BSafal Group is expected to break its own record with Gujarat’s biggest mall in Surat spread over 10 lakh sq feet. The group at present holds the record for the construction of Gujarat’s biggest mall spread over 7 lakh sq ft of salable space in the Thaltej area. The project is on the verge of completion.
BSafal Group formally known as Safal Constructions Pvt. Ltd., has bought 33,000 sq yard of land in Surat’s City Corner area in Udhna Magdala Road for Rs 450 crore. This means the group is said to have paid a price of around Rs 1.33 lakh per sq yard for the land.
It is, however, not clear if the Rs 450 crore deal includes the six per cent stamp duty and registration charges. The group is likely to come up with a mall project spread over 10 lakh sq ft on the newly purchased land.
The group will go for a Joint Venture (JV) with Phoenix Mills Limited (PML) for the mall project in Surat. PML on July 21, 2018, had entered into a 50:50 JV with BSafal Group to acquire, develop, operate and manage a retail mall - Palladium - on 25,000 sq yard of land opposite Zydus Hospital in the Thaltej area. The Surat property is also likely to be developed under the Palladium brand name.
On the second mall project with PML in Surat, Chairman of Safal Constructions Pvt. Ltd, Rajesh Brahmbhatt said, “ I really can’t comment on that (the deal).” He also did not respond to a message from Mirror about the Rs 450 crore land deal.
