Ghaziabad-based SVP Group, developer of the 500,000-square feet Gateway Mall in Ghaziabad, is in talks with Metro AG and Bharti Retail to lease out this property to a single tenant, a wholesale cash-and-carry format.
Speaking to Indiaretailing, a source close to the development said that with around 14 shopping centres likely to be operational in the vicinity, between Ghazipur and Mohan Nagar by 2010, the mall developer is contemplating that a way to differentiate will be to develop the property for a single tenant.
The outcome will depend on the way the ongoing negotiations develop, the source added.
The Gateway Mall is expected to be operational in about two years’ time. The other shopping centre being developed by SVP is the 300,000square feet Opulent Mall, also in Ghaziabad. This property is slated to be operational in January 2009. Opulent has already signed up with Bharti Retail as an anchor retailer. SVP Group is seeking to establish both Opulent and Gateway malls as landmark points, the source added.