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RPS Group to invest Rs 600 crore to develop World Trade Center in Faridabad

Commercial project to be spread across 7.58 acre area having a total saleable/leasable area of 1 million sq ft

Office rentals remained stable across the major markets in India in Q2 2021.

Office rentals remained stable across the major markets in India in Q2 2021.

Real estate developer RPS Group will invest around Rs 600 crore to develop World Trade Centre in Faridabad, Haryana. The group has tied up with Infrastructure group Viridian RED for the purpose.

Located in Sector 27C in Faridabad, the upcoming World Trade Centre (WTC) Faridabad will be spread across 7.58 acres. It will have a total leasable/ saleable area of one million sq. ft. that would be spread across four towers, the company said in a statement.

“We have tied-up with the Viridian Group to establish World Trade Centre at Faridabad. The city is a major industrial hub in the NCR region and the tie-up will play a pivotal role to bolster Faridabad’s position as an upcoming commercial destination in the country. We are confident with a world-class Grade A office space, WTC will revitalize the commercial landscape of Faridabad and attract renowned and top-companies to Faridabad,” said Suren Goyal, Partner, RPS Group.

“The construction of WTC is progressing at a brisk pace and it will be delivered in phases beginning mid-next year. All our stakeholders, including our channel partners are excited to partner with a renowned global player,” he added.

“Faridabad is fast emerging as a major destination for both commercial as well as residential segment. The global network of World Trade Centres has a proven track record in amplifying growth in respective locations and we are confident that our tie-up with RPS Group will throw up myriad opportunities that exist in this micro-market for our various stakeholders. With our collective effort amid rapid infrastructure development, Faridabad has all requisite to emerge as the new commercial hub in the NCR region,”said Ashwani Kapoor, Joint President Customer Engagement and Distribution, Viridian RED.

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As per the contours of the tie-up between RPS Group and Viridian RED, the land and construction cost of WTC Faridabad will be borne by RPS Group, while Viridian RED will be responsible for sales, leasing and post sales services.

Besides, the upcoming World Trade Centre, RPS Group is also developing one more commercial project at the same location.

Established in 2006, RPS Group has delivered more than 9 million sq. ft. including of 4,324 housing units and it aims to deliver a total area of 1.3 million sq. ft. in Faridabad over the next one year. It is targeting more than 3 million sq. ft. in the next three years.
Moneycontrol News
first published: Nov 29, 2021 04:48 pm
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