10 months ago
Unity Group, Parsvnath Announce ₹120 Crore Annual Rental Income from New Delhi Mall
Two companies, Unity Group and Parsvnath Developers, have joined forces to build a big new shopping mall in Delhi called 'Unity One Elegante'.
They announced that they expect to make about 120 crore rupees every year just from renting out the shops inside.
All the shop spaces in the mall are already rented out, which is great news for them.
They started this project together last year, and the mall just opened recently.
It's a really big mall with lots of space for shops.
One of the partners mentioned that there's a high demand for good shopping places in Delhi right now.
Parsvnath Developers and Unity Group will earn approximately ₹120 crore annually in rental income from their new Delhi mall.
The joint venture mall, 'Unity One Elegante', located at Netaji Subhash Place, has 5 lakh sq ft of leasable area and is fully leased.
The mall was developed by a special purpose vehicle named 'Unity Parsvnaths LLP', a joint venture between the two firms.
The mall's annual rental income is estimated at ₹10 crore per month, totaling ₹120 crore per year.
Parsvnath Developers' Chairman noted a significant demand for quality retail spaces in the Delhi-NCR region.
- Who
- Unity Group and Parsvnath Developers
- What
- Announced an annual rental income of ₹120 crore from their new operational shopping mall, 'Unity One Elegante', which has leased 100% of its 5 lakh sq ft retail space.
- Where
- Netaji Subhash Place, Delhi
- When
- The mall opened last month, and the announcement was made following its operationalization.
- Why
- The mall has experienced strong demand, with 100% of its retail space leased.
Key facts
- Mall Name
- Unity One Elegante
- Location
- Netaji Subhash Place, Delhi
- Leasable Area
- 5 lakh sq ft
- Developed Area
- 28,400 sq meters
- Joint Venture Partners
- Parsvnath Developers and Unity Group
- Project SPV
- Unity Parsvnaths LLP
Quotes
Harsh Bansal
Unity Group Director
“the joint venture firm has to give nearly ₹20 crore as lease rental to Delhi Metro Rail Corporation (DMRC).”
thehindubusinessline.com
“it would be around ₹10 crore per month and ₹120 crore annually.”
thehindubusinessline.com
Pradeep Jain
Parsvnath Developers Chairman
“there is a huge demand for quality retail space across the Delhi-NCR market.”
thehindubusinessline.com
