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Xander Group buys Raymond land parcel for over Rs 710 cr

Wednesday, 09 Oct 2019
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Xander Group’s retail arm Virtuous Retail South Asia (VRSA) has acquired nearly 20 acre land parcel in Thane, Maharashtra, from Raymond for USD 100 million or over Rs 710 crore. Virtuous Retail South Asia is looking to invest additional USD 240 million or over Rs 1,700 crore to develop the site, taking its total investment to over Rs 2,400 crore.

The company is planning to build 3.7 million sq ft mixed-use city centre project anchored by 2.4 million sq ft VR retail flagship development. In line with VRSA’s India expansion strategy through both ground-up development and inorganic acquisitions, this investment boosts the company’s development pipeline. This includes retail centres currently under construction in South Bengaluru and Delhi NCR, opening in May 2020 and August 2022 respectively. 

Along with the existing VR flagship centres in Chennai, Punjab, Bengaluru and Surat, VRSA’s pan-India portfolio will stand at around 11 million sq ft. The company is looking to complete this project in around five years.

Apart from the proposed 2.4 million sq ft retail mall, the company is open to developing either commercial, residential or even combination of both as additional one million sq ft component on this plot. The proposed 2.4 million sq ft VR flagship retail mall will offer full spectrum of retail, dining, lifestyle, and entertainment offerings

Upon completion, VRSA expects the centre to attract over 20 million customers visits annually, and generate over 4,000 permanent, direct new jobs, in addition to over 7,000 construction jobs over the next four years during the development phase.

The piece of land owned by JK Investo Trade India was proposed to be sold on an as-is-where-is basis and as-is-what-is-basis, meaning the new owner is responsible for any permissions.

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