The Chadha Group, the Chandigarh-based real estate developer, has planned to invest around Rs 3, 000 crore to develop malls and shopping centres in the tier II cities.
Manpreet Singh Chadha, vice president, sales and marketing, The Chadha Group, told Indiaretailing that the company is bullish on its plans to provide quality retail space to the tier II population saying: “We already operate three malls in Lucknow, Moradabad and Haryana and are coming up with shopping centres in Mohali, Amritsar, Dehradun, Meerut, Bareily and other cities in the northern region.”
Chadha informed that malls will be operational by the first half of 2010. The group has seen a high spending potential in the consumers of the tier II cities. “The people in these cities do not have quality shopping centres. We want to provide them with that,” he added.
Speaking about the occupiers of malls, Chadha said, “Besides all the major domestic brands, we will have some international labels.” However, Chadha refused to name the brands citing that the talks are still at nascent stage.
The Chadha Group is a diversified business conglomerate with business interests in r residential and commercial real estate and, construction and operation of multiplexes.
The company already operates the Centrestage Mall in Noida and EastEnd Malls in Lucknow and Kaushambi.
