DELHI: Realty firm The 3C Company said it will invest Rs 3,500 crore on developing a mixed use project at Noida comprising a 5-star hotel and branded homes, to be managed by hospitality major Four Seasons Hotels and Resorts.
In 2011, the Noida-based realty firm had announced its tie-up with Four Seasons for management of its 300-keys hotel and 180 branded residences, each costing up to Rs 20 crore.
"We have got all permissions, including the environmental clearance, for mixed land use development. The project 'Delhi One' will have hotel, residences, luxury retail and office spaces," The 3C Company Director Vidur Bhardwaj told reporters here while launching the Four Seasons branded homes.
The investment on this project, spread over 12.5 acres, will be Rs 3,500 crore, he said, adding that private equity firm Red Fort Capital has invested in this project.
About 3.5 million sq ft of area would be developed in this project, comprising 2 million sq ft of office and 3,00,000 sq ft of luxury retails.
"We will be selling these residences by invitation at Rs 22,000-26,000 per sq ft. The size of flat is about 7,500 sq ft," Bhardwaj said. The project will be complete by 2016.
The concept of 'branded residences' is catching up in India with many real estate developers launching such project in tie-up with hospitality chains and fashion/iconic brands.
Earlier this year, Private equity firm IREO had entered into management agreements with Hyatt Hotels Corporation for branded 'Grand Hyatt' residences and a 'Grand Hyatt' hotel in its large township project in Gurgaon.
In March, Superetch tied-up with Italian fashion brand Armani group for interior designing of 100 super luxury residences in one of its project at Noida.
Recently, Mumbai-based Lodha Developers has also tied up with US-based Donald Trump to bring Trump branded residences in the financial capital.
Realty firm Homestead has two luxury branded residences projects in Gurgaon --Michael Schumacher World Tower and Ballet by Sharapova.