Developing 15 mn sq ft in Noida, expanding out of NCR: Bhutani Infra CEO

Real estate player Bhutani Infra is developing a 15 million square feet area in four projects in Noida and is expanding out of NCR for the first time in four locations, including Goa.

Bhutani Infra CEO and founder Ashish Bhutani said outside NCR they are developing a total of 10 million square feet area in Goa, Uttarakhand, Punjab and Uttar Pradesh.

"We are currently working on our four projects in Noida in NCR which include a high-end residential project in Sector 128, a mix use project in Sector 150, Cyberthum in Sector 104, a shopping mall in Sector 133. Total area under development is 15 million square feet," Bhutani told PTI.

Cyberthum is going to be the "tallest office twin towers in North India" and is expected to be ready by 2024, he said.

He said the idea behind the group's upcoming projects is also not just to create commercial and residential projects but come up with landmark structures that stand out from others.

Having delivered 16 projects in Delhi, Noida and Ghaziabad in the National Capital Region, the group is now expanding to Tier II cities and is optimistic about it.

"We have acquired plots in Haridwar, Ludhiana, Sancoale (Goa) and Lucknow. These are the areas where we are now expanding apart from NCR and these projects would go live by June next year," Bhutani said.

These four projects will have around 10 million sq feet development area of mixed land, he said, hoping to deliver them by 2028. The group CEO, however, denied sharing details about investment.

Dealing in luxury projects, Bhutani noted that cities like Lucknow and Ludhiana have good demand in the segment.

Talking about the envisaged project in Goa, he said the registered property is in Sancoale and is going to be "most premium" with independent villas and apartments in seven-storey buildings.

"There will be 700 swimming pools in the project. Every villa will have its own pool. This is going to be the first of its kind in the world at this scale," Bhutani said.

The first phase would be spread across nine acres, he said but did not share further details.

The one in Haridwar would have a luxury residential and shopping centre and would be close to Har ki Paudi, while in Lucknow the group is preparing for development along the Shaheed Path.

On Uttar Pradesh Real Estate Regulatory Authority (RERA) issuing a notice to the group in April this year, Bhutani said the issues have been resolved now.

"Some buyers needed refunds because they could not make their payments at the time of possession. We got a notice through a proper channel and the refunds were made as per agreement in line with the law," he said.