Rs 1000 crores to be invested in developing Noida's Premium Commercial Space

Noida (Uttar Pradesh) [India], Mar 15 (Businesswire-India): Riding high on the demand for commercial spaces in and around the national capital, a premium commercial space is coming up with a high street commercial landmark in Sector - 75, Noida which will redefine the skyline of the region.

The project by the name of Spectrum Metro is being developed across an area of 6 acres, with a further scope of development on 9 acres, would include office spaces, retail spaces, medical facilities, food court, serviced apartments, corporate centres, student marts and much more in offer. The cost of the development of the project is estimated to be around ?450 crores. The future development on 9 acres would come at an approximate cost of ?550 crores, taking the total investment to ?1000 crores.

The project is centrally located with excellent social and civic infrastructure and is expected to cater to a footfall of almost 8 lakh people with over 100 plus international brands present. The entire project is a green building development conforming to cost-saving parameters and energy efficient elements and will have a total saleable area of approximately 1.2 mn sq. ft. The project will also house hypermarkets and supermarkets catering to daily requirement along with a 10 screen multiplex which has already been leased to INOX.

"The need for housing has been ever-growing in our country, looking at the rising population levels. Provision of homes is one aspect of fulfilling the necessity, but providing employment and a place to work will assist in fulfilling the three core needs; social need, esteem need and self-actualisation need. Providing commercial spaces will always be an integral part of developing a society and should be thus, kept in sync with the housing needs. The project is designed keeping all these aspects in mind and would be ready by 2021 for the public", said Vikas Sharma, CEO of Spectrum Metro. (Businesswire-India)

This story has not been edited. It has been published as provided by ANI