Krasa group to invest Rs 500 crore on commercial project in Noida.

Realty firm Krasa group said it will invest about Rs. 500 crore over the next four years to develop a commercial project in Noida.

The group, which was managing Rs. 750 crore real estate investment fund, has forayed into real estate development by acquiring a company that owned 5-acre land.

'We are coming up with a one million sq ft commercial projects involving office as well as retail space. The project cost is Rs. 450-500 crore,' Krasa group Managing Director Arvind Singh told reporters.

The project will have 7 lakh sq ft of saleable area, largely office space. The investment will be funded through internal accruals and sales, he added.

The company will start construction on this project 'Centrade Business Park' in December and would deliver the project after 42 months.

Singh said the company has bought another 18 acres land for future projects.

ET