Nesco receives IOD for proposed Tower 2 in IT Park, Nesco Center

Nesco Limited, having presence in various business segments including Real Estate, is pleased to announce that it has now received the Intimation of Disapproval ('IOD') from Brihanmumbai Municipal Corporation (BMC) for the development of its next building in Nesco Center ('Tower 2'), admeasuring a constructed area of approximately 5.01 million sqft.

Tower 2 shall comprise of a state-of-the-art IT Park, integrated with a 4 and 5 Star Rated Hotel, strategically located at Nesco Center, Goregaon (East), Mumbai.

IT Park

The proposed IT Park will offer premium office spaces designed to cater to leading enterprises, to the extent of approximately 1.65 million sqft. The premises will feature modern workspaces, sustainable design elements and state-of-the-art amenities. The spaces are expected to foster innovation and productivity; and shall stand apart as a workspace big on hospitality and employee comfort. The park is estimated to provide direct employment to approximately 24,500 people.

Hotel

The proposed Hotel has been planned with approx. 732 elegantly designed rooms and suites; and 172 Serviced Apartments, potentially making it the Largest Hotel in the Country, as per our internal survey. The hotel will offer premium hospitality services; short and medium-term accommodation options; a plethora of world-class gastronomy; conference and banquet facilities; wellness; recreational amenities; and a whole lot more. It may not only become the preferred location for business travellers who may want to visit the campus for the IT Park and Bombay Exhibition Center, however perhaps also a preferred venue for large weddings in Mumbai Suburban.

General Details

The project has been designed by Aedas, one of the world's most well reputed and acclaimed architectural firms and one of the foremost 'green' architects for high-rise buildings. Construction of Tower 2 is expected to commence in Q3 FY 2025-26 and is expected to span over a period of 48 months, subject to receipt of statutory approvals. The funding for this project shall primarily be done from internal accruals.

The project aligns with Nesco's commitment to sustainable and smart urban development, incorporating eco-friendly building practices and energy-efficient technologies. Additionally, the employment opportunities created shall contribute to economic growth and regional development.

The management is currently working on a detailed investment project plan following the receipt of this approval.

Shares of Nesco Limited was last trading in BSE at Rs. 912.50 as compared to the previous close of Rs. 913.50. The total number of shares traded during the day was 1370 in over 227 trades.

The stock hit an intraday high of Rs. 921.95 and intraday low of 906.05. The net turnover during the day was Rs. 1253095.00.

Source : Equity Bulls

Keywords

Nesco INE317F01035 IOD BMC Tower2 ITPark NescoCenter