Sheth Developers raises Rs 450 cr for Vivacity Mall

Our Bureau Mumbai | Updated on July 09, 2012 Published on July 09, 2012

Mumbai-based Sheth Developers and Realtors have raised Rs 450 crore from Indiabulls Finance for their Vivacity Mall in Thane. The developer will partly use the funds towards repayment debt and completion of the mall.

According to sources, the total project cost of Vivacity Mall is around Rs 700 crore and the company has a debt of over Rs 400 crore.

“The support extended by Indiabulls reiterates our strong business fundamentals and robustness of Vivacity’s revenue model,” said Mr Ashwin Sheth, Managing Director, Sheth Developers

The mall is expected to churn out Rs 100 crore from rentals in the first year, despite 65 per cent of the space being held by anchor tenants such as Shoppers Stop, Lifestyle, Hypercity, Pantaloons, Max, Homecenter, Globus, Zara and Marks & Spencer, sources said.

Spread across an area of over one million square feet, Vivacity is set to become one of the largest malls in the country. It is strategically located to cater to the catchment area of Thane, Mulund, Powai, Ghatkopar and other central suburbs of Mumbai.

“Demand for malls in Mumbai is increasing as it is in Thane. Vivacity has a good catchment with people also coming in from Mulund, Powai and Ghatkopar. It makes sense for IndiaBulls to finance this project as it is going to be a winning product in the long run,” said Mr Anupam T, CEO of LotusPi, a real estate research firm.

With a blend of international and national brands in fashion, electronics, accessories and jewellery, the mall also has a family entertainment centre and a 14-screen multiplex called Cinepolis, which is touted to be one of the largest multiplexes in the country. It also has 11 multi specialty cuisines such as Manchester United Cafe, Mainland China, Cream Center, while the food court has 19 outlets with a seating capacity of 1,200 customers.


Published on July 09, 2012

A letter from the Editor

Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!


Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.