NEW DELHI: NCR-based realty player in commercial real estate Bhutani Group said that it has it has received the completion certificate for the phase I of Alphathum.
The certificate is for Tower B & C, the total area of the project is 39 lakh sq ft and out of which 21 Lakh sq ft is ready for possession in phase I. The Group received the completion certificate for the project in January 2021.
Commenting on the development, Ashish Bhutani, MD, Bhutani Group, says, “Alphathum promises to deliver the most resourceful business towers in India integrated with intelligent technologies. The idea behind all our projects is to present the people of Noida with iconic structures that will add value to their lifestyle. The projects offer great office space location for top companies looking for space in the city. With plenty of residential development happening in Noida, the projects enjoy great catchment for both offices and retail spaces.”
Located in Sector 90, this project will also be home to the world’s largest rooftop infinity water body with a well- designed zen garden. The project with G+27 floors was launched in April 2016 and is fully sold; Alphathum enjoys a current selling price of Rs 7250 per sq ft as against the launch price of Rs 4750 per sq ft. Some of the location advantages of Bhutani Alphathum including location off Noida-Greater Noida Expressway, proximity to Delhi-Mumbai Industrial Corridor (DMIC), 4th Largest ITES Destination with 50 IT/ITES MNCs already present in Sector 90, upcoming Infosys Campus adjacent to the project, and several residential societies in the vicinity.
Commenting on the demand in Noida, Bhutani says, “There cannot be a better location than Noida, with the upcoming ambitious developments such as Jewar International Airport & Film City, the city has become the hotbed for investment. Many multinational corporations and industrial units have shifted their base from China and moved to Noida and Greater Noida region; the State Government is making sure to herald a new wave of development for this region, which will be creating job opportunities, accelerating growth output by multifold in the coming years.”
Last year in September, the Group announced that it would invest around Rs 5,000 crore over the next four years to develop three commercial real estate projects in Noida and Greater Noida in Uttar Pradesh. The total area in the three projects, each around 25 acre in size, is 160 lakh sq ft, of which 40 lakh sq ft has already been constructed. The Group has recently launched Grandthum in Greater Noida West where construction is taking place as per the schedule.
The coming year looks great for the commercial real estate as many NRIs are willing to invest in India. Ease in FDI norms, transparency of RERA, tech-driven tools for real estate has made the process more welcoming. We look forward to getting a good number of investors on board, apart from the ones we are already associated with. As India treads its path to become Self-Reliant, commercial real estate will play a major role in spiralling this growth to new levels. The demand for Grade A office space is intact, and in 2021 we will see hectic leasing activity that might cross the demand created in previous years.