Noida-based real estate developer CRC Group on February 6 announced that it will invest Rs 810 crore to develop a commercial project in the city.
The company, through its Special Purpose Vehicle, IT Infrastructure Park Pvt Ltd, would invest the amount in constructing an international-level integrated IT/ITES commercial project in Noida, spread across an area of 22 lakh sq ft of built-up area.
The Noida-based firm has already signed a memorandum of understanding (MoU) with the Uttar Pradesh government under the Invest UP programme for the project, which has the potential to generate employment for 9,000 people.
"We have acquired 11.16 acres of land in Sector 140 A, Noida to develop a Grade-A integrated IT/ITeS commerical project," the company’s founder and CEO Kunal Bhalla told reporters.
CRC Group will construct 12 lakh square feet of office space, 3 lakh square feet of retail area and one lakh square feet (102 units) of service apartments in the project. The company would sell around 30 percent of the project and lease the remaining portion.
The land has already been acquired. Invest UP is an investment promotion and facilitation agency powered by the state government of UP.
“We are happy to announce that we are pledging an amount of Rs 810 crore under the Invest UP Programme. Our group is committed to working in close partnership with the state government and strengthening its commercial and residential infrastructure. This investment will also reinforce our position as one of the state’s leading real estate developers providing world-class infrastructural solutions to meet its needs while generating employment opportunities,” said Salil Kumar, director, marketing and business management, CRC Group.
The company also has projects located in Noida and Greater Noida Tech Zone 4.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
