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Private Sector | Punjab - India | PID: 191977
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Value:Rs 3250000000 | Sushma Group, a real estate developer, will make an investment to the tune of Rs 325 crore to develop a mixed-use commercial project in Mohali, Punjab.
The company intends to tap rising demand of office and retail spaces from corporates and co-working players.
The Group will develop 1.2 million sq ft area in seven acre commercial project Sushma Pristine on airport road.
The company is selling office space at Rs 7,500 per sq ft and retail area in a price range of Rs 9,000 per sq ft to Rs 17,000 per sq ft.
The company will have the leasing right and expects an annual yield of eight percent for its prospective customers.
The funding of the project will be done through internal accruals and bank loans. Of the total 12 lakh sq ft area, the company will develop 3.5 lakh sq ft office space, 3.75 lakh retail area, and the remaining will be for hotel and service apartments.
This is Sushma Group’s fifth commercial project, of which, three have already been delivered. It is already constructing a high-street retail project, comprising 3.5 lakh sq ft area, at a cost of Rs 170 crore.
The company has completed seven projects so far while construction work is in process in five projects.
| Updated on: 17 - Feb - 2020
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