Delhi-based Trident Group has acquired Shipra Mall in Indirapuram, Ghaziabad in NCR from Indiabulls Housing Finance Ltd and Edelweiss Asset Reconstruction Company Ltd for 551 Crs. Indiabulls and EARC has issued a notice under the Securitiasation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 to recover its dues from Noida based Shipra Group.
“This will be our first retail project but we will continue to look for such opportunities at city centres where there is already a residential catchment. The mall has been operational for years and we will further develop it and lease the vacant area,” said Parvinder Singh, Chief Executive Officer, Trident Group.
The mall has 450,000 sq ft of leasable area of which 100,000 is vacant. The company has paid stamp duty and registration of Rs 44 crore. Indiabulls got the physical possession of the mall recently and had put Rs 550Crs reserve price for the auction. Trident Group has delivered over 20.34 mn sq ft of residential and commercial space.