Adani Realty to launch three commercial projects soon
Adani Realty, the real estate arm of diversified Adani Group, will launch nearly 1.5 million sqft of commercial space having a revenue potential of Rs 3,000 crore, over the next six months.
The company is launching three projects- two in Mumbai and one in Ahmedabad.
In the megapolis, Adani Realty is developing eight lakh sqft office and commercial project in suburban Bandra Kurla Complex (BKC), one at its Shantigram township in Ahmedabad of six lakh sqft 'Inspire Park' and another 1.25 lakh sqft at its mixed-use project in suburban Andheri 'Western Heights'.
"We have not seen any significant addition in the commercial space in the last 2-3 years in the BKC after the two projects 'Godrej BKC' by Godrej Properties and 'One BKC' by Wadhwa," company's Chief Executive Ajay Munot told reporters here today.
"We feel we have entered the office space market at the right time when MNCs as well as domestic firms across sectors are looking for large space," he added.
According to Munot, these three projects have the potential of generating over Rs 3,000 crore revenue.
"Taking into consideration the rentals of Rs 250 per sqft and sale value of up to Rs 30,000 per sqft feet in BKC, the BKC project alone is likely to earn up to Rs 2,400 crore revenues," he added.
Munot said the BKC project is already completed and launched and hopes to give the posession by June.
The company is developing a six lakh sqft of business park 'Inspire Park' in its township 'Shantigram' in Ahmedabad.
"The construction of 'Inspire Park' will be completed soon. Similarly, the third 1.2 lakh sqft space, which is a part of our residential project in Andheri will also be completed over the next few months. In the next six months all these projects will be launched," he added.
- PTI
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