)
After setting up a 600,000 sq ft retail city centre in Surat, Virtuous Retail (VR), an institutionally owned developer-operator and sponsored by the Xander Group Inc is eyeing a similar project in Ahmedabad.
"We are planning to set up a similar project in Ahmedabad. We are exploring land as well as potential partners for the project in Ahmedabad. Gujarat as a state provides immense potential for a retail-cum-city centre project," said Anupam Yog, marketing director of Virtuous Retail.
According to Yog, the company is actively looking at new greenfield developments and exploring acquisitions of existing developments in Ahmedabad. The company recently began operating the 600,000 sq ft huge Surat city centre, wherein 450,000 sq ft of space is dedicated for retail activities with over 150 major global and domestic brands. The Surat city centre also houses an eight screen multiplex by Inox.
"Our strategy is to be in top nine cities of India including Ahmedabad. We do not focus only on retail but look to tap the tourism, digital and economic development potential of a property. As per India's FDI norms, we have to compulsorily look to create greenfield properties of minimum 500,000 sq ft of area and the Ahmedabad property will therefore be on similar lines," said Yog.
In India, Virtuous Retail has around 10 million sq ft of space under development.
