Tulip, Kwality tie up for shopping mall

Delhi-based Tulip and the Kwality group have joined hands to form Chandigarh Grandeur to build the first shopping mall-cum-hotel complex in this part of the country.

Of late, many developers from Delhi have picked up construction jobs in the town. Talking to Business Standard, Tulip Info Services Pvt Ltd Managing Director Pradeep Seth said he was instrumental in the building of early shopping malls in New Delhi.

In the Rs 75-crore project, about 50 per cent has been invested in the land. The project will be set up in a greenfield area of 2.5 acres and will have a covered area of 300,000 square feet. This will have three levels of shopping along with basement parking.There will be a four-star, 90-room hotel.

"We aim to serve only the niche market, and this is the reason why the shopping mall is without a multiplex. We plan to serve only high end customers," said Seth. The company wants to complete the project by May 2008.

The growth of Chandigarh as an IT hub has given a boost to the real estate market and overheated the property market.