The Abu Dhabi Investment Authority (ADIA)-backed Lake Shore India Advisory is planning to develop malls in Mumbai Metropolitan Region (MMR), Gurugram, Ahmedabad, and Hyderabad.
The company has floated a fund wherein ADIA is the main investor. The corpus of the fund is around USD 250 million. The company has signed memorandums of understanding (MoUs) for developing malls.
Lake Shore India Advisory will have to spend at least Rs 35 billion on the project. In Mumbai, the company has formed a joint venture (JV) with local developer Swastik Developers to build a mall in the Vasai area of MMR. The project will be developed on 3,70,000 sq ft and will cost around Rs three billion.
For the Ahmedabad project in Gujarat, Lake Shore India Advisory is teaming up with a local real estate developer Ganesh Housing, which owns 10 acre in the city. The plan is to set up a one million sq ft mall.
In Gurugram, Haryana, the company had struck a deal with Reach Promoters to develop a 4,50,000 sq ft mall. Of late, the company has signed another MoU with Reach Promoters to take the project area to one million sq ft. The plan is to execute the mall in two phases.
The mall which will come up in Vasai will be executed in a period of 12 months. Phase-I of the Gurugram mall is to be developed in 12 months and malls in Ahmedabad and Hyderabad in a period of four years.