Assotech Realty to pump Rs 300 cr in Noida commercial project

NEW DELHI: Property developer Assotech Realty today said it will develop a commercial project 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," Assotech Realty Managing Director Neeraj Gulati told reporters here.

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.