AerenR to invest Rs 3K cr in Punjab

Written by Preeti Parashar | Chandigarh, Jun 29 | Updated: Jun 30 2008, 05:54am hrs
Real estate developer, AerenR Enterprises, a venture of Aerens group, is planning to pump in over Rs 3,000 crore in various residential as well as commercial projects in Punjab. Gauging the burgeoning real estate sector in north, the company is developing projects in cities like Amritsar, Ludhiana etc.

It has brought along the concept of theme destination mall in Punjabwith its upcoming project, festival city in Ludhiana in partnership with Israel based Fishman Group. It will be spread over 12 acres of land, the destination mall will have a covered area of 2 million sq ft and will catalyse an investment of about Rs 450 crore.

Giving details about the project, Prabhu Das, CEO & president corporate affairs told FE, This integrated commercial development project is in the final stages of completion and a part of it is likely to be thrown open to the public by third quarter of this year. It will be fully operational by March 2009. Ludhiana will be introduced to the latest concept in shopping center developmentmalls within a mall. These specialty malls within the festival city, will include the Interiorz Mall; a one stop shop to meet all your home and office improvement needs. Other specialty malls for kids, lifestyle, fashion, hospitality, entertainment and leisure are an integral part of the development.The mall will house an amphitheatre for about1,000people,to be based on the theme of Bollywood.

Das further added, We have hired Singapore based

Sanderson consultants, for theme based entertainment centre.There will be a multiplex with six large digital format screens of fun republic. About 40-50 retail brands will be accommodated in the mall.

Other projects of AerenR enterprises proposed to be developed in Ludhiana are international city, Ludhianawhich will be an integrated township spread over 175 acres, comprising of 9 hole golf course, to be developed at a cost of about Rs 2,000 croreand residential villas in queens court, whisch will spread over 11.61 acres with investment of Rs 220 crore.