Delhi-based Alpha G:Corp bags Rs 700 cr retail project

New Delhi, June 2 (UNI) In a bid to expand its area of operations, Delhi-based real estate developer and asset management company, Alpha G:Corp has signed a joint venture with landowners in Punjab to conceptualise, design and develop a Rs 700 crore retail project in Amritsar.

''The investment for this project would be Rs 270 crore in the first phase and will be a destination centre encompassing retail, entertainment, luxury hotel and stand-alone boutiques,''an official statement released here said.

Development in phase 1 would also include a 200-room luxury boutique hotel under the brand name 'Ista' from the Ananda group of hotels, which alone will entail an investment of over Rs 100 crore.

The total finished development will be 2 million sq ft.

The major retail areas entailing up to 80 per cent of the retail space have been leased out to Shoppers Stop, Timezone, The Home Store, Arvind Mills, Wills Lifestyle, Provogue, Metro Shoes and Landmark among other brands, the statement added.

The construction will begin in August and the first phase will be operational by March 2008.

''The easing of Indo-Pak relations has succeeded in bringing a boom for the real estate market in Amritsar. Developers are anticipating the borders opening and for the customer-base to increase which would include visitors from across the border up to Lahore,'' Alpha G:Corp Managing Director R S Sodhi said.

With the major metros becoming saturated with mall developments, a virgin market like Amritsar is the new attraction for developers, he added.

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