Realty firm Pacific India has bagged a project from Delhi Metro Rail Corporation (DMRC) to develop a shopping mall and multi-level car parking at Dwarka in the national capital with an investment of about Rs 100 crore, a top company official said today.
Realty firm Pacific India has bagged a project from Delhi Metro Rail Corporation (DMRC) to develop a shopping mall and multi-level car parking at Dwarka in the national capital with an investment of about Rs 100 crore, a top company official said today. Pacific India, which is also engaged in the hospitality and education business, bagged this project, which also includes a multi-level car parking, at Dwarka here through a bidding process that involved two other local players. “We have bagged a project from DMRC to develop a shopping mall at Dwarka Sector 21 metro station in the national capital,” Pacific India Executive Director Abhishek Bansal told PTI.
The company will develop a total of 4.5 lakh sq ft area, including a shopping mall of 3 lakh sq ft of leasable area and a multi-level parking, having capacity of 600-700 cars, he added. Bansal said the total project cost of this metro mall would be Rs 90-100 crore and the same would be funded through internal accruals.
“The structure of the mall has already been developed by the DMRC. We will soon start the interior works and launch this mall by March next year,” he said, adding that the mall would also have multi-screen cinema. “With two upcoming malls in the national capital, we will have a total of 5 shopping malls in our portfolio,” Bansal said.
Last year, Pacific had bagged another project from the DMRC where it is developing a 2.5 lakh sq ft shopping mall and a multi–level car parking with a capacity of 600 cars at Netaji Subhash Place metro station. The Delhi-based company has a 6 lakh sq ft shopping mall at Tagore Garden in West Delhi and earns a rental income of Rs 10 crore monthly. That apart, it has a 5 lakh sq ft shopping mall at Sahibabad and another 3 lakh sq ft mall in Dehradun.
Pacific has already completed two housing projects in Moradabad and Dehradun totalling 600 apartments. It is developing a golf-course project in Dehradun- ‘Pacific Golf Estate’- comprising 2,000 flats, of which 200 units have been delivered so far. In hospitality sector, the company has two hotels in Delhi-NCR and one in Dehradun, comprising around 250 keys. Besides Pacific India, there are few other real estate developers, like Parsvnath and Unity group, who have done projects with the DMRC.
Parsvnath has several metro malls, while Unity group has recently delivered two multi-level car parking with retail projects in collaboration with DMRC namely Unity One, Janakpuri and Unity One, Rohini.