Pacific will invest Rs 1,100 crore towards building the largest mall in Rajasthan that will cater to customers all over the state
New Delhi: Pacific Development Corp is planning to build a 1.5 million sq. ft. mall in Jaipur, according to three people familiar with the plans.
Once completed, it would be the largest mall in Rajasthan.
“Pacific is planning to invest around Rs 1,100 crore for the gigantic mall in Jaipur,” he said.
Another person familiar with the development said Pacific is currently in the process of getting the land registered in its name. Construction will commence in mid-2023 after the land registration formalities are completed.
According to the source, it will take approximately five years to complete the project.
“It will be a mall for the whole Rajasthan as a catchment,” the source said, requesting anonymity. “People from Kishangarh, Ajmer, Bikaner, Jodhpur, Jaisalmer and from all the other cities in Rajasthan will be the catchment for this mall.”
Abhishek Bansal, executive director for Pacific Malls, that operates half a dozen malls in the national capital region and other cities, declined to comment.
In July, Pacific won the bidding for the prime land in Rajasthan’s capital for Rs 488 crore, beating rival Phoenix Mills Ltd which operates nine malls in Mumbai, Pune, Lucknow, Bengaluru and Chennai among other cities.
Pacific had bid Rs 1.07 lakh per square metre for the 45,632-square metre prime land between VT Road and Aravali Marg in Mansasorver, Jaipur.
With this auction, the Rajasthan Housing Board had reaped a record amount as the Rs 488-crore bid was the highest the agency had received for any commercial plot in Jaipur.
A business development head of one of India’s largest retailers said his company would be interested in taking space in the upcoming mall and has already conveyed its interests to Pacific.