New Delhi: Realty firm Bhasin Group on Tuesday said it will invest Rs 150 crore on construction of a 33-storey commercial tower in Noida in mere 99 days, a sort of record for the national capital region.
To construct the composite steel structure tower covering 9 lakh square feet of area, the company has given a contract worth Rs 35 crore to Jindal Steel and Power Ltd (JSPL) for supply of pre-engineered columns, beams and allied structure.
"We are coming up with a 9-lakh square feet commercial building on Noida Expressway. The construction of this building will be completed in just 99 days," Bhasin Group managing director S S Bhasin told reporters here.
"This will be the tallest and fastest (built) composite steel building in the country," he claimed.
The construction started on October 21 and would be completed by January 29, 2016, he said, adding that this tower would be operational by April-May after getting the necessary approvals.
Mr Bhasin said the company would invest Rs 150 crore on construction of this office-cum-retail tower. It is selling commercial space at Rs 3,500 per square foot. This tower is part of a 25-acre project that the company would develop in Noida.
Although the construction cost of this building is 15 per cent higher than for a normal building, Mr Bhasin said the effective cost would be less as it will be completed in a very short span of time.
Jindal Steel & Power director (sales and marketing) V K Mehta said the company would supply more than 4,000 tonnes of steel of the highest strength for construction of this tower.
Bhasin Group, which deals in automobiles, has entered into the real estate sector. It has already developed a shopping mall in Greater Noida.