The makers of Bhutani Grandthum has announced an ambitious investment agenda to mark a change in its name. The firm will now be known as Group 108, and plans to invest over Rs 2,000 crore in the Noida and Greater Noida regions that abut the national capital in the next 10 years. Group 108’s focus areas of investment are likely to remain largely in the commercial segment, the developer said on May 17.
Announcing the plans, the managing partners of the newly formed real estate company Group 108 said that its under-construction IT/ITeS (information technology/information technology-enabled services) project Grandthum, located in Greater Noida West, will also be completed under the new brand name.
The developer said that it is scouting for land to develop new projects in the National Capital Region or NCR. The company will be managed by brothers Amish and Sanchit Bhutani.
Amish Bhutani, managing director of Group 108, said that they had signed a MoU to invest over Rs 2,000 crore at the Uttar Pradesh Global Investors Summit that was held in February 2023 and, hence, are planning to acquire more projects in FY24.
“The investment would be procured through promoters’ funds and internal accruals. Our maiden project Grandthum has shaped up pretty well, and we will deliver it on time. We are eyeing two more commercial projects in Noida and Greater Noida, as these locations offer great connectivity and proximity to the Jewar airport,” Bhutani said in a press conference, referring to the Noida International Airport that is coming up in Jewar, about 60 and 40 km from Noida and Greater Noida, respectively.
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He said investments will likely be focused on commercial retail and the IT and ITeS sector but added that the company is also open to other opportunities such as data centres and the residential sector as well.
He said that the Grandthum project is an IT/ITES project spread over approximately 23 acres with 40 lakh square feet of built area in Techzone 4, Greater Noida West. The project has two towers of ground-plus-30 and ground-plus-34 floors.
Grandthum is a mix of premium retail space, offices and entertainment options under one roof. Bhutani said that so far nearly Rs 400 crore has been invested in the project and another Rs 200 crore will be required to complete it. “We hope to obtain partial completion of the Grandthum project by March 24. Out 40 lakh sq ft, 32 lakh sq ft is the saleable or leasable area. Of this 32 lakh sq ft, around 23 lakh sq ft area is for office spaces and nearly 9 lakh sq ft for the retail segment,” he said.
The company has also applied for an extension of the Grandthum project, where 2 lakh square feet area will be added for serviced apartments but the Greater Noida Authority is yet to sanction it.
