The Bhasin Group’s lavish destination mall, a replica of the famous Italian city, is expected to be ready by the end of this year.
Too broke to go to Europe? How about a spot of shopping and a gondola ride in Greater Noida? By the end of the year, this ersatz Venetian experience could be yours for Rs 100 a person, courtesy the Bhasin Group, car dealers-turned-real estate developers.
The Delhi-based group, dealers for Skoda, Mahindra & Mahindra and Hero Honda, are planning a one million square foot mall on the outskirts of the city called Grand Venezia that will recreate the famous waterways and mansions (which will house swanky shops) of one of southern Europe’s most beautiful cities.
Two years in the works, the mall, which will also house commercial space and a five-star hotel, is being built at an investment of Rs 500 crore.
“Realising that there was a slowdown we wanted to build a destination mall that would be different from others. By doing so we could charge a premium price,” said S S Bhasin, director of the Bhasin group.
The project cost, he admits, is 20 per cent higher than what he would have incurred for a plain vanilla mall. To recreate an authentic Venetian experience, the group is importing around about 20 gondolas at about Rs 10 lakh apiece. It is also scouting for Italian boatmen who can play and sing the maudlin, romantic airs for which they have become famous.
The canal that is being created will meander for half a kilometre and the ride will last 15 or 20 minutes. Each gondola can accommodate two or three people.
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A well-known movie set designer — Bhasin is reluctant to reveal the name for competitive reasons — has been signed on to design the façade of the shops. Visitors will also be treated to the Gothic magnificence of the Doge’s Palace and the intricate detailing of St Mark’s Cathedral. Montreal- and India-based architects Arcop (which designed Jaypee Greens and Trehans Medi City) are the project designers.
Bhasin thought up the Venice theme after he saw malls based on a similar theme in Las Vegas and Macau (which are considerably larger, though).
The company also considered alternatives such as mall with an ice skiing facility, a replica of Paris and aquatic themes based on the concept of Singapore’s popular Sentossa Island entertainment park.
“We chose Venice because our research showed that Delhi-ites are starved of water bodies. There is no river front and all you have by way of a water body is India Gate. Ice skiing was also interesting but very expensive to build,” Bhasin said.
The company’s projections are optimistic: At least 5 million visitors in the first year (nearly double the projection for an ordinary shopping mall). To this end, the mall will have three levels of parking so that no one goes back disappointed. Bhasin has also roped in some key anchor tenants like Future group’s Pantaloon. But he makes it clear that he does not want to restrict the mall to upscale brands. “We have been able to get a premium of 15 per cent on the rentals due to the project,” he said.
Will Basin’s gamble work? A senior executive of a leading real estate company has doubts. “Theme malls like the one only for gold did not work in India. And theme malls based on international cities need much more space. The Las Vegas mall is four to five times the size of the one in Delhi so I have doubts,” he said. Bhasin’s challenge will be to prove him wrong.
