First auto mall to be functional in India by 2008-end

New Delhi, July 11 (UNI) Prajay Engineers Syndicate today said it will launch its innovative and pioneering project 'Prajay Autopolis' -- the first-of-its-kind automobile mall in India-- in Hyderabad, by the end of 2008.

The construction is expected to begin by the end of the year, and Prajay Autopolis is expected to open in the second half of 2008.

The company is in talks with several leading automobile companies in India to finalise space bookings in the Prajay Autopolis.

Prajay Autopolis is a novel initiative in Auto Retailing in India, where consumers will have the convenience of buying automobiles in a multi brand retail space.

It will also offer an all-encompassing automobile experience, in order to cater to the holistic needs of automobile consumers. It will be an end-to-end automobile solutions location, comprising, sales, servicing as well as warehousing.

Automobile companies will benefit from a one stop retail destination and the benefits of an exhibition and convention area to organise new product launches and other events.

Prajay Autopolis will be located on the Mumbai Highway (NH 7) and will be just 2 kilometres from the Outer Ring Road. It will be spread across 35 acres of land and will have over 30,87,000 square feet of constructed area.

The Mall will combine mega automobile showrooms with administrative, servicing and warehousing area across more than 18,00,000 sq feet. This will also include facilities for automobile financing institutions and insurance services to create a complete range of services required for automobiles, for both automobile companies and their customers.

Prajay Autopolis also envisages three towers comprising an Information Technology Park at the same venue. In addition, the Prajay Autopolis will also have an office block above the showroom space for administrative offices and warehouses for Auto Companies.

The Company is in the final stage of finalising the layout plans and the concept designs for the project. It has appointed international architects and planners for the assignment.

The Company expects revenue in excess of Rs 670 crore over the next three years from this venture against an estimated cost of Rs 400 crore. The Company expects to report a net profit of approximately Rs 200 crore.

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