Trident Group acquires Ghaziabad's Shipra Mall

By

Isabelle Crossley

Published
May 19, 2023

Real estate development business Trident Group has acquired Shipra Mall in Uttar Pradesh’s Ghaziabad for a total Rs 551 crore via auction. The 4.5 lakh square foot mall is located in Indirapuram and Trident Group funded its acquisition through a mix of equity and debt. 

“We acquired the Shipra Mall through auction under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act for Rs 551 crore,” Trident Group’s CEO Parvinder Singh told the Press Trust of India on Friday. “The auction was conducted by Shipra Mall’s lenders Indiabulls Housing Finance and Edelweiss Asset Reconstruction Company.”
 
Trident Group has recently forayed into retail real estate and is developing projects in Mumbai, Delhi-NCR, and Tri-city in Panchkula. The business expects to earn annual rental income of Rs 60 crore when the business fills the mall to 100% capacity. Trident Group was established in 2008 and is based in Delhi. 

“The group has a clear strategy to focus on horizontal residential development in Tier 2 markets and vertical residential in inherent and deep-demand markets,” said Singh. “Additionally, we have been exploring opportunities in the retail real estate segment as India’s burgeoning consumption trends present long-term growth opportunities.”