Maheshwari Plaza plans Rs 50cr mall by 2007

Mall to house 5-screen multiplex, food courts

Maheshwari Plaza Resorts Limited, the promoter of MPM shopping mall in Hyderabad, plans to develop its fourth mall in the city with an investment of Rs 50 crore. The company is already constructing two malls, one at Himayathnagar and the other at Ameerpet.

Speaking to Business Standard, Girish Malpani, chief executive officer of Maheshwari Plaza Resorts Limited, said: "The project would be announced in the next three months and would come up in Banjara Hills." According to him, the mall will house a five-screen multiplex apart from food courts and shopping arcades. "The company plans to complete the project by 2007," he added.

The company is also in talks with the authorities concerned for developing an integrated township in Madhapur. "It is very early to disclose the type of township that would come up, as we are still in talks with the authorities," Malpani said.

Speaking about the two projects in hand, he said that work was progressing at a good pace and the projects would be ready according to the schedule.

"The Himayathnagar mall would be ready by next year and the one at Ameerpet would be ready by 2006," he added.

Apart from this, the other malls that are coming up in the city are being promoted by big banners like the Hyderabad-based GVK Group, which is putting up a three lakh sq ft mall in the up-market Banjara Hills.

City-based GS Group is also constructing two malls "" a 2.2 lakh sq ft mall called 'Hyderabad Central' in the heart of the shopping district Punjagutta and a 2.5 lakh sq ft mall called 'GS 24 Carat' in Ameerpet.

Remax Constructions is also setting up a 70,000 sq ft mall at Abids and Babukhan Properties are coming up with a one lakh sq ft mall in Somajiguda. While ITE India is setting up a one lakh sq ft mall in Lower Tank Bund Road, Skill Promoters are setting up a three lakh sq ft mall in the up-market Banjara Hills.

Malpani also said that the company would be inaugurating a two-star hotel in Abids in November. "Though we have not thought of a name for the new hotel it will most likely be called 'City Park'," he said. The company also runs another hotel 'Quality Inn Residency' in the city.

According to Malpani, the company currently has a turnover of Rs 20 crore and this is expected to increase by around 25 per cent this fiscal.