GIP Mall will be sold for 2000 crores, Pan Masala manufacturing company is preparing to buy it!

The entire campus of GIP has a developed area of ​​147 acres, which includes several malls and vacant space, which can be used to construct commercial or residential buildings. At present, approximately 1.7 million square feet of space is available for development.

GIP, one of the biggest malls not only in Noida but in the entire Delhi NCR, is now going to be sold. DS Group, the company that makes Rajnigandha Pan Masala, is preparing to buy this mall. According to the information, this deal is likely to be worth Rs 2000 crore. If this deal happens, it will be the biggest real estate deal in Noida so far. In fact, DS Group is expanding itself in the retail and hospitality sectors.

The entire campus of GIP has a developed area of ​​147 acres, which includes several malls and vacant space, which can be used to construct commercial or residential buildings. At present, approximately 1.7 million square feet of space is available for development. Great India Place was jointly developed by Appu Ghar Group and Unitech Group. Now, Unitech holds a 42 per cent stake in the mall, while the rest is owned by other investors.

Why is GIP being sold?

According to the information, there is a debt of Rs 1000 crore on the complex, while the condition of the promoter Unitech Group is also not good, due to which it has been put on sale. This deal can take any company expanding in the retail sector a long way. Great India Place Mall was affected by the outbreak of the pandemic and new malls coming up around it. It is estimated that malls in India suffered a loss of approximately Rs 3,000 crore due to the pandemic and lockdown.

Buying this mall is part of a larger strategy of Noida based DS Group. In July, the group acquired Bengaluru-based Viceroy Hotels, which owns the Marriott-managed Renaissance Bengaluru. However, no statement has come from DS Group in this matter. Unitech has not presented its stand in this matter.

Continuous growth in retail sector

According to a report by Anarock and Retailers Association of India (RAI), the country's organized retail sector is expected to grow at the rate of 25 percent annually. Due to the growing middle class, the Indian retail market is expected to reach $1.1 trillion by 2027 and $2 trillion by 2032. A report by CBRE showed that retail leasing in India is expected to grow by 21 per cent in 2022, mainly driven by fashion retailers, hypermarkets and restaurants. Other major contributing sectors were fashion and apparel, food and beverages, hypermarkets, homeware and department stores.