Delhi NCR-based listed real estate developer Nimbus Group has announced to invest Rs 1,100 crore to develop a premium residential project in Noida.

The development, formerly stalled, is being revived under the “Legacy Stalled Projects Scheme” of the Uttar Pradesh government with formal approval from the Noida Authority under its co-developers policy.

Bipin Agarwal, CMD, Nimbus Group, said that Nimbus Group has stepped in as co-developer via a joint development agreement, aiming to restore buyer confidence and deliver on long-pending commitments.

The project named as “Arista Luxe Phase-II” will be a premium residential project located in Sector 168 in Noida. Spanning approximately 10 acres, the phase-II of the will comprise 342 luxury apartments across four towers along with the completion of the clubhouse and common areas.

“It was a stuck project and we have acquired it from Sunworld Developers under co-developers policy of the Noida Authority. We will invest around Rs 1,100 crore to complete the project and we expect a top line of Rs 1,500 crore from the project. We have taken a funding of Rs 150 crore from Bajaj Finance for construction of the project and remaining investment will be met through internal accruals,” he said.