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Rediff.com  » Business » Rs 70-crore mall for Bangalore

Rs 70-crore mall for Bangalore

June 22, 2004 10:48 IST

This ought to be the ultimate destination for retailing in Bangalore. Marks & Spencers, Shoppers Stop, Westside, Nike, Reebok, besides a host of other brands under one roof.

Add a five-screen multiplex of Inox, arguably the best in cineplexes, and a 11-storey parking space. And the icing on this would be international hotel chain Hyatt, which is expected to set up its presence in the same complex.

All this in the heart of Bangalore -- Magrath Road. This Rs 70-crore (Rs 700 million) 750,000-sq ft mall being promoted by Euroamer Garuda Developers is expected to open by early November this year.

Euroamer Garuda Developers, set up in partnership between Bangalore-based Garuda Developers and a Portuguese firm, is putting up this complex.

"A total of 100,000 sq ft of space will be dedicated to an international hotel chain and the other 250,000 sq ft will be allotted for commercial space. The remaining space will be utilised for car parking and other facilities for the complex," a senior official of the group said.

He further added that the group is in talks with quite a few international hotel chains including Hyatt. The deal would be finalised soon, he said.

Shoppers Stop, which at present is operating out of a complex on Magrath Road, will be shifting to this new mall and will be jostling for footfalls against Westside's third outlet in Bangalore.

"We are getting quite a number of enquiries from various retail organisations to have their presence in our mall and we are evaluating all the proposals. Most of the outlets are likely to be on a revenue sharing pattern in our mall," the official said.

It is understood that the promoters are particular on Vaastu for this complex and the design went through a few iterations before being finalised.

Euroamer Garuda is also setting up a Rs 100-crore (Rs 1 billion) NRI township near the proposed Bangalore International Airport near Devanahalli which is also expected to house a 3-star hotel.

Raghuvir Badrinath in Bangalore