Nashik is situated approximately 190 km north-east of Mumbai and forms part of the so called golden triangle with Mumbai and Pune. The site is in prime location just five minutes drive from the main Mumbai Highway.
The Group has acquired a 17 acre site in a prime location in Nashik for the development of a mixed-use shopping mall and hotel complex on the site. The site is in the centre of Nashik within a 20 minute drive of 800,000 consumers.
Initially the mall will be a 300,000 square foot including multi-screen cinema and food court. Construction activity will commences once the group has entered into pre-leasing agreements with at least 2 anchor tenants.
The Group have an agreement to build and own a hotel with Intercontinental Hotel Group (IHG) operating under their Holiday Inn brand. Current plans envisage a 200 room hotel to be built on the site.
Aurangabad is a city with a population in of more than a one million people located 390km north east of Mumbai and is a major tourist destination. As with Nashik the group has acquired a 17 acre in prime position.
The development in Aurangabad will be very similar to Nashik with a 300,000 square foot mall and a 200 room Holiday Inn hotel.
A management agreement with IHG in respect of the Hotel has already been signed.
Development activity at Aurangabad will commence after further progress on Nashik has been achieved.