Maasters Infra Group, instituted by seasoned professionals and under the patronage of five-decade-old infra company K. R. A. Engineers & Contractors, announced their first commercial project Maasters Capitol Avenue spread over 5 acres in Sector 62, Noida. With the strategic announcement during festive season, the group was bullish about the market response as signs of recovery in commercial realty were visible. As per Knight Frank’s recent report the total office transactions in NCR rose to 6.4 mn sq ft in 2021 and new completions witnessed an increase of 38 percent YoY. The region saw office space absorption of around 4 mn sq ft in H2 2021 compared to 2.1 mn sq ft in the year-ago period. Gurugram witnessed 64 percent of overall office space transactions in H2 2021 – 2.6 mn sq ft of office space, while Noida saw leasing activity of 1.1 mn sq ft (at par with H2 2020).
Capitol Avenue, one of the most futuristic upcoming commercial properties in Noida Sector 62 will have office space and retail; the project’s total area would be 10,00,000 sq. ft. to be completed in 42 to 45 months, post announcement. The company says that the total sales realization from the project is between Rs. 600 crore to Rs. 650 crore. The real estate group also has plans on coming up with a residential project and an IT park project in near future.
The units in Capitol Avenue have priced between Rs 30 lakh to Rs 2 crore. Developed with the vision of a world-class commercial unit, that new-age businesses are looking for, Capitol Avenue is definitely the most awaited project for the Noida office market. The environment-friendly project will also have high street retail and other facilities like a food court, rooftop club, gymnasium, and convention center.
Talking about the office segment in Noida, Nikhil Anand, Director, Maasters Infra, said, “Noida is quickly catching up to other parts of the region in the commercial segment race in Delhi NCR. As for connectivity increases, there is a greater need for real estate infrastructure, notably commercial space. Noida’s commercial viability will be boosted by the airport, Film City, and DMRC corridor. The Noida-Greater Expressway belt and the office zones (Sector 62 and 63) are particularly active.”
