The Mumbai-based real estate firm DB Realty is investing Rs 700 crore to set up a large mall in the outskirts of the city. The project is funded through a mix of debt and equity.
Called Orchid Ozone, this mall would encompass facilities for retailing, entertainment and hospitality.
“As Indians move up the value chain, large format retail combined with themed luxury environments will drive Indian retailing,” said Nabil Patel, director, DB Realty, which is the real estate arm of the diversified Dynamix Balwas group.
“Indians not only want to shop but want to be entertained. This is the need that Orchid Ozone seeks to fulfill,” added Patel
Spread over 2.5 million sq ft built up area located on a 14 acres plot, Orchid Ozone would be Mumbai’s biggest mall upon completion in 2009 end.
The mall will have 1.6 million sq.ft of retail space, an international business hotel, a dedicated kids play and care zone, entertainment along with dining options and a 14-screen megaplex.
Hafeez Contractor has designed this mall which is now 35 per cent complete. The company has roped in anchor tenants such as Pantaloons, Hypercity and Shoppers Stop.
Orchid Ozone will have Wet Design’s water themed fountains, an ice skating rink, large food courts, travolators to connect visitors seamlessly from one level of the mall to the other and a 50,000 sq ft kid’s play and care zone.