Salarpuria to build malls in B'lore, Hyd

The Salarpuria Group, after its presence in office and residential real estate properties, is now foraying into mall development.

The group is targetting Bangalore and Hyderabad with an investment of Rs 4,500 crore.

According to Mahesh Khaitan, Director, The Salarpuria Group, "The company, down the years, has had exposure to retail to the extent of 0.8 million square feet through utilising ground floor of commercial projects for retail in Bangalore. But this is the first time that we plan to take up mall development on our own in Bangalore and Hyderabad."

In Bangalore, the company is planning to invest Rs 900 crore to build two projects "� 0.65 million sq ft mall on Old Madras Road at an investment of Rs 550 crore and the other one at Yeshwantpur-Malleswaram area of 0.4 million sq ft at an investment of Rs 350 crore.

"Both the Bangalore projects are on time and ground breaking is scheduled to take place in the second quarter and will be completed in 15-18 months," said Khaitan.

In Hyderabad, the company plans to build two huge malls at an investment to the tune of Rs 3,600 crore.

One mall is to come near Hitech City as part of the five million sq ft integrated project with an investment of Rs 3,000 crore having commercial office space, hotel, serviced apartments and shopping areas.

Meanwhile, the other project of Rs 600 crore is a 1.2 million sq ft integrated development, of which 0.75 million sq ft is for shopping and entertainment, and is to be located near Viceroy Hotel on the banks of Hussain Sagar lake in the heart of the city.

"The Hyderabad projects are still on the drawing board and is expected to take off by the end of this year," he said.

Khaitan said that for the projects in Bangalore and Hyderabad, investment will be through internal accruals and the land was acquired a few years ago.

Since its inception in 1995, the group was active in commercial and residential projects in Bangalore and has completed over 8 million square feet of commercial and residential properties including IT parks, IT complexes, business and retail complexes along with premium apartment complexes.

Also, the group has provided over 1.5 million square feet of interior spaces for international clients in commercial, residential and retail space.

The company, going by its Bangalore experience, now plans to venture into cities like Chennai, Mysore, Pune, Hyderabad, Kolkata and Delhi in the next two years.