Aliens Group, one of the upcoming real estate companies in the country, is looking at roping in Ernst & Young (E&Y) as consultants for their Rs 1,100 crore ?Aliens Space Station-1? project in Hyderabad. The mandate of the consultant would be to identify partners for the retail and hospitality space earmarked within the project.
Speaking to FE, Hari Challa, managing director of the company said, in the project the company would develop about 4.2 million sq ft of space including commercial, retail, residential, service apartments and hotel.
?We have earmarked 1.5 sq ft of space to develop a four-star hotel and 2 lakh to 2.5 lakh sq ft of space for retail. We are trying to sign up with a brand operator for the hotel. So, the company is planning to hire E&Y as its consultant to identify prospective partners for the hotel and retail space of the project. E&Y has been associated with the project during the feasibility study and now we will be signing up with them for partner search. The mandate is expected to be signed within a week,? he said.
He said, ?the retail model which the company is planning to have within the project, would be more like the ones we would see in the US and Singapore. In the US, for instance, the retail space is given to an operator who will in turn give it on lease to various parties. They will charge some minimum lease rentals and take some portion of the revenue from each occupant as their fee.
The operator, however will be responsible for the overall upkeep and marketing of the entire mall. It is more like a collective marketing effort. Unlike in India, where the retail space is given out in small units on lease and every occupant which is taking space is individually responsible for marketing their products?.
Aliens Space Station-1, Hari said, would have 30 floors high rise apartments with two and three bedroom options. It is the first project to get approval from HUDA for such high rise buildings. The project would have exclusive club house features including squash court, lake club house with boating, swimming pool, tennis courts and jogging track.