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RSP Developers investing Rs 400 cr for commercial complex in Gurugram

Business Finance

Press Trust of India  |  New Delhi 

Realty firm RSP Developers is investing Rs 400 crore to develop a commercial project in Gurugram, Haryana, where corporates can set up their research and development (R&D) centres, a top company official said on Tuesday.

The company has already developed and leased 1.15 lakh sq ft space to BMW Group in this 12-acre project 'e-novation Centre' comprising a total of 8 lakh sq ft area.

"We are developing a commercial complex in Gurugram dedicated for R&D and training purposes," RSP Developers MD Satya Priya Yadav said.

He said this is possibly the first project in the national capital region (Delhi-NCR) for setting up of R&D and innovation labs, incubators, accelerators, centres of excellence, IT/ITeS units and training centres.

"The first block is already operational and occupied by BMW Group. We have completed two more blocks comprising 3.5 lakh sq ft area and the leasing process has started," Yadav said,

The BMW Group training centre is one of the largest automobile training centre in the country, he added.

The remaining three blocks/towers, comprising nearly 3.5 lakh sq ft, would be completed in the next two years.

Asked about the investment, Yadav said the total project cost is estimated at around Rs 400 crore including land cost.

At present, he said the rentals are in the range of Rs 65-85 per sq ft a month in this region, depending on the facilities.

Yadav expressed confidence that the company would be able to lease the 3.5 lakh sq ft area over the next six months. It has roped in international property consultants to help in leasing process of this LEED (Leadership in energy and environmental design) certified green commercial complex.

"Gurugram has begun to give competition to Bengaluru as a preferred destination for R&D and tech companies. Till recently, the focus for R&D in India was in the south - Bengaluru, Hyderabad, Chennai and Pune," he said.

RSP Developers, which was founded in 1996, has developed over a million square feet of office space in Gurugram. Its client list includes BMW Group, Encore, Droom, IFF, Koovs, HFCL Infotel, Swiggy, Exicom, Orange, Punj Lloyd, Tellabs and Fibcom.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, December 31 2019. 16:45 IST