Central Park, a leading real estate developer, has plans of entering the commercial sector with the development of a mixed-use project in Noida of 40 lakh square feet. This will involve an investment of around Rs.2000 crore.
The mixed-use project in Noida by Central Park will have an office space of about 16 lakh square feet, retail space of 8 lakh square feet and residential space of 16 lakh square feet.
The MD of Central Park has announced that this project will be developed in the 25 acre of land that they own in Sector 67 of Noida.
Central Park is having discussion to raise funds with private equity funds. For the initial stages of development, Rs.500 crore will be invested by the firm. The company is also assigning an international consultant for the project and is in the final stage of taking the decision.
Central Park is also planning to launch another commercial project in Gurgaon where it has a homogenous township project, Central Park 2.
Central Park is expecting around Rs.3150 as the turnover which will be almost five times more than last fiscal year.
25 lakh square feet of project is line up with Central Park and the company will be investing around Rs.750 crore to develop and finish them.