Bhutani Infra to develop 16 million square feet in Noida, to invest Rs 5,000 crore

Noida-based real estate developer Bhutani infra will invest Rs 5,000 crore in developing 16 million square feet of Grade A office space in the next three years.

Bhutani Infra is developing three projects – Alphathum, Grandthum and Cyberthum in Noida, which are at various stages of construction. The company, which has already delivered 5 million square feet, looks to retain 30% of the portfolios and might come up with REIT later.

“The Covid-19 pandemic has affected every industry including the real estate. However, there has been no impact on the Grade A office market in Noida and Greater Noida,” said Ashish Bhutani, CEO, Bhutani Infra.

According to a Knight Frank report, Noida outpaced Gurgaon for the first time even as commercial transactions dipped across India owing to the ongoing Covid-19 pandemic.

“The demand has increased in these two cities because of cost advantage compared to Gurugram market. Being a leading commercial real estate developer in these two markets, we are well positioned to cater to this rising demand,” Bhutani said.

As per the Knight Frank report, the National Capital Region (NCR) saw office transactions decline 45% year-on-year to 2.1 million square feet but Noida recorded a growth of 86% with 1.08 million sq ft leased area.

Property consultants said low rentals, preference by IT companies and the upcoming airport at Jewar led to the surge despite the pandemic.

Located at Sector 90, Noida Bhutani Alphathum, which will be delivered in March next year, offers around 35 lakh sq ft of office spaces and a shopping mall spread across 7 lakh sq ft.

The project also offers 500 studio apartments.

The company is also developing Bhutani Grandthum, a high street retail destination.

Spread in an area of 23 acres, it offers close to 6,00,000 Sq ft for high street retail.

Company’s third project – Bhutani Cyberthum is being developed across 27 acre.