Marg Ltd has tied up with leading entertainment and retail chains PVR Cinemas, Shoppers Stop and Hypercity to take up space at its 1.83-million sq.ft Marg Junction Mall.
The mall coming up south of Chennai, about 8 km from Madhya Kailash Junction on Old Mahabalipuram Road, the hub of IT investments, is slated for inauguration in April 2012. It will be handed over to the tenants in September for fit-outs, according to Mr G.R.K. Reddy, Chairman and Managing Director, Marg Ltd.
Junction Mall will have over 6.5 lakh sq.ft of leasable mall space, apart from a four-star Traders Hotel and high-end service apartments by Shangri La, food court, restaurants and office blocks.
Mr Reddy said that Old Mahabalipuram Road, referred to as the IT corridor, is a prime area that lacks quality entertainment and social infrastructure. The Junction Mall, a premium segment offering, will attract leading brands and fill this vacuum for the diverse population.
Over 50 million sq.ft of IT space attracts a huge residential development, which represents a major catchment for the mall coming up at a cost of Rs 738 crore.
Mr Pramod Arora, Group President and CEO, PVR Ltd, said that they will set up a seven-screen, premium multiplex, the first-of-its-kind at Junction Mall. For PVR this will be the second location in Chennai, after it set up its first multiplex at the Ampa Mall in the heart of the city. It is looking at more locations in Chennai, he said.
PVR operates over 140 screens across the country of which over one-third are premium facilities. Junction Mall, which has been designed by international mall planners, is an ideal setting for its premium product, he said.