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Neptune Magnet Mall, Mumbai to go live in Q1, 2011

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Neptune Magnet Mall, Mumbai, a project of real estate developer Neptune Group, is expected to become operational in the first quarter of 2011. The mall at Lower Powai in Central Mumbai has a gross leasable area (GLA) of 10.56 lakh sq.ft. The mall is spread over ground-plus-three floors and each floor has an area of 2.5 lakh sq.ft.

The main anchor of the mall – Metro Cash & Carry – is already operational. It is spread over an area of approximately 1.5 lakh sq.ft. The other anchors of the mall include Movie Time (a 10-screen multiplex), ‘GLEOTST’ (one of the biggest family entertainment centre of Mumbai), a 25-kitchen food court and key mini anchors such as Next Electronics, Vijay Sales, Jack & Jones, Vero Moda, Only and OVS, among others.

A company spokesperson said Neptune Magnet Mall will have 10 mini anchors, in addition to more than 250 vanilla stores, 25 kitchens and seven fine-dining restaurants. The mall will cater to aspirational needs of fashion-conscious customers. The company estimates the total investment in the project to be around Rs.350 crore.

Neptune Magnet Mall is a destination with an ever-growing catchment spanning Lower Powai, Bhandup, Mulund, Ghatkopar,Vikhroli and Powai.

Neptune Group has engaged the services of professional mall advisory company Beyond Squarefeet.

Dheeraj Dogra, co-founder and director-mall mechanics, Beyond Squarefeet Advisory Pvt Ltd, said, “Neptune Magnet Mall has a lease model. As of today, we have leased approximately 57 per cent of the property and more than 20 per cent of the deals are on the verge of being signed.”

Stressing that the property has strategically been designed with four atriums in the mall, Dogra said, “The four atriums in the mall is our USP. The average size of each atrium is approximately 20,000 sq.ft, with each having its distinct look and feel.”

– Diwakar Kumar




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