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.

>Priyanka.pani@thehindu.co.in

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