Mumbai-based realty company Neptune Group has said that it would invest about Rs10 billion in its upcoming office complex spread over two million sq ft at Kurla, a Mumbai suburb.
“Neptune has bought about 17 acres from KEC International Ltd and we will commence the project in the next three months,” said Nayan Bheda, chairman and managing director, Neptune Group.
Neptune Group is a Mumbai-based property developer. Its latest project will be one of the city’s largest high-end commercial office complexes.
According to Bheda, the firm has roped in renowned architects Foster and Partners of London to design the project. The unique feature of the building is that it is a green building and daylight will be available at each and every corner of the structure, he added. The building will be a multi-rise facility, varying from three floors to seven floors.
Foster and Partners have designed a number of major projects around the world, including the London City Hall, the Hong Kong International Airport and the Beijing Capital International Airport.
This high-end office space will be leased out to multinational companies and other corporates. The average lease/rent will be Rs 200 per sq ft. According to market sources, the company is also likely to raise money from the capital markets.
Among the Neptune Group’s other projects, the Neptune Magnet mall at Bhandup in Mumbai covering one million sq ft will be operational in six months. The group’s proposed IT Park in Thane will be operational within three months.