Indore-based EWD to invest Rs 475 cr in MP, Guj

Indore, Aug 28: Entertainment World Developers (EWD), part of the Indore-based Kalani Group, will invest Rs 475 crore to build five shopping malls-cum-multiplexes in Madhya Pradesh, Gujarat and Chhattisgarh by 2010.

EWD Managing Director Manish Kalani said the company has been working on these projects spread over 29 lakh square feet of land and aims to complete them in the next four years.

Indore is on the top list of the company where the work has already started with the real estate fund Kshitij in the joint venture.

Pantaloon Group's Indore Central would take one third of the total four lakh 40 thousand sq ft land. In another big project in Indore, estimated to cost Rs 174 crore, one million sq ft of land would be developed making it one of the biggest mega mall of Central India.

The project envisages development of shopping malls of six lakh sq ft with Rs 92 crore at Raipur, five lakh sq ft with Rs 76 crore at Jabalpur and three lakh 50 thousand sq ft with Rs 58 crore at Vadodara.

Besides, EWD also plans to develop two townships involving development of 35 lakh sq ft of land at a cost of Rs 630 crore.

The company has also proposed to develop 70 acres of land by resettlement of government quarters and redensification of Gandhi Road area.

The Rs 626 crore-project envisages development of 22 lakh sq ft of residential area, nine lakh sq ft of commercial area, besides construction and sale of 17 lakh sq ft of shopping malls, multiplexes and hotels.

UNI