Project

Indore, with a population of over 1.5 million, is one of the rapidly growing Tier II cities in India. Traditionally, this central Indian city has been a regional hub for the manufacturing, textile and agro industries. However, in recent years, the city has transformed itself into a dynamic commercial centre with a strong presence of IT, services, education and trade, along with manufacturing.

Treasure Market City is located at the junction of two major arterial roads (Major Road 10 and Agra-Bombay Bypass Road) in one of the city's upcoming high growth corridors. The area is witnessing significant development activity with a number of upcoming residential township projects.

The completion of the first phase was derailed for want of funds. As a result, construction came to a standstill in Q1 2012. Consequently, the project was unable to service its debt obligations and hence had to be declared as a non-performing asset (NPA) by the lenders. Consortium lender has taken over possession of the property.

Yatra's joint venture partner, TWDPL, is a group company of Entertainment World Developers Limited (EWDL). EWDL is a leading developer of urban city centres, shopping malls, and residential townships in Tier II cities across India. ICICI Ventures, the investment arm of ICICI (India's largest private sector bank) and The Phoenix Mills Limited holds a strategic stake in EWDL.

"The lenders have taken symbolic possession of the project site in July 2013 due to default in repayment of loans"