said the firm will develop 1,250 flats in 24,000 square meter land, near the upcoming Wipro metro station in Greater Noida.
The apartments would be priced between Rs 15- 40 lakh and the construction work will start next week. “We will invest about Rs 500 crore to develop an affordable housing project, Migsun Vilaasa, in Greater Noida. We have already sold around 900 flats in 12 days,” Miglani told TOI. The developer has promised to deliver the flats in 36 months.

The project site is 3km away from Pari Chowk. “The price for 2-BHK and 3-BHK flats would start from Rs 16 lakh and Rs 26 lakh respectively,” Miglani said.

The investment would be funded through internal accruals and advances from customers. The developer said the land for the project was acquired two months ago.

Partha Sarthi Sen Sharma, who took over as CEO of Greater Noida Industrial Development Authority on June 23, said he has received information about the developer’s plan for a housing society.

In April this year, Migsun had announced a low cost housing project in Ghaziabad with an investment of around Rs1,000 crore. The company would develop 3,000 flats under the central government’s scheme, Affordable Housing in Partnership (AHP) Pradhan Mantri Awas Yojana.

In 2014, Mahaluxmi Group was renamed to Migsun, giving a modern outlook.

Abhishek Kumar, president, Noida Extension Flat Owners Welfare Association (NEFOWA), said a number of buyers who had invested money in different developers’ projects are still waiting for the delivery of their flats. “Migsun should first deliver the projects they are developing in Noida and Ghaziabad. They should seek homebuyer’s investment once the housing project is complete with internal accruals,” he said.