Project

The project is located in Pune, a prominent city in Western India. The city’s economy is driven by the auto, engineering and IT/ITES industries. The city is also a major educational hub, home to a number of prominent technical and higher education institutes.

Our development partner in the project is The Phoenix Mills Limited, a leading developer of large format mixed use projects in Tier I cities in India.

The development is being undertaken in two phases. Phase I comprises of two different structures- the main mall and a commercial center called the Bazaar Mall. Phase II would comprise of a retail component, to be integrated with the main mall, and commercial office space.

Construction of the first phase is at an advanced stage with 100% of the RCC work complete. Further, all the services and finishing works have been mobilized on site. The first phase of the main mall is expected to be operational in December 2010. As on 31 March 2010, the main mall was 58% pre-leased with active discussions on for the rest of the space. The focus is on leasing the balance space over the next six months. The sales on the Bazaar Mall for retail and offices are also in progress, albeit slower than expected which is likely to impact the funding plan for the first phase. Various options are being considered to bridge this gap and we are confident of achieving closure on the same.