Gujarat’s largest mall will come up on S G Highway, at Zydus Hospital Crossroads. Phoenix group of Mumbai has inked a deal with Ahmedabad-based BSafal group to develop the Rs 1,000 crore mall which will offer more than 9 lakh square feet built-up space in a plot admeasuring 25,000 sq yard.
According to sources close to the development, BSafal had bought this land in an auction from the Ahmedabad Education Society (AES), some time ago. The land alone costs around Rs 350 crore, including the stamp duty and registration charges. Since the land falls in the Residential-1 zone, the project will get 2.7 FSI (Floor space index) which means the vertical construction will be about three times the plot size.
Moreover, if the developers use the TDR (Transfer of Development Rights) available with them, they can avail of additional vertical construction.
BSafal, who will be developing the mall-cum-multiplex project, plans to construct more than 9 lakh sq feet built-up space. Phoenix Mills Limited (PML) will be managing and operating the premium mall.
Of the total development, around 6 lakh sq feet will be leasable area whereas the rest will be used for setting up facilities like parking etc.
In a statement to the Bombay Stock Exchange on Saturday, PML had stated, “The company has, on July 21, 2018, entered into a 50:50 joint venture with Ahmedabad-based BSafal Group to acquire, develop, operate and manage a retail mall on land parcel admeasuring approximately 5.16 acres (around 25,000 sq yard) situated at Thaltej in Ahmedabad.”
Chairman of Safal Constructions Pvt. Ltd. Rajesh Brahmbhatt told Mirror, “We are excited to partner with Phoenix Mills, the pioneer and leader in development and management of large Grade-A retail assets in India. Together we will develop a premium retail destination in Ahmedabad that will be contemporary in design and will house marquee international and domestic brands.”
Both the groups are in the process of finalising the blueprint of the project. The project planning is likely to be ready within a month.
The mall will come up at a strategically-located spot which is near developed residential areas like Thaltej, Shilaj, Hebatpur and Bopal.