Atmosphere Group, a Delhi-based actual property entity, has began to lease out about two million sq ft of a newly constructed retail portfolio, excluding malls, and expects this to earn Rs 300 crore of annual income from subsequent yr.
About 1,000,000 sq ft of workplace area might be leased out in Gurgaon at ‘Atmosphere Tower’. It has leased out 250,000 sq ft on this tower to Panasonic India, the place Panasonic will consolidate its operations, and about 26,000 sq ft to Saudi Arabia’s Sabic India.
“We anticipate to earn Rs 150 crore rental revenue from Atmosphere Tower alone,” group director Aman Singh Gehlot informed Enterprise Commonplace.
The remainder of the leasing area is being readied in Delhi — 135,000 sq ft in Vasant Kunj, 350,000 sq ft in Rohini, 300,000 sq ft in Shalimar Bagh and 200,000 sq ft on the Kempinski Atmosphere Resort.
The corporate is banking extremely on its workplace portfolio to spice up income. Until now, it had one large business venture, of 1,000,000 sq ft, the Atmosphere Mall at South Delhi’s Vasant Kunj.
Additionally it is current in Delhi’s hospitality sector with the Kempinski Atmosphere, with 480 rooms.
It’s now growing a 150-acre ‘Atmosphere Island’ at Gurgaon, of premium-priced houses, a ‘Leela Atmosphere’ resort with over 400 rooms and a shopping center of 1.8 million sq ft.
Some months earlier, it launched two housing tasks. In Noida, a 3.5-acre ‘Atmosphere Tiverton’ would have 280 items, with an funding of Rs 465 crore.
In Gurgaon, a 14.5-acre Atmosphere Creacions can have 750 items, with an funding of Rs 1,480 crore. Each are beneath development.
The group has about 1,000 acres of land, together with 350 acres in Panipat the place it plans to develop a township.