Indiabulls and EARC had issued a notice for auction under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI) to recover its dues from Noida based Shipra group.
“This will be our first retail project but we will continue to look for such opportunities at city centres, where there is already a residential catchment. The mall has been operational for years and we will further develop it and lease the vacant area,” said Parvinder Singh, Chief Executive Officer, Trident Group.
The mall has 450,000 sq ft of leasable area of which 100,000 is vacant. The company has paid stamp duty and registration of Rs 44 crore.
Indiabulls got the physical possession of the mall recently and had put Rs 550 crore reserve price for the auction.
Trident group has delivered over 20.34 million sq ft of residential and commercial space.
The listing of Nexus Select Trust, the Blackstone Group-backed real estate investment trust, has increased investors interest in rent generating retail assets.Several PE and Institutional Investors are also exploring the option to come out with REIT for their properties, especially shopping malls and retail spaces.
Real estate investment trust (REIT) is a public listed company that houses rent generating commercial, residential or retail complex.
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