Realty firm Group 108 on Wednesday said it has proposed to invest Rs 2,000 crore to develop new projects in Noida and Greater Noida as part of its expansion plan.
The company, earlier part of Bhutani Group and now re-branded as Group 108, is currently developing a 40 lakh square feet commercial project 'Grandthum' in Greater Noida (West).
"We have signed a memorandum of understanding (MoU) at UP investment summit to invest Rs 2000 crore in the development of real estate projects," Group 108 MD Amish Bhutani told reporters here.
He said the company is in talks with landowners to buy land for development of commercial and residential projects at Noida and Greater Noida.
Bhutani said the ongoing commercial project, spread over 23 acres, will get completed by March 2024.
This project has a total built-up area of 40 lakh square feet and saleable area of 32 lakh square feet. The company has already sold 25 lakh square feet of space.
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"We have invested around Rs 400 crore on this project so far and another Rs 200 crore would be required for completion," he said.
Out of total saleable area, Bhutani said 9 lakh square feet will be retail and 23 lakh office space. The company has retained the leasing right of retail spaces.
He said the demand for housing and commercial properties is strong in Noida and Greater Noida, attracting developers of South India to enter this market.
The real estate sector has revived after the second wave of the COVID pandemic, Bhutani said.
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