New 750 crore shopping mall planned for Noida
The real estate firm Gaursons has earmarked 750 crore rupees (approximately 113 million dollars) to develop a shopping mall to house a multitude of fashion brands at Noida Extension in Uttar Pradesh.
Gaursons is in the process of developing a 250-acre township in Noida that is set to house around 250,000 families and the real estate firm is building a shopping mall as part of the development. The budget set for the housing development is 5,000 crore rupees (approximately 752 million dollars) and 750 crore rupees (approximately 113 million dollars) has been set as the figure for the shopping mall portion of the development.
The shopping mall that Gaursons is building will include 7.7 lakh square foot of retail space and the idea is that it will serve the residents of the residential development they are building in tandem because there is no other mall in close vicinity. The mall houses a nine screen 'superplex' and the opening is set for March 2018. Brands already confirmed for the space include Fab India, Marks and Spencer, Shoppers Stop, Max Fashion, Starbucks, and Reliance Trends, among others.
The Noida Extension already houses around 30,000 families and, as the mall is also set to cater to them as well as the planned residents of the new development, it is expected to have a large customer base.
Although the property sector is currently experiencing a downturn, the Managing Director of Gaursons, Manoj Gaur, expressed optimism for his development and assured that demand was high.
Gaur also went on to say: “There is currently no shopping mall in this area. We are soon going to fulfil this gap.”
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