DLF mulls auction bid for New Delhi mall
INDIA's biggest real estate developer DLF is evaluating a bid for a prominent New Delhi shopping mall which has a starting auction price of $366m, according to two sources and a public notice seen by Reuters.
The 1.2 million square feet ‘Ambience Mall' in the posh southern district of India's capital has been put up for auction as its current owner, the Ambience Group, has not paid debt of $149 million to Indiabulls Housing Finance and other creditors, according to a previously unreported public auction notice.
DLF will review data related to the mall's occupancy status and contractual obligations and then consider whether to bid for it or not, one of the sources with direct knowledge said on Thursday.
DLF declined to comment. A director of Ambience Group, Aman Gehlot, declined to comment on the notice or auction process. Indiabulls did not immediately respond to Reuters queries.
The Ambience mall, which houses prominent brands, is located right next to two other giant DLF malls on the same stretch, including one that houses luxury brands.