Alpha G:Corp, a Delhi-based real estate developer, is coming up with two malls in Amritsar and Ahmedabad under the brand name of AlphaOne.
In an email to Indiaretailing, the company said that the Amritsar project will be spread over two million square feet and will be operational by November 01, 2008, while the first phase of the Ahmedabad project is at completion stage.
The company has already invested around Rs 600 crore in the Amritsar AlphaOne development for the first phase. The company is working in a joint venture with landowners in Punjab for this project.
The first phase will see over 550,000 square feet of retail and entertainment area, while an additional area of 200,000 square feet will be developed for hotel and spa by Ista, in the second phase of development.
About 80 per cent of the total area has already been leased to brands that include Shoppers Stop, Pantaloon, Timezone, The Home Store, Arvind Brands, Wills Lifestyle, Brand Factory, Croma, Provogue, Metro Shoes and Landmark. Fun Republic has also been signed in to set up a multiplex.
Citing reasons for entering Amritsar, Col RS ‘Pickles’ Sodhi, MD, Alpha G:Corp, said, “With the major metros becoming saturated with malls, a virgin market like Amritsar is a new attraction for developers. AlphaOne will be the largest mall developed in the city.”
The Ahmedabad project will be located at Vastrapur and will offer 720,000 square feet of retail space. It will house brands including Shoppers Stop, Hypercity, Shringar Cinemas, Lifestyle, Madura and Raymonds.
Speaking about the project, SK Sayal, CEO and director, Alpha G:Corp, said: “Our strategic tie-ups with various brands will provide the customers with the choicest range of products and services at an assured value for all budgets.”
The company is also planning to develop retail projects in Meerut, Jaipur, and Dehradun after the Ahmedabad and Amritsar projects are completed.
– Satrajit Sen