Realty firm Bayaweaver will invest around Rs 1,000 crore over the next four years to develop a commercial project in Noida, which will have retail space, hotel and service apartments, a top company official said.
The company has already tied up with India Infoline Finance Ltd (IIFL) to fund this project, Bayaweaver CEO Himmat Singh said, adding that the construction work has been awarded to Australian firm Leighton.
Bayaweaver, which is a realty arm of property brokerage firm BOP India, has roped in 'Radisson Red' to operate its hotel, he said.
"We are coming up with a commercial project in Sector 129 on Noida Expressway comprising 1.9 million sq ft of built-up area and 1.3 million sq ft of saleable area," Singh told PTI.
In August 2014, BOP India bought 4.67 acres of land parcel from Jaypee Group for 390 crore.
The project 'Oh my God' would have 3.25 lakh sq ft of retail area, a 4-star hotel and 800 service/studio apartments, he said, adding that the name of the shopping mall has been kept 'X-Noida'.
"The project has been registered under the Uttar Pradesh regulatory authority set up under the realty law RERA. The construction work is going on at a fast pace. We will deliver the total project by August 2022 but retail area would be operational in 2020 only," Singh said, adding that the construction is being done by Leighton, which is the world's leading construction project contractors.
On project cost, he said the total investment would be Rs 980 crore, including land and construction cost.
Singh said this 4.67 acre project is rightly located within catchment of 64,000 housing units as well as office buildings with corporates like Accenture, Genpact, Maxlife, Adobe and TCS, among others.
Bayaweaver is selling the retail space in this project but has kept the leasing right as well as facility management with itself to make this project viable for its investors.
The company is selling retail area in a price range of Rs 15,000 per sq ft to Rs 30,000 per sq ft. The ticket size of fully-furnished studio apartments is Rs 70 lakh to Rs 1.5 crore.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)