In a latest development, realty firm Chintels Group on Friday said it will invest Rs 400 crore to develop a new commercial project in Gurugram, comprising a 9.28 lakh square feet area.
Chintels India said in a statement said it has started construction of project ‘Chintels Center’ located at Sector 114 in Gurugram, Haryana. A groundbreaking ceremony was conducted on Friday.
The project will be constructed on a plot size of 6.79 acres.
“The project will cost approximately Rs 400 crore to develop and will consist of approximately 9.28 lakh square feet of the total built-up area,” the statement said.
The project, comprising retail, office and multiplex, is expected to be completed by 2025.
Prashant Solomon, Managing Director, said: “There are many residential projects, both completed and under-construction along Dwarka Expressway. But there are not enough commercial projects. We intend to cater to this gap”.
It has already completed a commercial project Chintels Corporate Park in Sector 114, Gurugram.
The company is developing a housing project ”Chintels Serenity” in Sector-109, Gurugram, with an investment of over Rs 400 crore. It is constructing 444 units across 9 towers spread over 9.75 acres.
It 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’.
(With input from PTI)