CRC Group to invest Rs 810 cr in commercial project in Noida; signs MoU with UP govt

Our group is committed to working in close partnership with the state government and strengthening its commercial and residential infrastructure, Kumar said.Invest UP is an investment promotion and facilitation agency powered by the state government, he added.Kumar said the company is in talks with operators to manage its service apartments in this upcoming commercial project.There is a great demand for Grade-A office space in Noida market because of limited supply of premium projects, he added.CRC Group has completed two housing projects in Delhi-NCR, comprising of around 1,200 units, at a cost of nearly Rs 500 crore.

Realty firm CRC Group on Monday said it will invest Rs 810 crore over the next four years to develop a premium commercial project in Noida, comprising 22 lakh square feet of built-up area.

The Noida-based firm has already signed a memorandum of understanding (MoU) with the Uttar Pradesh government under the Invest UP programme for the project, which has the potential to generate employment for 9,000 people.

''We have acquired 11.16 acre land in Sector 140 A, Noida to develop a Grade-A integrated IT/ITeS commercial project,'' CRC Group Founder and CEO Kunal Bhalla told reporters here.

The company will develop 22 lakh square feet of built-up area in this project and out of that 16 lakh square feet will be saleable/leasable area, he added.

CRC Group will construct 12 lakh square feet of office space, 3 lakh square feet of retail area and one lakh square feet (102 units) of service apartments.

Bhalla said the company would sell 30-40 per cent area in this project and rest would be leased.

Asked about the total investment, CRC Group Director (Marketing and Business Management) Salil Kumar said the project cost is estimated at Rs 810 crore, including land and construction expenses.

The company will complete this project in the next 40 months after getting the approval of real estate regulatory authority RERA, Kumar said.

''We have pledged to invest Rs 810 crore under the Invest UP Programme. Our group is committed to working in close partnership with the state government and strengthening its commercial and residential infrastructure,'' Kumar said.

Invest UP is an investment promotion and facilitation agency powered by the state government, he added.

Kumar said the company is in talks with operators to manage its service apartments in this upcoming commercial project.

There is a great demand for Grade-A office space in Noida market because of limited supply of premium projects, he added.

CRC Group has completed two housing projects in Delhi-NCR, comprising of around 1,200 units, at a cost of nearly Rs 500 crore. It will soon start a new housing project.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)