Logix develops Rs. 600-crore project in Noida,to earn Rs. 80 crore rent per year.

Realty firm Logix has developed a mixed-use project comprising a 6 lakh sq ft shopping mall in Noida at an investment of Rs. 600 crore and expects to earn an annual rental income of about Rs. 80 crore.

Noida-based Logix group is also in the process of giving final exit to Bahrain-based TAIB Bank from its Logix Techno Park project for about Rs. 102 crore, company's Chairman and Managing Director Shakti Nath said.

'We have come up with a 6 lakh sq ft shopping mall and a 4 lakh sq ft office building in Noida at an investment of about Rs. 600 crore,' he said, adding that the mall 'Logix City Center' was opened last week.

PVR has launched its largest and most premium concept 'Superplex' in the mall that would cater to an audience of 1,539 across 15 screens.

The company expects an annual rental income of about Rs. 60 crore from the shopping mall, Nath said.

In office complex, Logix has sold half of the space and the remaining has been leased with an expected rental income of about Rs. 20 crore.

The shopping mall and office tower is part of the 6 acre project. The company would also develop a hotel and service apartments in this project.

The total development in this entire project will be 18 lakh sq ft at a cost of about Rs. 1,000 crore,' Nath said.

He further said the company has decided to give final exit to its FDI investor TAIB for about Rs. 102 crore in its UT park project in Noida.

In 2008, TAIB Bank had acquired 49 per cent of Logix TechnoPark located in Noida.

Logix group has completed development of 4 million sq ft of office space for IT sector. It is also developing three housing projects.

The company has recently formed joint ventures with ATS Infrastructure for the development of two housing projects in Noida. The land would be provided by the Logix group for both the projects while ATS would be responsible for construction and marketing of the projects.

ET