West Pioneer Properties Limited (WPPL), a leading developer and operator of shopping centres in west and south India, will invest close to Rs 900 crore for its proposed commercial projects in Nashik, Aurangabad and the phase two of Kalyan project. Construction for these three projects will begin in the next three months.
The company, which has accomplished 7 lakh sq ft construction areas so far, has set the construction target of 5 million sq ft Gross Leasable Area (GLA) in the next three years.
Apart from Kalyan, Nashik and Aurangabad, the company also has plans to target tier II cities in west and southern India.
"As part of our expansion plans, the land has been acquired in Kalyan, Nashik and Aurangabd. In fact, the phase one construction has been completed in Kalyan. The construction of phase two of Kalyan, Nashik and Aurangabad will begin in next three months. The projects will require an investment of between Rs 800 crore and Rs 900 crore," Jayant Sohonie, Chief Executive Officer, West Pioneer Properties Ltd, told Business Standard.
"The company intends to acquire land in strategic locations in west and southern India, primarily in tier II cities. The land will be used to build, own and manage shopping malls, hotels or mixed malls-cum-hotel complexes.. We have already targeted Kalyan, Nashik and Aurangabad where the construction has been completed or will begin soon. Apart from these, the company has also identified Nagpur, Goa, Pune, Belguam, Kochi, Hyderabad, Banglore as potential cities. We will build there mix-use commercial projects like shopping centres, hotels and office space," Sohonie said.
In Nashik, the company has acquired a 17-acre land for the development of a shopping mall or a mixed-use shopping mall, hotel complex and office or IT space. We are yet to freeze plans for this project but we are looking at about 5 lakh sq. ft. of leasable area apart from parks, game zones, among other things. This project, which will be located in Satpur industrial area on Trimbak Road, will have an investment between Rs 250 crore and Rs 300 crore. This proposed project in Nashik will be completed in the next two years by October 2010.
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In Aurangabad, the company has acquired 7 lakh sq ft (17 acres) land. The project will feature a shopping centre, a hotel and office-cum-IT space along with an amusement park. The project, which will be located just opposite the airport on Jalna Road, will cover 5 lakh sq ft built-up area and will have an investment between Rs 250 crore and Rs 300 crore.
The project in Kalyan is being developed in two phases. In phase one, the company has built a shopping mall in Kalyan, which comprises approximately 5 lakh sq ft of gross leasable area.
The company is planning to begin construction for phase two in the next three months, which will have additional 2.5 lakh sq ft gross leasable area. Investment for phase two will be between Rs 250 crore and Rs 300 crore.