Noida’s Bhutani Group has acquired Logix City Center, an 1.2 million sq ft of retail, office and hospitality asset for close to Rs 1,000 crore, two people aware of the development said.
The company had earlier acquired Logix Group’s three projects in Noida.
“In addition to the operational asset, the company will get a land, which has a development potential of close to 600,000 sq ft. This cab be used for a prime residential project. It was a complex deal with involvement of multiple lenders,” said one person aware of the development.
Bhutani Group has recently won the bid to develop Film City near the upcoming airport in Noida and had also acquired a majority stake in WTC Noida, a company licensed to develop 13 World Trade Centers across India.
“Bhutani City Center 32 is a planned reflection of our aggressive growth strategy and commitment to reshaping urban development. 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,” said said Ashish Bhutani, CEO of Bhutani Infra.
Bhutani Group had acquired a majority stake in WTC Noida, a company licensed to develop 13 World Trade Centers across India, in a revenue-sharing deal that will ensure the completion of stalled projects.
Five of these WTCs, located in Noida, Chandigarh, Gurgaon, and Gift City, Gujarat, are at various stages of construction and will require at least Rs 3,000 crore to complete.
Together, the projects have over 30 million square feet of leasable area. The World Trade Centers Association (WTCA) licenses developers in various countries to use the brand name and services.
In January, Bayview Projects LLP, a joint venture between filmmaker Boney Kapoor and Noida-based real estate developer Bhutani Group, emerged as the highest bidder for the development of the first phase of the proposed 1,000-acre film city near the upcoming Jewar airport in Uttar Pradesh.
According to the plan, Rs 1,510 crore will be invested in the first phase.
The project is part of efforts to promote the film industry in UP.
Source: Economic Times