NCR-based Ocean Infraheights Private Limited, will invest Rs 450 crore in developing 3 million sq ft of commercial and retail hub in Greater Noida (west), a senior company official said.
Spread in 25-acre, the project Golden I was acquired from another company, who couldn’t continue with the construction.
“The demand for office space has been increasing in Noida and we hope the trend will continue. But still there is a lack of large managed space, which we will be able to provide,” said Sudhanshu Rai, CEO at Golden I.
According to a report by Knight Frank, in H2 2020, Noida recorded gross office leasing of 1.1 mn sq ft. New supply of office spaces and competitive rents are driving occupier demand in Noida. In fact, on an annual basis, office space consumption in Noida remained largely at par with 2019 levels.
Golden I also have a 10% residential component where most of the units were sold by the previous owner of the project.
Ocean Infraheights took over the project in October 2019 but before it could start the construction in full flow, the construction ban was announced by the NGT, which was followed by the nationwide lockdown.
“But we kept the labour and as soon as government allowed, we started the construction. We intend to complete the first phase of the project by June 2022,” said Anand Shukla, Managing Director at Golden I.
The project include premium corporate suites, high street shopping, green surroundings (5 acres dedicated as a green space with soothing landscaping), break-out zones, sitting areas, designated visitor parking and more with sustainable green norms like designated charging stations for electric vehicles, solar energy backup and Zero liquid waste discharge system.
The company is looking to acquire more large land parcels on the Yamuna Expressway near the upcoming Jewar airport and Film City.
According to the Knight Frank report, due to huge supply infusion in 2019, new office supply remained limited in 2020.
In H2 2020, 2.1 mn sq ft new office spaces came on the block in NCR. Due to the pandemic, 71% of 2020’s new supply infusion became available only in the second half of the year.
Gurugram and Noida continued to dominate the overall leasing in H2 2020 with a 45% and 43% share respectively. The Secondary Business District (SBD) of Delhi witnessed a sharp jump in leasing with a 116% YoY increase over H2 2019.
