New Delhi: Real estate developer Trident Group has acquired Shipra Mall at Ghaziabad for Rs 551 crore through an auction process, its CEO Parvinder Singh said on Friday. Trident Group, which is developing projects in Delhi-NCR, Mumbai, and Tri-city (Panchkula), has forayed into retail real estate segment with the acquisition of Shipra Mall at Indirapuram in Ghaziabad, Uttar Pradesh. The size of the mall is 4.5 lakh square feet.
“We have acquired the Shipra Mall through auction under the SARFAESI Act (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act) for Rs 551 crore. The auction was conducted by Shipra Mall’s lenders Indiabulls Housing Finance and Edelweiss Asset Reconstruction Company,” Singh told PTI.
The property has been registered and the company paid a stamp duty and registration charge of Rs 44 crore, he said.
The deal has been funded through a mix of equity and debt, Singh said.
“The mall serves the catchment area of Indirapuram, Vaishali, Vasundhara, Ghaziabad, and East Delhi. Out of 4.5 lakh square feet area, 3.5 lakh square feet is already leased,” he said, adding that the company is in process of taking physical possession of this mall from Indiabulls Housing Finance.
Singh said the company expects to earn a rental income of Rs 60 crore annually, once the mall is 100 per cent leased.
“The group has a clear strategy to focus on horizontal residential development in Tier-II markets and vertical residential in inherent and deep-demand markets. Additionally, we have been exploring opportunities in the retail real estate segment as India’s burgeoning consumption trends present long-term growth opportunities,” Singh said.
Established in 2008, Delhi-based Trident Group has delivered over 20.34 million square feet of residential and commercial space. The area of around 13 million square feet is under various stages of construction in residential, retail, hospitality, and commercial segments.