 "Real Estate, Realty sector, Construction, Realty")
Realty firm CRC Group is expecting revenues of Rs 1,200 crore over the next four years from a premium commercial project in Noida, comprising 24 lakh square feet of built-up area.
The company has acquired 11 acres land in Sector 140 A, Noida in Uttar Pradesh to develop a Grade-A integrated IT/ITeS commercial project.
CRC Group Founder and CEO Kunal Bhalla on Wednesday said the company will develop 12 lakh square feet of office spaces, 4 lakh square feet of retail space and 102 service apartments in this project.
"We will be selling office space while the retail space will be provided on lease," he told reporters.
Bhalla said the company is expecting a revenue of Rs 1,200 crore from this project.
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According to him, the project cost would be around Rs 750-800 crore.
CRC Group Director (Marketing and Business Management) Salil Kumar said the company is in talks with operators to manage its service apartments in this commercial project.
There is a great demand for Grade-A office space in Noida market because of limited supply of premium projects, he added.
CRC Group has completed two housing projects in Delhi-NCR (National Capital Region), comprising of around 1,200 units, at a cost of nearly Rs 500 crore.
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