Shree KB Realty has bought a 3-acre plot in Greater Noida for Rs 122 crore through an auction process to develop a commercial project.

In a statement on Thursday, the company said it has acquired a land parcel of 12,000 square metres (2.97 acres) for Rs 122 crore, including lease rent and stamp duty charges, PTI reported.

The land, located in Greater Noida West, was recently acquired through an auction by the Greater Noida Authority.

Rakesh Singhal, founder of Shree KB Group, said, “On the purchased land, we intend to build a commercial project with a built-up area of 8.5 lakh sq feet.” He said the demand for commercial spaces is strong in Greater Noida because of the completion of many housing projects.

Established in 2005, Noida-based Shree KB Realty has developed many residential and commercial projects so far in Delhi-NCR. It has delivered over 5.5 lakh sq ft of premium residential and commercial space.