Prozone Intu Properties limited (PIPL), India's leading retail led mixed-use developer, through it associate entity Calendula Commerce Private limited has acquired stake in Gajannan Property Developers Private limited (SPV of Paradigm Realty) for joint development of a green field redevelopment project in Oshiwara, Andheri West, Mumbai.
Paradigm Realty group specializes in Slum Rehabilitation Authority (SRA) projects in Mumbai. It has successfully completed several residential projects.
This redevelopment project is on an approximately 10 acres land parcel situated in the western suburb of Andheri, Mumbai offers a highly sought after and lucrative opportunity for Prozone to strategically enter a mature market in a Tier 1 metro city. PIPL will execute the designing & construction of the mall, followed by running the operations of the mall.
Commenting on the development, Nikhil Chaturvedi, Managing Director, Prozone Intu said, "After establishing firm presence in the Tier 2 cities with our projects at Aurangabad, Nagpur & Coimbatore, we look forward to level up our footprint by entering the financial capital of the country, Mumbai. It will be a large mixed use project catering to an affluent micro-market in Mumbai's most popular northern suburb."
Prozone has a deep understanding and rich experience in setting up and operating retail assets in different geographies. This project will lay the foundation for an exciting new phase and next leg of growth.
The company is planning launch the project very soon.
Shares of Prozone Intu Properties Limited was last trading in BSE at Rs.17.75 as compared to the previous close of Rs. 17.95. The total number of shares traded during the day was 23322 in over 205 trades.
The stock hit an intraday high of Rs. 18.35 and intraday low of 17.65. The net turnover during the day was Rs. 417808.