 "Group 108 forays into NCR realty market, plans to invest over Rs 2000 cr")
Group 108 announced it's foray into real estate development and plans to invest over Rs 2,000 crore in the Noida and Greater Noida region in the next 10 years.
The company said that the ongoing commercial project is spread over 23 acres and is expected to be completed by the end of this financial year (FY24).
The project has a total built-up area of 40 lakh square feet and saleable area of 32 lakh square feet.
The company is currently developing a 40 lakh square feet commercial project ‘Grandthum’ in Greater Noida (West) and is also looking for land to develop new projects in NCR.
Grandthum is a unique mix of premium retail, office spaces and entertainment.
Firm's focus areas of investment will largely be in the commercial segment, realty firm said in a statement.
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"We have signed a memorandum of understanding (MoU) at UP investment summit to invest Rs 2000 crore in the development of real estate projects,” said Amish Bhutani, managing director, Group 108.
He added, “We are eyeing two more commercial projects in Noida and Greater Noida, as these locations offer great connectivity and proximity to the Jewar Airport.”
The company will be managed by brothers Amish and Sanchit Bhutani.