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World Trade Center to invest Rs 21 billion in its Greater Noida project

Virendra Singh Rawat/Lucknow 16 May 18 | 05:03 PM

World Trade Center (WTC), part of the New York-based chain of global trade and business hubs, will invest almost Rs 21 billion in its Greater Noida project.

The project spanning almost 50 acres is arguably the largest WTC property in the world. So far, the company has already invested close to Rs 7 billion and the remaining Rs 14 billion purse would be invested in the coming 2-3 years, WTC advisor P K Alok told Business Standard here today. This investment excludes the land cost of the project.

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During the UP Investors Summit 2018, the Yogi Adityanath government had signed a Memorandum of Understanding (MoU) with WTC for the development of Mobile Open Exchange Zone (MOX) in Greater Noida, which is touted to act as a catalyst to bring the advantage of growth in the mobile and allied sectors to Uttar Pradesh.

“We have the mandate to develop about 4.2 million square feet of realty for mobile phone and other technology companies at WTC Noida, of which 2.1 million sq ft of commercial space is ready," he informed.

Chinese mobile handset company Vivo has already been rented out two towers comprising 800,000 sq ft of commercial space. Besides, WTC Noida is holding talks with other companies mobile phone companies based out of China, South Korea, Taiwan and Japan to set up shop at the upcoming hub.

“Within the next 6 months, 2-3 mobile phone companies would be operating out of our facilities," he said adding the whole project would be completed by 2021.

Individual WTC hubs are licensed for development and operation by the WTC Association, USA. In Greater Noida, the real estate development of the integrated project comprising high rise towers is being done by commercial real estate firm Viridian Red.

Under the MoU with WTC Noida, the state government would facilitate to obtain necessary registrations, approvals, clearances etc as per the existing rules and regulations, while also supporting to avail of incentives under various central and state governments schemes.

A report by global consultancy company MOTT MacDonald had claimed by 2020, India would be the 2nd largest smartphone market in the world with the mobile phone ecosystem contributing 8.2% to the country’s economy. The report also claimed that Noida/Greater Noida region had the potential to attract over Rs 100 billion of investment in near future and generate several hundred thousands of jobs.

WTC Association represents a global network of active locations in 318 cities across 88 countries that seek to create a competitive advantage for businesses conducting international trade.

WTC Noida comprises mix use commercial complex with office spaces, hotels, service apartments, recreational and green spaces. Alok said WTC Noida had outperformed other commercial ventures in the National Capital Region (NCR) and exhibited the ability to surge ahead within the stipulated timeframe.

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