City-based real estate firm ABIL has bought over 1 million square feet Nitesh Hub Mall on Koregaon Park Road at Pune for Rs 276 crore.
Over 8 lakh square feet of office space will be built in the form of a tower on the back half of the existing mall over the next 30 months.
“The plan is that we are not going to carry on with the mall. It is going to be commercial development, more of offices. There is going to be very little retail, about 30,000 to 40,000 square feet, while 85-90% of the new development is going to be office spaces,” Amit Bhosale, managing director, ABIL Group, said.
Bhosale said the front portion of the existing mall will get a new facade and its first floor would be refurbished to house restaurants in over 1 lakh square feet of space. “This refurbishment will be completed in 12-14 months,” he said.
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