Garuda Mall to invest Rs 100 crore in K'taka

Bangalore, May 4 (UNI) Garuda Mall Group, the city-based real estate investment house, today announced its second phase of investment in Karnataka to the tune of over Rs 100 crore to promote four malls.

Addressing newspersons here, Euromar Garuda Resort India Pvt Ltd Managing Director B G Uday said that by 2008, four more properties of the group would come up at Jayanagar in the city, Mysore, Hubli and Davanagere. While the Mysore mall would be built on the basis of develop, operate, market and transfer (DOMT) as a joint venture with the Mysore City Municipal Corporation, the others would be solely the projects of the group, he added.

He said the group, which had promoted Garuda Mall in Bangalore, had an ambitious plan of having a Garuda Mall in all the district headquarters in the State, before expanding to other States.

Mr Uday said the concept of malls was nothing but shaping the unorganised retail sector in the country into a structured business proposition and it was gaining popularity in the urban areas.

Garuda Mall here, celebrating its first anniversary, was spread over 3,80,000 sq metres of space in five floors. The successful private-public enterprise with 59:41 partnership with the City Corporation housed 103 stores, besides entertainment space. It boasted of the city's largest integrated parking complex with enough space to park a thousand cars.

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