Date:11/09/2004 URL: http://www.thehindubusinessline.com/2004/09/11/stories/2004091101451700.htm

Back Alpha Buildtech mulls joint venture route for malls

Moumita Bakshi

New Delhi , Sept. 10

AFTER announcing the launch of GurgaonOne premium residential project, Alpha Buildtech Pvt Ltd on Thursday said it is actively looking at developing mega malls in locations such as National Capital Region, Rajasthan and Punjab, for which it is open to entering into a joint venture.

"We are actively looking at developing mega malls. This will be targeted at a serious shopper," Mr S.K. Sayal, CEO of Alpha Buildtech, said.

He said ideally such mega malls have an occupied area 5,00,000 sq ft area with a parking space for over 2,000 cars.

"We are in the process of identifying the sites in Northern India. We are finding it difficult to identify such a site in Delhi and in Gurgaon but we are trying. We are also looking for sites in Rajasthan and Punjab. We plan to have one mega mall each in these locations," he said.

The company would be interested in developing, leasing and managing the mega mall. "We are open to a joint venture with big land holders or we may pursue the project on our own," he added.

The cost for the project could range over Rs 200 crore, he said adding this would be supported by a mix of venture fund, bank loans and our own funds. In Jaipur, it is in talks with a landowner for forging a joint venture for developing such a mall.

"The board has mandated us to freeze at least one deal for development of mall by end of this year," he pointed out. Commenting on other upcoming project, Mr Sayal said that the company was in advanced stages of discussion for acquiring 100 acres of land in Haryana for model township development.