Group 108, a real estate developer, has announced a significant investment of Rs 2000 crore in multiple projects located in Greater Noida West. The company, formerly known as a division of the Bhutani Group, has rebranded itself and is focused on completing their flagship project, Grandthum. This project, spread over 23 acres and featuring two towers with a combined built-up area of 40 lakh square feet, offers a mix of retail outlets, office spaces, and recreational amenities. The investment will be funded through promoters' funds and internal earnings, and negotiations are underway to acquire land for future commercial and residential developments in Noida and Greater Noida.
Group 108, the real estate developers overseeing the Grandthum IT/ITES project in Greater Noida West, intend to infuse Rs 2000 crore into the region for multiple ventures. The managing partners of Grandthum, a real estate developer group named Group 108, have decided to invest a whopping sum of Rs 2000 crore in different projects situated in Greater Noida West. The IT/ITES project that is currently under construction is also included in this investment plan.
Previously known as a division of the Bhutani Group, the business has undergone a rebranding process and is now recognized as Group 108. Under the new brand name, the company is set to successfully wrap up their first project, Grandthum.
Grandthum is a large IT/ITES venture spanning about 23 acres and with a built-up area of 40 lakh square feet located in Techzone 4 in Greater Noida West. It comprises two towers measuring G+34 and G+30 floors. It is a well-rounded complex that encompasses luxurious retail outlets, professional workplaces, and enjoyable leisure activities. Along with a multi-purpose water area spanning three acres, it features state-of-the-art amenities such as a yacht, dining venues, service apartments, and a theatre.
At the UP-investment summit, we entered into a Memorandum of Understanding to allocate funds exceeding Rs 2000 crore and plan to acquire additional ventures in the fiscal years 2023-2024. According to the Managing Director of Group 108, Amish Bhutani, the investment will be obtained through the utilization of the promoters' funds and internal earnings. He stated that negotiations are underway between the company and landowners for the acquisition of land intended for the construction of commercial and residential projects in Noida and Greater Noida.
Bhutani mentioned that the current 23-acre commercial development will be finished by March 2024. The entire construction of this endeavour includes 4 million square feet, while the area available for purchase is 3.2 million square feet. The firm has already disposed of 2.5 million square feet. The retail space would cover 9 lakh square feet, while the office area would span 23 lakh square feet, in proportion to the total saleable area. The right to lease retail spaces remains with the company.
According to Bhutani, the market in Noida and Greater Noida is expenriencing robust demand for both residential and commercial real estate, which has caught the attention of developers from South India eager to invest in this area. As per his perspective, the real estate industry has experienced a resurgence following the second wave of COVID-19.
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