Central Park to enter commercial realty segment with a Rs. 2,000 crore project
Central Park, a residential real estate company, is set to enter commercial segment with the launch of its maiden mixed-use project in Sector 67 in Noida. Central Park will develop a 40 lakh sq ft project with an investment of about Rs. 2,000 crore.
The entry in commercial segment is part of company’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.
The project is expected to be launched by late 2017. It 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, Mr. 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.”