Realty player Ashwin Sheth Group has invested around Rs 200 crore to set up a commercial project under the brand 'Cnergy' in neighbouring Thane.
The Mumbai-based company will develop over 2 million sq ft of commercial space and expects revenue of nearly Rs 400 crore from the project on being sold out completely.
"This is our third commercial development after one in Prabhadevi in Mumbai and another in Dubai. With Thane emerging as the next destination of growth in the MMR (Mumbai Metropolitan Region), we are developing our residential and commercial projects here," the company's Director Chintan Sheth told reporters.
He said the company has already invested around Rs 200 crore for this development, which includes cost of land as well as approvals and construction finance.
The development is a part of the 50 acre land parcel the company is developing in a phased manner in Thane, and also houses residential projects like Zuri, Avalon, Vasant Lawns, and a retail mall 'Viviana', among others.
"We will be developing the project and selling the office space to start-ups as well as corporates and multinationals. Starting from 550 sq ft, we can offer an entire floor of 10,000 sq ft at a time. We expect to complete this project in two-and-a-half years and generate around Rs 400 crore revenues when completely sold out," Sheth added.
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The company has already sold out 40,000 sq ft of space in this project, he said.
Currently, almost 95 per cent of the company's portfolio is residential and the balance is shared between retail and commercial segments.
"In the future, 70 per cent of the portfolio will be residential and the balance a mix of retail and commercial," Sheth said.