April 14, 2023
Trident Group acquires Shipra Mall in Ghaziabad for Rs 551 crore via auction
Trident Group, a real estate developer, announced on Friday that it has purchased Shipra Mall in Ghaziabad for Rs 551 crore through an auction process. The purchase of Shipra Mall at Indirapuram in Ghaziabad, Uttar Pradesh, by Trident Group, which is developing projects in Delhi-NCR, Mumbai, and Tri-city (Panchkula), marks the company's entry into the retail real estate sector. The mall has a floor area of 4.5 lakh square feet.
"For Rs 551 crore, we paid for the Shipra Mall at an auction held in accordance with the SARFAESI Act (Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act). The lenders for Shipra Mall, Indiabulls Housing Finance and Edelweiss Asset Reconstruction Company, organised the auction "said Singh to PTI.
According to him, the property has been registered and the corporation has paid stamp duty and registration fees totaling Rs 44 crore.
"Indirapuram, Vaishali, Vasundhara, Ghaziabad, and East Delhi are all served by the mall. 3.5 lakh square feet of the total 4.5 lakh square feet have already been leased "The Company is in the process of obtaining physical ownership of this mall from Indiabulls Housing Finance, he continued, adding that.
After the mall is fully leased, Singh stated that the business anticipates earning a rental income of Rs 60 crore yearly.
"The group has a clear plan to concentrate on vertical residential development in intrinsic and deep-demand sectors and horizontal residential development in Tier-II markets. Additionally, given that India's expanding consumption trends create chances for long-term growth; we have been investigating opportunities in the retail real estate sector "Said Singh.
The Delhi-based Trident Group, which was founded in 2008, has provided more than 20.34 million square feet of residential and commercial space. The residential, retail, hospitality, and commercial sectors are all in various phases of construction on an area of about 13 million square feet.