Shriram Properties to set up unit for mall development
Real estate firm, Shriram Properties, part of the Chennai-based Shriram Group, proposes to float a separate division to develop malls for which it plans to spend over Rs 3,500 crore over four years.
By ET Bureau |
BANGALORE: Real estate firm, Shriram Properties, part of the Chennai-based Shriram Group, proposes to float a separate division to develop malls for which it plans to spend over Rs 3,500 crore over four years.
The company has identified Kolkata, Chennai and Visakhapatnam, where it has ongoing mixed-use projects, for mall development in the first phase. ���We propose to build 15 malls, each at a cost of about Rs 200 crore. In the first phase, a total of 20 million sq ft of retail space will come up in the three locations at a cost of Rs 630 crore. We are in talks with leading international mall development firms to manage the three properties and the partner may also be a co-investor,��� managing director M Murali said.
In Vizag, Shriram Properties recently acquired a 90-acre property to develop an integrated township while in Chennai the mall will come within a township that is now under development.
���We have Walton St Capital and Starwood Capital Group as investors. Also, Sun Apollo, a private equity firm, has come in as a strategic investor in some of our southern projects,��� global marketing head ARP Raman said.
The company has identified Kolkata, Chennai and Visakhapatnam, where it has ongoing mixed-use projects, for mall development in the first phase. ���We propose to build 15 malls, each at a cost of about Rs 200 crore. In the first phase, a total of 20 million sq ft of retail space will come up in the three locations at a cost of Rs 630 crore. We are in talks with leading international mall development firms to manage the three properties and the partner may also be a co-investor,��� managing director M Murali said.
In Vizag, Shriram Properties recently acquired a 90-acre property to develop an integrated township while in Chennai the mall will come within a township that is now under development.
���We have Walton St Capital and Starwood Capital Group as investors. Also, Sun Apollo, a private equity firm, has come in as a strategic investor in some of our southern projects,��� global marketing head ARP Raman said.
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