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Assotech Realty to pump Rs 300 cr in Noida project

Press Trust of India  |  New Delhi 

today said it would develop a in Noida with an investment of about Rs 300 crore.

The 14-acre project -- Assotech Business Cresterra -- will have a total saleable area of 1.4 million square feet comprising 1.2 million square feet of office space, 150 service apartments and about 70,000 square feet of retail space.

"We are launching a green eco-friendly business park in Noida where the company is offering 11.5 per cent assured return to investors for five years," Managing Director Neeraj Gulati said.

When asked about project cost, he said the total investment in the project would be about Rs 300 crore, including the land cost. The investment will be funded primarily through internal accruals.

The company is selling office space at about Rs 5,500 per square feet and service apartments at about Rs 6,000 a square feet. It would also help customers in providing lease of their office space.

Gulati said the company has so far delivered seven projects in the national capital region.

"We are planning to launch projects in Greater Noida, Ahmedabad and Jammu & Kashmir this year," he said, adding that the company has tied up land at these locations.

First Published: Thu, March 22 2012. 17:58 IST