Consortium of nine builders submits sports city plan to Noida authority – ET RealEstate

NOIDA: A group of nine developers, which has been unable to execute tripartite sub-lease deeds of their group housing projects in Sector 79, on Tuesday submitted its proposal to the Noida Authority for developing amenities in the Sports City.

These developers established Sports City Development Private Limited, a consortium, last month after holding several rounds of meetings with senior Authority officials.

TOI has learnt that the consortium has offered to develop a golf course, a cricket stadium, playfields, a swimming centre and tennis courts in the sector. They will pool in money as per the proportion of their plots and the layout of the Sports City that was finalised by the Authority in 2011.

In October 2011, the Authority handed over about 180 acres in Sector 79 to the now beleaguered 3C group. Sports amenities worth Rs 410 crore had to be developed and 70% of the land was to be left open to develop sports facilities.

3C sub-leased the plot to developers over the years, who established about a dozen projects with an inventory of 11,000 units. Among them, 5,500 are complete or at various stages of construction. But the Authority has refused to issue completion certificates as the sports facilities have remained undeveloped.

“We submitted our proposal to the CEO of Noida Authority on Tuesday. A meeting with senior officials has been scheduled later this week for further discussion,” said Subodh Goel, MD of the Civitech group, who’s leading the negotiations.

The consortium has not mentioned the budget. “The Authority will decide how many facilities are needed out of the ones proposed originally and their sizes. What standards are to be provided to users can be decided by experts and only then we can get the estimated cost,” he added.

Authority CEO Ritu Maheshwari said “the proposal is being reviewed” by the team concerned.



Source link

Microsoft leases about 1.5 lakh sq ft office space at KP Tower in Noida – ET RealEstate

Tech giant Microsoft has signed a lease deal for nearly 150,000 sq ft of premium office space at KP Tower in Noida through co-working operator WeWork, two persons aware of the deal said.

KP Tower is part of the 12.5 acres Delhi One project, which was launched by the 3C group and later went into insolvency.

Max Estates, the property arm of Max Group, is in the process of acquiring this prime commercial complex at the Delhi-Noida border through the National Company Law Tribunal (NCLT) resolution process for Rs 550 crore, which will be paid to the debtors in tranches over four years.

There are already four operational towers in the complex; one serviced apartment tower and four commercial towers are under construction.

“Because of its location, which is close to Delhi and Noida Expressway, the rentals here are almost at par with grade A assets in Gurgaon. The remaining part of the project has been taken over by Max Group,” said one person aware of the deal.

Earlier this year, Microsoft had announced the launch of the India Development Centre (IDC) in Noida and had signed an agreement with the UttarPradesh government.

WeWork and Microsoft declined to comment on the deal.

“The deal has been signed at Rs 111 per sq ft, although the rental in Noida ranges between Rs 60-80 per sq ft,” said another person.

Microsoft is also in talks to lease over 1.2 million sq ft office space in Bengaluru.

The company currently occupies 550,000 sq ft in Outer Ring Road, Bengaluru.

Microsoft India has been on an expansion spree and leasing more office space in the last two years to house its growing employee population.

The software giant has operations in 11 cities in India and employs about 8,000 people across the country.

According to property consultants, demand for office spaces in Noida has been on a high growth trajectory after availability dwindled in the national capital.

“Commercial realty market is witnessing an upward trend and more and more buyers and investors are showing their interest in it because the commercial asset class has performed much better than the residential sector over the last few years,” said AjayRakheja, national head, 360 Realtors-Commercial.

Lower rent, new supply and infrastructure development have boosted demand in Noida’s key sectors such as sectors 16 and 62 and NoidaExpressway.



Source link