Magneto plans to set up central India's largest mall by November

Real estate major, Magneto, plans to set up one of the largest state-of-the-art shopping malls in India by November at an investment of Rs250 crore, a top company official said.

The mall, being constructed on 1-million sq.ft in Raipur, would be the largest mall in central India, Magneto-The Mall COO, Sanjay Prabhu, told PTI today.

Funding for the project will be from internal accruals,Prabhu said. "If we compare the mall on a pan-India level, we might be one of the largest," he said, adding that the real estate sector has a huge potential in central India.

Besides, the Chhattisgarh Government is very pro-active towards infrastructural development, he said. "Raipur and Bilaspur are upcoming areas in Chhattisgarh," he said, describing them as emerging Tier II cities.

The mall will also involve local retailers by providing them space on a rental basis called 'Raipur Haat' besides having international brands.