Mumbai, Dec 3 (PTI) Realtor Ashwin Seth Group on Thursday said it will be investing Rs 650 crore jointly with Nagpur's Sethi Group to construct a mall in the orange city.
Both the groups have signed a memorandum of understanding (MoU) for development of a 1-million square feet Viviana Mall near Pratap Nagar and will be signing a formal agreement in a month, an official statement said.
It can be noted that the pandemic has deeply impacted the realty sector, especially malls which were shut for over seven months because of social distancing considerations. The Ashwin Seth Group has built the first Viviana Mall over a 13 acre plot in suburban Thane.
"Despite the pandemic shocker, Viviana is comfortably placed and the announcement comes as per the roadmap that was drawn during the pre-Covid-19 days," Ashwin Sheth, chairman of the group named after him, said.
The entire project involves an investment of Rs 650 crore, which includes land's valuation and construction cost, the statement said.
Without sharing details on how the construction will be funded or timelines for the same, the statement said the upcoming mall will be Nagpur's largest and will be located in proximity of affluent neighbourhoods like Ramdaspeth, Dharampeth, Dhantoli, Pratap Nagar, Shivaji Nagar and Laxmi Nagar.
The land parcel is owned by Sethi Group and its managing director Aman Sethi said it intends to house the best of the global brands under a single roof.
The city has a population of over 50 lakh people and is on the cusp of becoming the country's warehousing and logistics hub, the statement said, adding infrastructure like metro lines and roads. PTI AA MKJ