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Assotech to go pan-India with serviced apartments

The Hindu Business Line:  March, 2012

New Delhi: Delhi-based real estate player Assotech Realty has said it will take pan-India stride by opening serviced residence in 25 major cities across India.

“We have already acquired land in Hyderabad, Ahmedabad and Katra in Jammu to launch our serviced apartment projects. We are in the process of acquiring land in other major cities,” said Mr Neeraj Gulati, managing director of Assotech Realty.

Speaking on the upcoming project, Assotech Business Cresterra, he said that the project is a mixed use project and will include high-rise offices, four-star level serviced residence and high street retail ‘Sandal Street'.

The company said it will invest Rs 250 crores in its upcoming project on the Noida Expressway. The project will be funded partly through debt and partly through internal accruals.

The 14-acre project will have a total saleable area of 1.4 million square feet comprising 1.2 million square feet of office space, 150 service apartments and about 70,000 square feet of retail space.

The serviced apartment, about 775 sq feet, will be priced at Rs 46 lakh. “There will be 142 serviced apartment in Sandal Suites and will be managed by us. In other locations, we are still working on the blueprints.”