The company will develop 6.25 lakh square feet area in this 7-acre project 'Chintels Centre' comprising both office and retail spaces.
Realty firm Chintels Group will invest over Rs 400 crore to develop a new commercial project in Gurugram, Haryana, as it expects a rise in demand for office and retail spaces. The company will develop 6.25 lakh square feet area in this 7-acre project ‘Chintels Centre’ comprising both office and retail spaces. “We have already completed a commercial project Chintels Corporate Park on Dwarka Expressway comprising 2.5 lakh sq ft area. We have started the leasing process,” Chintels India MD Prashant Solomon told PTI.
The company has kept some space for its own corporate office and rest would be leased out to other enterprises. With rise in demand of quality office space, Solomon said the company has now started construction of a new commercial project on Dwarka Expressway. The total project cost is estimated at around Rs 410 crore, Solomon said. “There are many residential projects, both completed and under-construction, on Dwarka Expressway. But, there are not enough commercial projects. We intend to cater to this gap,” he added.
On its residential portfolio, Solomon said the company is developing a housing project ‘Chintels Serenity’ at Sector-109, Gurugram with an investment of over Rs 400 crore. The company is constructing 444 units across 9 towers spread over 9.75 acres.
“We have already completed four towers, while the remaining five towers are in the finishing stage,” Solomon said. The Dwarka Expressway area has a huge potential and is evolving as a popular residential and commercial hub in the National Capital Region, he said. Chintels has a huge land bank in the Dwarka Expressway area.
Besides developing projects on its own, the company has tied up with realty players like Sobha and ATS Group to develop housing projects in this area. With Sobha, it is developing a 168-acre integrated township ‘International City’.
According to JLL India, net office space leasing fell 44 per cent year-on-year during 2020 calendar year to 25.82 million sq ft across seven major cities as corporates deferred their expansion plans and adopted ‘work from home’ policy for employees because of the COVID-19 pandemic.
Net leasing of office space stood at 46.5 million sq ft in the 2019 calendar year across seven cities — Delhi-NCR, Mumbai, Chennai, Kolkata, Hyderabad, Pune and Bengaluru. In the first six months of 2021, the net absorption of office space fell 19 per cent to 9.63 million sq ft in the first six months of this year across seven major cities.