Prestige Estates' CEO Venkat K Narayana has revealed plans to launch a new housing project in Noida in the Indian state of Uttar Pradesh.

The mid-income housing project is the India-based property development company’s first project in North India, reported Reuters.

Narayana, in an interview, told Reuters that the company is now seeking final approvals for the project in Noida in the quarter ending September this year.

He stated that the 2.2 million square foot housing project is valued at over Rs16bn ($195.4m), which is approximately Rs8,000 per square foot.

Prestige has been centred on working in Bengaluru and a few other regions in Southern India, creating more than 280 residential, business, retail, and hospitality projects.

Last year, it debuted its first residential building in Mumbai.

Housing demand in India has risen in recent months. However, the increase is driven more by interest in luxury buildings than demand for more affordable options.

Narayana added: “We ensure that our ticket prices are affordable to many. The pricing has to be attractive, but that does not mean affordable housing.”

Narayana stated that Prestige intends to have four or five projects established in the National Capital Region by March 2024 in the area of rival companies such as DLF and Godrej.

This will increase total commercial sales to more than Rs160bn for the financial year ending March 2024, 24% higher than the previous year.