Realty developer Ashwin Sheth Group has entered into a joint venture with Nagpur-based Sethi Group to develop a 1 million sq ft mall, Viviana Nagpur in the city’s southwestern region near Pratap Nagar.
The entire project involves an investment of Rs 650 crore, which includes land’s valuation and construction cost. A Memorandum of Understanding has been inked between both the real estate groups and a formal agreement is expected to be signed in a month.
The land parcel is owned by Sethi Group on which other than various retail sub-segments, there will also be substantial space dedicated for entertainment and food & beverage sections as it is located in an up-market commercial street in the western region of Nagpur, the company said in a release.
“The strategic move comes in to consolidate Ashwin Sheth Group’s portfolio and recreate retail success story, Viviana, at Nagpur as well,” said Ashwin Sheth, Chairman, Ashwin Sheth Group.
The proposed largest retail space of Nagpur will be in the neighborhood of the areas of Ramdaspeth, Dharampeth, Dhantoli, Pratap Nagar, Shivaji Nagar, Laxmi Nagar.
“This will be the first large scale retail development in Nagpur. We intend to house the best global brands under one roof and become the entry point for many premium national and international brands in the city,” said Aman Sethi, Managing Director, Sethi Group.
Viviana Mall in Thane is spread on a 13-acre plot at Thane and spread over an area of 1.7 million sq ft It houses one of the largest multiplexes with 14 screens including Imax experience.
Nagpur is India’s geographical center with a population of around 50 lakh and is steadily emerging as a warehousing and logistics hub.