Real estate developer Suncity Projects Pvt. Ltd has announced that it will invest around Rs 8,000 crore to develop ten retail malls across the country in the next six years. The company also plans to develop four retail cities in the country by 2011, with an investment of around Rs 2,000 crore.
Speaking to media, Vijay Arora, vice-president (retail), Suncity Projects, said: “We will start with four such projects in northern India, wherein Rs 2,000 crore will be invested. We will then expand this to six more cities in various states. Our retail cities will be called ‘Jewel of India’ and will come up at Greater Noida, Indore, Jaipur and Mohali. The cities will house India’s top brands, besides giving spaces to local handicrafts and the entertainment industry.”
According to the company, the first of these cities, spread across 40 lakh square feet, will become operational in Jaipur by 2011. It will house premium retail brands including Lifestyle, Shoppers Stop, Pantaloons and Westside. The Jaipur retail city will also house Johari Bazaar showcasing traditional Rajasthani jewellery, a five-star hotel, business suites, food courts, and a six-screen multiplex, besides other entertainment segments, he added.
Arora further informed that the projects will be funded through internal accruals and debt in equal proportion. “We are open to dilute up to 50 per cent stake in the projects for raising funds from private equity players,” he said.