Despite the COVID-19 led lockdown, economic slowdown and disruption in hospitality industry, NESCO will go ahead with the plans for the construction of multipurpose commercial and hospitality asset in place of the existing IT building 2 (0.13mn sq.ft.) I Goregaon, Mumbai. The company had appointed a Singapore based architect for the project who has finalised the design for the project. Based on the final designs, the local architects are in the process of filing municipal drawings. The management expects to receive the municipal and other ancillary approvals within the next 10-12 months.
If all the approvals are received as planned, the management expects the ground work to commence by September 2021. On the basis of the discussions with contractors, the management expects the construction to be completed within 4-6 years of commencement.
The multipurpose asset will include a 4mn sq. ft. structure with 2.6mn sq.ft. of commercial space, 0.3mn sq.ft. of a 4-star business category hotel (300 rooms) and 1.1mn sq.ft. of F&B and common area.
The project will be Platinum certified. For the commercial property floor plates range from 25,000-sq.ft to 120,000-sq.ft with options for horizontal and vertical exclusivity experience. 300-keys 4-Star hotel will have F&B and banquet areas. In the planned Business Centre there will be over 120,000-sq.ft open space for circulation and F&B on Plinth. There will also be parking for over 3,000 vehicles and landscape at multiple levels of building.
The company will be spending Rs 1,800 crore on this project which will be funded through internal accruals. Out of this, Rs 1,450 crore is allocated for the commercial space and Rs 350 crore is allocated for the hospitality asset.