Delhi-based Collage Group, a recent entrant into the real estate market, has firmed up plans to add 3.3 million sq ft of retail real estate space in the next one year.
An estimated investment of Rs 1,200-1,500 crore will go into developing various residential, hospitality and commercial projects over this retail space. The group is exploring cities like Kanpur, Dehradun and Bhopal besides Jalandhar where its first mall cum multiplex is near completion.
?Out of the 3.3 million sq ft of total retail space, we are planning to develop about 3 lakh sq ft of space in Kanpur and 1.5 million sq ft each in Dehradun and Kanpur,? Vivek Srivastava, director, Collage Group, told FE.
He added further, ?Spread over 6.5 lakh sq ft of space, our mall cum multiplex in Jalandhar-Viva Collage is getting ready and in the beginning of June we plan to hand over all the five screens to Satyam Cineplex. The screens will be launched around Diwali. With an investment of about Rs 150 crore the project is being developed as an integrated retail and leisure complex. It will house about 80-85 retail stores and over 90% of the stores have been leased out to big brands like Lifestyle by Landmark from Dubai, Big Bazaar, Blackberry, United Colors of Benetton, Timex, Adidas, Provogue, Indigo Nation, Nike, Koutons, Weekender, Biba etc.?
The construction of the mall is going on at full swing and the handover for fit outs to key retailer and anchors like the multiplex, departmental store and the hypermarket is expected to commence shortly. Srivastava said, ?Despite of the widely reported liquidity crisis we are in a position to meet our commitment to both the retailers and investors and deliver the mall as per promised deadlines.?
The group is also developing a residential project exclusively for the NRIs in Amritsar by the name of Collage Windsor Apartments. The 110 units project will be launched by the end of this year. ?We are spending Rs 40 crore on this project and so far 50% of the units have been booked. The apartments have been priced between Rs 26 and 35 lakh,? added Srivastava.
Founded in 1990, the Collage group has diverse interests encompassing real estate, international trading services and sports management, celebrity management. The group records sales of Rs 600-800 crore per year on an average.