After establishing its credentials in NCR residential real estate segment, Central Park is venturing into commercial real estate with an investment of about Rs 2,000 crore. Central Park will develop a 40 lakh sqft mixed-use project in Sector 67 in Noida, its first project here. The foray in commercial segment is part of Central Park’s aggressive expansion plans as it is targeting to achieve a turnover of INR 3,150 crore in 2017-18, a nearly five-fold increase from the previous fiscal.
Based on the ‘Walk to Work’ concept, the project will comprise of 16 lakh sqft, each of office and residential space after its launch in later this year. Another eight lakh sqft of retail space will also be developed. It will offer a mix of retail complex, hospitality outlets and schools within the project. The company is also in the final stages of appointing an international consultant for project development.
Commercial real estate has shown a tremendous growth potential in recent times in the midst of an otherwise tepid real estate market in India. As per a recent report from RICS-Cushman & Wakefield, institutional fund inflow into India’s commercial real estate is set to rise four-fold in 2017 to US$3.5 billion.