Noida, November 11 – In a major boost to Noida’s real estate and retail sector, Bhutani Infra has acquired Logix City Center for nearly ₹1000 crore, including projected renovation costs. The iconic retail property, a key player in Noida’s commercial landscape, will now rebrand as Bhutani City Center 32.

This acquisition underscores Bhutani Infra’s growing presence in the region, signaling its intent to create a premier destination blending retail, leisure, and entertainment within a unified space.

Transforming Noida’s Retail Hub

Bhutani Infra announced plans to elevate the mall’s offerings, aiming to attract high-end retail brands and establish a 5-star hotel, catering to the affluent clientele within a 2-kilometer radius. This makeover aligns with Noida’s rising demand for luxury and integrated spaces, especially among high-net-worth individuals (HNIs) seeking premium lifestyle amenities close to home.

“Bhutani City Center 32 represents our commitment to reshaping urban development,” said Ashish Bhutani, CEO of Bhutani Infra. “Our vision is to transform this property into a top-performing asset that meets modern consumer demands for integrated work, leisure, and lifestyle spaces.”

Rising Demand for Mixed-Use Developments in Noida

According to Bhutani, Noida’s demand for premium, mixed-use developments has surged by 35% over the past year, reflecting a broader trend in consumer preferences for versatile urban spaces. He added, “With Bhutani City Center 32, we’re well-positioned to lead this growth, offering a redefined urban living and investment experience that matches Noida’s evolving real estate landscape.”

Market Trends in Retail Leasing

The retail leasing market continues to see high demand, as reported by Cushman & Wakefield. Data shows a retail leasing volume of 1.6 million square feet across major cities, including Delhi NCR, Mumbai, and Hyderabad, in Q3 2024. Interestingly, high streets—not malls—dominated this leasing activity, accounting for 68% of the total retail space leased. Rental rates for high-street spaces also saw a rise of approximately 15% this quarter, indicating strong interest from both brands and consumers.

Bhutani Infra’s acquisition of City Center 32 could become a pivotal moment for Noida’s retail market, potentially setting a new standard for mixed-use developments in the region.