New Delhi: Realty firm MKS Ventures said it will invest around Rs 400 crore to develop a socio-culture centre and commercial complex in the national capital in partnership with the Delhi Development Authority (DDA).
The company has bagged this 11-acre project at Rohini from the DDA through bidding process, its director Sunil Totlani said.
"We have got this project from the DDA on lease for 50 years under public private partnership model. The total development potential is about 9 lakh sq ft of which 4 lakh sq ft will be earmarked for socio-culture centre and about 5 lakh sq ft for commercial complex," he said.
Asked about investment, Totlani said the project cost is estimated at around Rs 350-400 crore.
The construction work will start by March next year and the project is expected to be completed by 2023-end.
MKS Ventures has deposited Rs 22 crore as upfront payment for the project.
During the 50-year lease period, the company will pay a certain fixed amount per annum to the DDA once the project is completed, Totlani said. The company will also share some revenue earned from the socio-culture centre.
For the socio-cultural hub, the company will develop a centre for performing arts, auditorium, exhibition centres, open-air amphitheatre, recreational club, library and e-library, centre for visual arts, hotel and banquet halls, besides indoor and outdoor recreational and sports facilities.
In commercial development, the company will construct a shopping mall.
Totlani said the company is already developing a commercial and multi-level car parking project at Pitampura, which it bagged from the Municipal Corporation of Delhi (MCD).
A housing project in Sohna, Gurugram is also in the pipeline.
MKS Ventures is a group firm of ABA Corp that has developed many housing projects in Noida and Greater Noida.
