Realty firm Bhutani Infra on Saturday said it has given a Rs 500 crore contract to BL Kashyap and Sons Ltd for development of a commercial project in Noida, Uttar Pradesh.
The company focuses on the development of commercial real estate to tap into the rising demand for office space from corporates and co-working players. It has so far completed about a dozen projects in East Delhi as well as Ghaziabad and Noida.
"We have awarded Rs 500 crore construction contract to BL Kashyap group for our new commercial project Cyberthum," Bhutani Infra CEO Ashish Bhutani said.
BL Kashyap would construct 22 lakh sq ft area as per the contract, he added.
The total size of the project is around 50 lakh sq ft.
Bhutani said the company has completed construction of its commercial project 'Alphathum' with an investment of Rs 1200 crore. Around 32 lakh sq ft area has been handed over for fit-outs.
The company generally sells commercial space to customers but retains leasing right, he said.
Bhutani said the commercial real estate market is doing well across major cities.
Noida too is witnessing large commercial development on increased demand for office space in the city that commands lower rentals compared to Gurugram, he added.
According to global property consultant Cushman & Wakefield, the gross office leasing volumes pan-India touched a phenomenal high of 69.4 million sq ft in 2019, compared to 49.5 million sq ft in 2018.
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