Central Park pushes Rs.2,000-cr realty venture

    real estate developer Central Park
    In a latest development, real estate developer Central Park has decided to enter the commercial real estate segment and will build a 40- lakh sq.ft mixed-use project in Noida involving an investment of about Rs.2,000 crore, Managing Director, Amarjit Bakshi said, elaborating that the project in question will comprise about 16 lakh sq.ft of office space, 16 lakh sq.ft residential development, and another 8 lakh sq.ft of retail space on an area stretching across 25-acre land parcel which the player owned in Sector 67, Noida. On this score, the company is negotiating with private equity players for funds to match the investment requirement. To start with, it has already invested Rs.500 crore as an initial investment in the project and is looking at raising money from PE investors. On this score, the company is in the final stages of appointing an international consultant for the project. In Gurgaon, on the outskirts of Delhi, the company plans to launch a commercial project in its integrated township project, Central Park 2, and a joint venture commercial project on Golf Course Road with a targeted turnover of about Rs.3,150 crore in 2017-18, a nearly five-fold increase from the preceding fiscal.
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