Equinox Realty, in which Essar Group has a strategic stake, is on an expansion drive and is building up a commercial and residential real estate portfolio spread over 20 million square feet.
The locations include Mumbai, Thane, Bangalore, Jamnagar and Nagpur, said Chirag Ramakrishna, Chief Operating Officer.
It is in the process of opening its commercial property in the Bandra Kurla Complex in Mumbai for clients. Equinox Business Park’s Phase-II, with gross leasable area of 300,000 sq ft, is now seeking tenants.
Around $175 million of a total planned spending of $400 million (Rs 1,870 crore) has been invested so far. This park has already commissioned two towers.
The operational towers have leased out space to companies such as American Tower, Aegis, Asia Motor Works and the Essar
Group. “We are planning a third phase of this park, which is already under construction. It will have an area of 450,000 sq ft,” said Ramakrishna.
Equinox hopes the location of their property will help them get fair rentals. “The market has bottomed out, with no fresh supply coming in the micro markets in BKC and Lower Parel. The stock has been absorbed by the current demand. The rentals have stabilised, too,” said Ramakrishna.
The company also plans to launch its Bangalore project called Equinox Tech Park, consisting of two multi-storied buildings of approximately 300,000 sq ft by this September.