Neptune Group to invest Rs10 billion in new office complex
September 22, 2009
Mumbai-based realty company Neptune Group said it will invest about Rs10 billion in its upcoming office complex spread over 2 million sq ft at Kurla.
“Neptune bought about 17 acres land from KEC International Ltd and we will commence the project in next three months,” said Nayan Bheda, chairman and managing director, Neptune group.
Neptune Group, a Mumbai based property developer is commencing one of the largest high- end commercial office complex spreading over two million sq ft area at Kurla, L.B.S. Marg, Mumbai with an investment of Rs10 billion, said Nayan Bheda, chairman and managing director Neptune.
“We are starting the project in next three months and it will be designed by a renowned architect Foster and Partners of London,” said Nayan Bheda.
The unique feature of the building is that it is a green building and daylight will be available at each and every corner of the building, he added. The building will be a multi rise building varying from three floors to seven floors.
Foster and Partners have designed the famous 200 Greenwich Street, World Trade Center at New York and Chek Lap Kok Airport at Hong Kong. The land for this commercial place has been bought from KEC International, one of the largest Power Transmission EPC companies in the world.
This high end office space will be given to multinational companies and corporate on lease basis. The average lease/rent will be Rs 200 per sq ft area. According to market sources, the company is also likely to raise money from the capital markets.
Besides commercial office space, the Neptune Magnet mall at Bhandup in Mumbai covering one million sq ft land will be operational after six months and the IT Park also covering the same area at Thane will be available for fit out within three months. - Pallabika Ganguly