The Hindu Business Line : Oberoi Constructions enters retail space, opens mall in Mumbai

Mumbai, June 10 The Mumbai-based developer Oberoi Constructions today announced its foray into retail space development with the formal opening of the ‘Oberoi Mall,’ located at Goregaon East.

Mr Vikas Oberoi, Managing Director, Oberoi Constructions, said the mall was part of the 80-acre land holding held by Oberoi in Goregaon and the company intends to develop eight million sq ft in three years. Investments would be in the range of Rs 2,000 crore.

The Oberois would promote the concept of self-sufficiency at the location by housing shopping, office space, hospitality and schools on the premises. Five more such projects are being planned in places such as Hyderabad, Bangalore, Pune, Chennai and Kolkata, over the next five years. The cost of each would be around Rs 2,500 crore with revenue generation of about Rs 4,000 crore.

In January, 2007, Morgan Stanley Real Estate invested $152 million in Kingston Properties Pvt Ltd for a minority stake. Oberoi Constructions is a 100 per cent subsidiary of Kingston Properties. In 2004, Oberoi Constructions had entered into a joint venture with ICICI Venture. A second all-encompassing township such as Goregaon project in Mumbai was also in the offing, Mr Oberoi said. With a full glass façade, the Rs 210-crore mall comprises 5.5 lakh sq ft of shopping, dining and entertainment.

The anchors include PVR with a six-screen, 1,900 seating capacity multiplex, Lifestyle with the largest home centre outlet and Central, occupying around 60 per cent of the total space.

A large food court and a gaming zone at the third level constitute an additional 10-15 per cent of the retail space. The mall has two basement levels of parking with a capacity to park around 1000 cars. Over 80 per cent of the mall has been leased to international retailers.

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