Portfolio
Market City, Pune
123
Project Details:
Asset Class

Development Size
: Retail, Hospitality & Office
1.8 million square feet
Yatra's Commitment : EUR 21.77 million
Location : Pune, Maharashtra
Development Partner : The Phoenix Mills Limited
Investment Date : July 2007 - Retail & Office SPV; November 2007 - Hospitality SPV
Equity Stake : 24% - Retail & Office SPV; 20% - Hospitality SPV

Project

With rapid growth and development in the last few years, Pune has emerged as a pre-eminent centre for economic activity nationally. Located 160 kilometres southeast of Mumbai and with a population of over five million, Pune has become a preferred location for manufacturing, automotive and information technology sectors. The city also has a large concentration of higher education institutions, a fact that has certainly helped accelerate the economic growth due to the availability of a well-educated talent pool.

With a growing economy comes rising income, higher consumption and increased demand for leisure activities. Keeping these factors under consideration, Yatra has invested in Market City - a large format mixed use development comprising a destination shopping centre, a five-star business hotel and a high quality office development. Located approximately five kilometres northeast of Pune city centre and two kilometres south of the airport, this scheme targets the primary catchment of residential and commercial developments in its vicinity.

Market City will feature a five-storey retail centre topped by an entertainment level. Four towers will rise above this, housing a five-star hotel, serviced apartments and twin office buildings. Yatra's investment into the hospitality component is through a separate investment vehicle.

Benoy, the architectural firm that has designed some of the UK's well-known retail destinations including Bullring and Bluewater, has undertaken the master planning for the project.

Yatra's partner, The Phoenix Mills Limited, is a leading real estate development company specialising in the construction of retail shopping malls, hotels and mixed use projects across India. It has been instrumental in setting up one of Mumbai's premier retail destinations, High Street Phoenix a 2.5 million square feet integrated mixed-use development comprising retail, hospitality and commercial space. Phoenix is now replicating this highly successful concept in other Indian cities.

Key Highlights

  • The development is in close proximity to several large work spaces and residential areas.
  • A metro station is proposed adjacent to the site, which will further enhance footfalls.
  • Anchor tenants for the mall and the hotel operator are being finalised.


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