SBI Fuels Gurugram World Trade Center Project with Rs 714 Crore Investment
- 7th May 2024
- 1294
- 0
Never miss any update
Join our WhatsApp Channel
The State Bank of India has committed Rs 714 crore to TCG Urban Infrastructure, a New York-based company, for the development of a World Trade Center in Gurugram. This project promises to offer one million square feet of leasable space, positioning it as a significant player in the region's commercial real estate market.
Project Financing Details:
The Gurugram project carries a total estimated cost of Rs 1,211 crore. Of this, Rs 497 crore has been provided by the project's promoter, with the balance covered by SBI's investment, as per data from CRE Matrix, a real estate analytics firm.
Developer Background and Project Execution:
The Chatterjee Group (TCG), with substantial land holdings in India, serves as the promoter behind Energetic Construction Pvt. Ltd., which is executing this expansive project. The development includes 940,761 square feet designated for office space and 72,407 square feet for retail purposes.
Lack of Public Comments from Key Stakeholders:
TCG has chosen not to comment on the financial aspects of the deal, and SBI has not yet responded to inquiries regarding their substantial financial contribution to the project.
Broader Market Impact and Investor Activity
Robust Investment Trends in Indian Real Estate: From 2021 to 2023, private equity investors have actively engaged in the Indian real estate sector, injecting USD 10.7 billion across nearly 100 deals. This activity marks a significant annual increase of over 25% in transaction volumes, with investment values witnessing a growth of 13.7%, culminating in USD 3.9 billion in recent years.
Investment Distribution and Evolving Markets
Diverse Investment Across Segments: The office space segment has attracted the majority of these investments, accounting for 51%, followed by industrial and warehousing, which garnered 20%. There is also notable diversification into emerging sectors such as data centers, life sciences, and student housing, indicating a shift in investor interests and preferences.
Comments
No comments yet.
Add Your Comment
Thank you, for commenting !!
Your comment is under moderation...
Keep reading blogs