SPR Group plans relaunch of its wholesale market project
The SPR Group is proposing the relaunch of its ‘Market of India’ project to attract more traders for its wholesale market complex coming up in the northern part of Chennai.
The wholesale market complex in the SPR City, which is being built on more than 63 acres of land , has so far attracted expression of interest (EoI) from about 1500 traders. The Group seeks to rope in more traders into the complex, which will offer several facilities such as loading and unloading areas, cafeteria and atrium etc.
“We will plan our relaunch around Pongal festival, and we are charting a mega plan for this programme. Our intent is to increase the number of EoIs to 3,000 from 1,500 and to 5,000 later,” Navin Ranka, Director, SPR Group told BusinessLine.
The construction for the existing EoIs has started and currently, registration and other formalities are on. The company has sold space for wholesalers in the range of 150-2,000 sq ft.
SPR’s ‘Market of India’ wholesale market project has been modelled along the lines of China’s Yiwu market, the world’s largest wholesale market of small commodities.
“We are building an ecosystem for the wholesalers who have been looking for an organised space to set up their shops and grow,” he said.
Ranka said that a strong trading link is essential for manufacturing to grow and thrive. Trade hubs such as Sowcarpet in north Chennai are choked. Due to inadequate parking space and narrow stretches, a lot of people have stopped visiting those areas. Those traders need rejuvenation, and SPR City is creating a more advanced wholesale market ecosystem under ‘Market of India’ trade park project,” he added.
On the residential side in SPR City, the company has so far sold 450-500 apartments that include 2,3 and 4BHK houses under its first phase project. “We have sold more than one million sq ft of residential space and the remaining space is about 3-4 lakh sq ft that is, 100-150 apartments remain to be sold,” he said.
The SPR City is also executing its villa project, where houses will come in the price range of ₹3-4 crore.
“Right now, we are in the process of getting approvals,” added Ranka.
A school by Shriram College Group will also get completed inside the SPR City by March this fiscal.
He said that the group was financing its project through internal accruals and funds from its partners.