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| Edited By: Ashish K Tiwari |Source: |Updated: Mar 16, 2018, 02:06 AM IST
MUMBAI; Gurgaon-based Koutons Retail (I) Ltd is foraying into mall development business.
The integrated apparel manufacturer and retailer, through its group company Klone Infrastructure Pvt Ltd, has formed a joint venture with Raipur-based real estate developer Avinash Group to set up its first project at Saharanpur in western Uttar Pradesh.
On the sidelines of India Retail Forum, Anand Singhania, managing director, Avinash Developers (P) Ltd, told DNA Money that the joint venture Avisnash Klone Infrastructure is in the process of fine-tuning the details of the project. He said the mall will be operated under the name Klone Magneto. Work on the project is expected to start in a month.
Klone officials were, however, not available for a comment.
Singhania said, “This will be our first shopping mall project in Uttar Pradesh. The total area under development is 2,60,000 sq ft spread across 7 levels — two basements, lower ground floor, ground floor, first, second, and third floor.”
This project will also feature a 70-keys business hotel. The developers are currently scouting for a hospitality partner for branding and managing the hotel. The Saharanpur project will be the third mall development assignment for Avinash Group. The other two are in Raipur and Bilaspur, respectively. The total investment for the three projects is Rs 250 crore, including debt.
“The Raipur (Chhattisgarh) project, which is spread across an area of 1 million sq ft, is our biggest and it will be our flagship project branded Magneto,” Singhania said.
The project will be a mix-use development and will offer a well-planned combination of retail, entertainment, commercial and hotel space.
The development would be done in phases. The retail and entertainment space is expected to get operational by mid-2009. Commercial and hotel space will be ready by 2009-end or early 2010.
For developing the hotel, Avinash Group has entered into an arrangement with the Delhi-based Saraf Group, which is headed by Arun Saraf. The Sarafs already have a presence in the Indian hospitality space with Grand Hyatt hotel in Mumbai. However, this 108-keys business hotel will be operated and managed under a yet-to-be announced indigenous brand conceptualised by the Sarafs.
Their second project in Bilaspur is a joint venture again, this time with a local real estate company Ramakrishna Developers.
The joint venture Avinash Ramakrishna Developers Pvt Ltd will develop a mall spread across an area of 1,16,000 sq ft. The project is expected to become operational in the last quarter of 2009 and will be branded Rama Magneto. This project will feature an 80-keys business hotel and discussions are on for getting a management partner for the hotel, too.
