GAURSONS TO BUILD A SHOPPING MALL IN NOIDA EXTENSION
According to a PTI report, Real Estate ͤrm Gaursons is investing `750 crore to develop a shopping mall in Noida Extension to tap business opportunities in the commercial real estate which is doing well despite the overall slowdown in the property market. The shopping mall, with 7.5 lakh square feet of retail space, is expected to open by March next year.
Gaursons is developing a 240-acre township ‘Gaur City’ with an investment of ₹ 5,000 crore and the mall will be part of this integrated project catering to 25,000 families.
“There is currently no shopping mall in this area. We are soon going to fulͤll this gap, adding that the company will be leasing the retail space in the mall that also houses a 9-screen superplex,” Manoj Gaur, Managing Director, Gaursons was quoted by news agency PTI as saying.
Gaur, who is also Vice-President of CREDAI-National, said the project cost of this mall is `750 crore to be funded through internal accruals and bank loans. The company has roped in retail and F&B brands such as Shoppers Stop, Lifestyle, Hypercity, Pantaloons, Marks & Spencer, Max Fashion, Reliance Trends, Croma, Fabindia, Globus, Food Court by Foodquest, Starbucks and Sagar Ratna, among others. This is the company’s second shopping mall. It has already developed ‘Gaur Central Mall’ at Raj Nagar District Centre in Ghaziabad.