Logix Group may raise Rs 250 crore through FDI

Accommodation Times - - Real Estate Investments -

Logix group a Re­alty Firm is plan­ning to raise funds in real es­tate through for­eign di­rect in­vest­ment (FDI). They may raise Rs 250 crore for­eign in­vestors for the devel­op­ment of its on­go­ing mixed-use com­mer­cial project in Noida. The com­pany is de­vel­op­ing this com­mer­cial project at an in­vest­ment of Rs 1,000 crore and is look­ing to raise FDI to com­plete this project.

The 6-acre project ‘Noida City Cen­ter’ in­cludes a 7 lakh sq ft shop­ping mall, 2.5 lakh sq ft of­fice tow­ers, two ho­tels with com­bined 400 rooms and 100 ser­vice apart­ments. “To­tal project cost of this com­mer­cial project is Rs 1,000 crore,” Logix group CMD Shakti Nath said. The in­vest­ments are largely met through in­ter­nal ac­cru­als, he said, adding that the com­pany is in talks to raise FDI for this project.

Ear­lier, Logix had raised funds from Apollo, TAIB and ICICI Pru­den­tial for other pro­jects. Giv­ing de­tails about the project, he said the shop­ping mall would be op­er­a­tional in the next 4-5 months while of­fice, ho­tels and ser­vice apart­ments would be com­pleted in the next 2 years. The mall would fea­ture PVR Cin­e­mas’ 15- screen Su­per­plex and the first Imax of north­ern In­dia. Hy­per­mar­ket brand ‘Hyper­CITY’ will also have pres­ence in the mall. Noida-based Logix group has tied up with Westin Ho­tels for the 250-rooms 5-star ho­tel and Hil­ton Gar­den Inn for the 4 star ho­tel. The com­pany will also have tie-up for man­age­ment of its ser­vice apart­ments, Nath said. Logix group has com­pleted 4 mil­lion sq ft of IT pro­jects. It is cur­rently de­vel­op­ing 3-4 res­i­den­tial pro­jects in Noida with 20,000 hous­ing units.

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