New Delhi, Apr 11: Assotech Realty is expecting to generate around Rs 120 crore rental income from its 20 lakh square feet commercial project in Noida, amid rise in demand for premium office space.
The 14-acre commercial project was started in 2013 and was completed in 2022-end in phases.
The company has given on lease 18,460 square feet office space to Celebal Technologies in Noida recently, Assotech Promoter MD Neeraj Gulati said.
“We have completed our commercial project Assotech Business Cresterra in Sector 135 on Noida Expressway. The project has a leasable area of 20 lakh square feet,” he said.
Out of 20 lakh square feet, around 2.5 lakh square feet is serviced apartments (195 rooms) and 75,000 square feet of retail space. The rest is office space.
Asked about investment to complete this project, Gulati said the total cost incurred to develop this project stood at Rs 650 crore.
Gulati said the company has sold 80 per cent of the total area in this project and has retained 20 per cent.
However, he said the company has kept the leasing rights for office space and is also operating the service apartments.
“We have already leased around 13 lakh square feet area and now only 4.5 lakh square feet is left,” Gulati said, and hoped to complete the leasing activities this year.
The rental in this project is in the range of Rs 45-55 per square feet a month.
Asked about the rental income, he said, “We expect around Rs 120 crore per annum rental income from this project which will go to property owners.”
Gulati said Birlasoft and IndiaMart are major tenants in this project, which is spread over 14 acre land and focuses on the IT and ITeS sector.
He noted that demand for Grade-A office space in Noida has been increasing due to better infrastructure and affordable rentals compared to Delhi and Gurugram.
In Noida, many developers have built Grade A office space like Max Estates, Gulshan Group and BPTP.
Assotech Realty is developing a project in Maldives and is also looking to develop senior housing projects in Uttar Pradesh.
