Group 108 to invest Rs 20 bn in Noida, Greater Noida

19 May 2023 CW Team

The managing partners of Group 108, in their announcement, confirmed that the ongoing IT/ITeS project, Grandthum, situated in Greater Noida West, will be completed under the new brand name. Additionally, the company is actively seeking land opportunities for the development of fresh projects within the National Capital Region (NCR). Amish and Sanchit Bhutani will be responsible for managing Group 108, bringing their expertise as the company's guiding force.

Amish Bhutani, the managing director of Group 108, shared that the company had recently signed a memorandum of understanding (MoU) during the Uttar Pradesh Global Investors Summit in February 2023, committing to investments exceeding Rs 20 billion. As a result, they now intend to acquire more projects in the upcoming fiscal year, FY24.

Bhutani further explained that the investment will be sourced from promoters' funds and internal accruals. “Our initial project, Grandthum, has progressed exceptionally well, and we remain committed to timely delivery. We are currently eyeing two additional commercial ventures in Noida and Greater Noida, taking advantage of their excellent connectivity and proximity to the Jewar airport." He referred to the Noida International Airport, which is under development in Jewar, located approximately 60 km and 40 km away from Noida and Greater Noida, respectively.

While the primary investment focus will revolve around commercial retail, IT, and ITeS sectors, Bhutani clarified that Group 108 remains open to exploring opportunities in other sectors such as data centers and residential properties.

Regarding the Grandthum project, Bhutani described it as an IT/ITES development spread across approximately 23 acres, encompassing a built area of 4 million square feet in Techzone 4, Greater Noida West. The project comprises two towers with ground-plus-30 and ground-plus-34 floors.

Grandthum offers a fusion of premium retail spaces, offices, and entertainment options within a single complex. Bhutani disclosed that approximately Rs 4 billion has been invested in the project thus far, with an additional Rs 2 billion required to complete it. "We anticipate achieving partial completion of the Grandthum project by March 2024. Out of the 4 million square feet, 3.2 million square feet is designated as saleable or leasable area. Among this, around 2.3 million square feet is allocated for office spaces, while nearly 900,000 square feet is dedicated to the retail segment," he added.

Furthermore, Group 108 has submitted an application for an extension of the Grandthum project, seeking to incorporate an additional 200,000 square feet for serviced apartments. However, the approval from the Greater Noida Authority is still pending.

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Bhutani Grandthum, a renowned real estate firm, has unveiled an ambitious investment strategy along with a name change. Going forward, the company will be recognised as Group 108. Over the next decade, Group 108 plans to allocate more than Rs 20 billion for investments in the neighbouring regions of Noida and Greater Noida, adjacent to the national capital. Emphasising their commitment to the commercial sector, the developer stated this as their primary focus for investment endeavours, as announced on May 17. The managing partners of Group 108, in their announcement, confirmed that the ongoing IT/ITeS project, Grandthum, situated in Greater Noida West, will be completed under the new brand name. Additionally, the company is actively seeking land opportunities for the development of fresh projects within the National Capital Region (NCR). Amish and Sanchit Bhutani will be responsible for managing Group 108, bringing their expertise as the company's guiding force. Amish Bhutani, the managing director of Group 108, shared that the company had recently signed a memorandum of understanding (MoU) during the Uttar Pradesh Global Investors Summit in February 2023, committing to investments exceeding Rs 20 billion. As a result, they now intend to acquire more projects in the upcoming fiscal year, FY24. Bhutani further explained that the investment will be sourced from promoters' funds and internal accruals. “Our initial project, Grandthum, has progressed exceptionally well, and we remain committed to timely delivery. We are currently eyeing two additional commercial ventures in Noida and Greater Noida, taking advantage of their excellent connectivity and proximity to the Jewar airport. He referred to the Noida International Airport, which is under development in Jewar, located approximately 60 km and 40 km away from Noida and Greater Noida, respectively. While the primary investment focus will revolve around commercial retail, IT, and ITeS sectors, Bhutani clarified that Group 108 remains open to exploring opportunities in other sectors such as data centers and residential properties. Regarding the Grandthum project, Bhutani described it as an IT/ITES development spread across approximately 23 acres, encompassing a built area of 4 million square feet in Techzone 4, Greater Noida West. The project comprises two towers with ground-plus-30 and ground-plus-34 floors. Grandthum offers a fusion of premium retail spaces, offices, and entertainment options within a single complex. Bhutani disclosed that approximately Rs 4 billion has been invested in the project thus far, with an additional Rs 2 billion required to complete it. We anticipate achieving partial completion of the Grandthum project by March 2024. Out of the 4 million square feet, 3.2 million square feet is designated as saleable or leasable area. Among this, around 2.3 million square feet is allocated for office spaces, while nearly 900,000 square feet is dedicated to the retail segment, he added. Furthermore, Group 108 has submitted an application for an extension of the Grandthum project, seeking to incorporate an additional 200,000 square feet for serviced apartments. However, the approval from the Greater Noida Authority is still pending. Also Read DLF plans to launch projects worth Rs 200 bn in current fiscalEldeco Housing’s net income surges by 23.72 per cent in Q4 FY23

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