Noida-based real estate developer CRC group has acquired about 11-acre land on the Noida expressway for Rs 138 crore to develop a mixed use office project, a senior executive said.
The company will invest another Rs 650 crore for the construction of the project which will have about 1.2 million sq ft of office space, 3 lakh sq ft of retail and about 100 serviced apartments.
“Total project value is about Rs 810 crore and will be completed within 38-40 months. We will sell about 30-40% of the project which will fund the construction,” said Salil Kumar, Director, Marketing & Business Management, CRC Group.
The investment by the company is part of Invest UP initiative by the state government. Invest UP is an investment promotion and facilitation agency powered by the state government of UP.
“Our group is committed to working in close partnership with the state government and strengthening its commercial and residential infrastructure,” Kumar added.
CRC group has so far delivered several projects spread across 1.5 million sq ft and about 3.5 million sq ft is under various stages of construction.