Bhutani Infra has acquired the Logix City Center in Noida for almost ₹1000 crore, including costs that are likely to be incurred for renovation, the company said in a statement on November 11.
The retail property will now be called Bhutani City Center 32.
The acquisition marks a significant addition to Bhutani Infra’s portfolio, bringing together prime retail, leisure, and entertainment spaces within a single destination, it said.
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Bhutani Infra plans to upgrade the mall, providing a platform for luxury brands alongside a 5-star hotel to complement the growing demands of the HNIs living within a 2 kms radius, the company said.
Also Read: Retail leasing touches 1.6 mn sq ft in the third quarter of 2024; High street rentals see growth of 15% YoY in Q3 2024
“Bhutani City Center 32 is a planned reflection of our aggressive growth strategy and commitment to reshaping urban development,” said Ashish Bhutani, CEO of Bhutani Infra.
Noida’s demand for mixed-used developments
“We are not just expanding our portfolio, we are transforming every acquisition into a high-performing asset that meets the evolving demands of today’s consumers for integrated work, leisure, and lifestyle spaces. With Noida’s demand for premium, mixed-use developments soaring by 35% over the past year, Bhutani City Center 32 is perfectly positioned to lead this growth and redefine the future of urban living and investment in the region,” he said.
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According to a report by Cushman & Wakefield, retail leasing of 1.6 mn sq ft was recorded in the third quarter of 2024 with Hyderabad, Delhi NCR, and Mumbai leading the volume. High streets and not malls dominated the leasing landscape, accounting for 68% of the total retail space leased this quarter. Also, high street rentals witnessed an average growth of around 15% in the quarter.
