RSP Developers to pour Rs 500 cr for R&D centre and co-living facility

RSP Developers, Gurugram-based real estate firm, is planning to make an investment to the tune of around Rs 500 crore in a 12-acre research and development (R&D) centre and a co-living facility in Gurugram, Haryana, by 2023.

The company plans to develop two more commercial centres in Gurugram and one in Indore. Phase-I of the 12-acre project is ready and a seven-acre space comprising two blocks has been developed.

The first block has been leased to BMW Group’s e-novation Centre, its research and training centre. The total area taken up by the BMW Group is over five lakh sq ft. The second block meets general requirements, including IT and R&D clients who can take up space in future.

The company is into built-to-suit commercial projects, and until recently had its R&D segment projects largely concentrated in South India, especially in Bengaluru, Hyderabad and Pune.

The company has already invested Rs 300 crore and can spend additional Rs 150 crore once the entire project is ready within the next three years.

The company is also planning to develop serviced apartments within the campus. It has dedicated a block spread over one lakh sq ft over 1.5-acre area for residential, short stays or training purposes under the co-living model.

The residential facility will have around 110 rooms. The development will be undertaken in Phase-II and ready within the next three years.

The company is also planning to develop a commercial project in Indore where it is targeting the joint venture (JV) model. It has identified a few land parcels for the project. Moreover, it is planning to develop a couple of built-to-suit projects in Gurugram.

Publication Source: Projects Today