Renowned real estate firm Bhutani Grandthum has unveiled an ambitious investment plan and a new name, now known as Group 108. The company has announced its intention to invest over Rs 20 billion in the neighboring regions of Noida and Greater Noida over the next decade.
The managing partners of Group 108 have confirmed that their ongoing IT/ITeS project, Grandthum, located in Greater Noida West, will be completed under the new brand name. In addition, the company is actively seeking land opportunities for new projects within the National Capital Region (NCR). Amish and Sanchit Bhutani will serve as the guiding force behind Group 108, leveraging their expertise in managing the company.
Amish Bhutani, the managing director of Group 108, announced that the company recently signed a memorandum of understanding (MoU) during the Uttar Pradesh Global Investors Summit in February 2023, committing to investments exceeding Rs 20 billion. As a result, they are now planning to acquire additional projects in the upcoming fiscal year, FY24.
Bhutani explained that the investment will be funded through promoters’ funds and internal accruals. He stated, “Our initial project, Grandthum, has made significant progress, and we remain committed to timely delivery. We are currently exploring two additional commercial ventures in Noida and Greater Noida, capitalizing on their excellent connectivity and proximity to the Jewar airport.” He referred to the Noida International Airport, which is currently under development in Jewar, located approximately 60 km and 40 km away from Noida and Greater Noida, respectively.
While the primary focus of the investments will be on the commercial retail, IT, and ITeS sectors, Bhutani clarified that Group 108 remains open to exploring opportunities in other sectors such as data centers and residential properties.
Regarding the Grandthum project, Bhutani described it as an IT/ITES development spread across approximately 23 acres, with a built area of 4 million square feet in Techzone 4, Greater Noida West. The project consists of two towers with ground-plus-30 and ground-plus-34 floors.
Grandthum offers a mix of premium retail spaces, offices, and entertainment options within a single complex. Bhutani revealed that approximately Rs 4 billion has been invested in the project thus far, with an additional Rs 2 billion required for its completion. “We anticipate achieving partial completion of the Grandthum project by March 2024. Out of the 4 million square feet, 3.2 million square feet is designated as saleable or leasable area. Of this, around 2.3 million square feet is allocated for office spaces, while nearly 900,000 square feet is dedicated to the retail segment,” he added.
Furthermore, Group 108 has submitted an application for an extension of the Grandthum project, seeking to incorporate an additional 200,000 square feet for serviced apartments.
However, approval from the Greater Noida Authority is still pending.
