News: South Mumbai to get a Pantaloon Central
(DNA 17/05/2006) Kolkata - It doesn’t get more central than this, perhaps. Pantaloon Retail is learnt to have zeroed in on the Haji Ali area in south Mumbai to set up its first Central Mall in the city. And the grapevine has it that the location would be none other than Crossroads, the country’s first mall and a landmark in Mumbai.
A few months back, there was a strong rumour that the Ashoke Piramal group had sold off Crossroads, the country’s first mall and a landmark in Mumbai, to Kshitij Real Estate Fund — owned by Pantaloon and a foreign private equity fund. The figure at which the deal was sealed also varied. While some put it at around Rs 400 crore, others pegged it at a conservative Rs 250 crore.
Now, Pantaloon Retail is rumoured to have decided to convert the existing Crossroads property, spread over more than 1.2 lakh square feet, into its first Central Mall in Mumbai.
When contacted, Jaydeep Shetty, chief of new business, Pantaloon Retail India, told DNA Money: “We have finalised a property in south Mumbai.” Without elaborating further, he said, “Except for Mumbai, the rest of the new malls across the various cities will be new structures.” At present, there are three Central Malls in the country — in Pune, Bangalore and Hyderabad.
The Kishore Biyani-led Pantaloon group plans to have six Central malls across the country over the next two years. While Baroda’s Central is bracing for a Diwali launch, Centrals at Kolkata and Gurgaon have till mid to late 2007 to throw open their doors. Hyderabad and Ahmedabad have also got a look-in. The Kolkata Central would be spread over 3 lakh sq ft, Shetty stressed, adding, the other malls would have at least 1.20 lakh sq ft of space.
Pantaloon Retail’s investment in each Central Mall will vary from Rs 50 lakh to Rs 100 crore, depending on the city and location. “These investments will include property price plus inventory,” added Shetty.
A few months back, there was a strong rumour that the Ashoke Piramal group had sold off Crossroads, the country’s first mall and a landmark in Mumbai, to Kshitij Real Estate Fund — owned by Pantaloon and a foreign private equity fund. The figure at which the deal was sealed also varied. While some put it at around Rs 400 crore, others pegged it at a conservative Rs 250 crore.
Now, Pantaloon Retail is rumoured to have decided to convert the existing Crossroads property, spread over more than 1.2 lakh square feet, into its first Central Mall in Mumbai.
When contacted, Jaydeep Shetty, chief of new business, Pantaloon Retail India, told DNA Money: “We have finalised a property in south Mumbai.” Without elaborating further, he said, “Except for Mumbai, the rest of the new malls across the various cities will be new structures.” At present, there are three Central Malls in the country — in Pune, Bangalore and Hyderabad.
The Kishore Biyani-led Pantaloon group plans to have six Central malls across the country over the next two years. While Baroda’s Central is bracing for a Diwali launch, Centrals at Kolkata and Gurgaon have till mid to late 2007 to throw open their doors. Hyderabad and Ahmedabad have also got a look-in. The Kolkata Central would be spread over 3 lakh sq ft, Shetty stressed, adding, the other malls would have at least 1.20 lakh sq ft of space.
Pantaloon Retail’s investment in each Central Mall will vary from Rs 50 lakh to Rs 100 crore, depending on the city and location. “These investments will include property price plus inventory,” added Shetty.
posted by InCar Group Press Room at 13:58
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