Acquisition of Land in Nashik
West Pioneer Properties Limited, which intends to become a leading developer and operator of shopping malls in west and southern India, is pleased to announce that the Group has acquired land in the city of Nashik, Maharashtra. The land is situated in a prime location and covers approximately 17 acres. The Company proposes to build, subject to obtaining appropriate permissions, a shopping mall or possibly a mixed mall-hotel complex on the site.
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’s research shows that the site is within a 20 minute drive of approximately 800,000 consumers, 39% of whom are classified as middle-class. It has a rectangular shape with 3 main roads running along its perimeter.
The Mumbai-Nashik highway is being upgraded to a six lane expressway bringing the drive time to Mumbai to below 2 hours.
The acquisition will be the Group’s third wholly-owned development project in addition to the developments at Kalyan and Aurangabad announced earlier in the year. In relation to Nashik, the Group will shortly commence the process to obtaining the necessary permissions and further news on the progress of this will be provided in due course. The terms of the acquisition are being kept confidential.
Amit Jatia, Chairman of West Pioneer Properties Limited, commented on the land acquisition: “The acquisition of land in Nashik continues to build upon the Group’s strategy of early acquisition of land in tier two cities for shopping centres or mixed mall-hotel complex developments. Nashik is perfectly placed to suit the Group’s business model of targeting areas tailored to the ever increasing middle class of India.”
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For further information, please contact:
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Notes to Editors
West Pioneer Properties Limited intends to become a leading developer and operator of shopping malls in west and southern India. It was established to pursue opportunities in the rapidly growing organised retail and hotel sectors in India. The Group’s strategy is to acquire land in strategic locations in west and southern India, primarily in Tier Two cities. The land is used to build, own and manage shopping malls, hotels or mixed mall-hotel complexes.