The group, which was managing Rs 750 crore real estate investment fund, has forayed into real estate development by acquiring a company that owned 5-acre land.
"We are coming up with a one million sq ft commercial projects involving office as well as retail space. The project cost is Rs 450-500 crore," Krasa group Managing Director Arvind Singh told reporters here.
The project will have 7 lakh sq ft of saleable area, largely office space. The investment will be funded through internal accruals and sales, he added.
Singh said the company has bought another 18 acres land for future projects.