NEW DELHI (INDIA): After establishing its credentials in NCR residential real estate segment, Central Park is venturing into commercial real estate with an investment of about Rs 2,000 crore. Central Park will develop a 40 lakh sq ft mixed-use project in Sector 67, Noida which is also its first project in Noida.
The foray in commercial segment is part of Central Park’s aggressive expansion plans as it is targeting to achieve a turnover of Rs 3,150 crore in 2017-18, a nearly five-fold increase from the previous fiscal.
Based on the ‘Walk to Work’ concept and expected to be launched by late 2017, the project will comprise of 16 lakh sq ft each of office and residential space. Another 8 lakh sq ft of retail space will also be developed offering a mix of retail complex, hospitality outlets and schools within the project. The company is also in the final stages of appointing a renowned international consultant for project development.
Commenting on this development, Amarjit Bakshi, Managing Director of Central Park said, “We are embarking on a high-growth trajectory this year. Given our success in residential projects, commercial segment was the next logical step in our growth strategy. We will infuse Rs 500 crore as initial investment in the project and are in the final stage of discussions with Private Equity (PE) investors for additional capital investments.”
Commercial real estate has shown a tremendous growth potential in recent times in the midst of an otherwise tepid Indian real estate market. As per a recent report from RICS-Cushman & Wakefield, institutional fund inflow into India’s commercial real estate is set to rise four-fold in 2017 to $3.5 billion.
Central Park also has plans to launch a commercial project in its integrated township project, Central Park Resorts at Sector 48, Sohna Road, Gurugram. Central Park is known for its concept living and an unrivalled expertise in translating elegant designs to desirable living spaces of highest standards of global quality. Every project is based on a concept of extra ordinary living, be it Central Park Resorts, The Room – fully maintained luxury suites and apartments or Flower Valley, a one-of-it-kind global township adorned by natural flora, fauna and flowers.