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Ashwin Sheth Group pumps Rs 200 cr in commercial project

Friday, 10 Jan 2020
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Ashwin Sheth Group has invested around Rs 200 crore to set up a commercial project under the brand 'Cnergy' in Thane, Maharashtra. The company will develop over two million sq ft of commercial space and expect revenue of nearly Rs 400 crore from the project on being sold out completely.

 

The company has already invested around Rs 200 crore for the development, which includes cost of land as well as approvals and construction finance. The development is part of the 50 acre land parcel the company is developing in a phased manner in Thane, which also houses residential projects like Zuri, Avalon, Vasant Lawns, and a retail mall 'Viviana', among others.

The company will be developing the project and selling office space to start-ups as well as corporates and multinationals. Starting from 550 sq ft, it will offer an entire floor of 10,000 sq ft at a time. The project is expected to be completed in two-and-a-half years.

The company has already sold out 40,000 sq ft space in the project. Currently, almost 95 percent of the company's portfolio is residential and the balance is shared between retail and commercial segments.

 
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