E-CITY Ventures Expands into Value Malls
Mirroring its successful cinema infrastructure model, E-CITY Ventures, a subsidiary of the esteemed Essel Group, is set to revolutionize the retail landscape in emerging real estate cities. The company has announced plans to establish forty-five value malls, aggregating an impressive ten million square feet.
Funding for the Project
According to Mr. Atul Goel, CEO, E-CITY Ventures, the project is seeking equity funding to the tune of Rs 450 crore. Elaborating on the funding process, Mr. Goel revealed, “Talks with private equity players are in advanced stages.”
Retail Real Estate Expansion
This ambitious venture is part of E-CITY Ventures' broader retail real estate strategy, which aims to create a staggering twenty million square feet in two distinct formats:
- Lifestyle Format: Fun Republic, with four million square feet of retail space already operational in key locations such as:
- Ahmedabad
- Delhi
- Chandigarh
- Mumbai
- Value Format: A yet-to-be-named format, slated for launch once the necessary funding is secured. Mr. Goel emphasized, “We will roll out the value format once the funding is in place.”
Challenges in Real Estate
Mr. Goel also touched upon the current slump in the real estate space, attributing it to various factors, including projects that were announced but failed to materialize. He noted, “There were projects announced and not really taking off, at least some of them.”
Cinema Infrastructure
In addition to its retail ventures, E-CITY Ventures has also made significant strides in cinema infrastructure:
- Fun Cinemas: Fifty screens are currently operational, with plans to add thirty-two more this year.
- Talkie Town Format (Value): Six screens are already in place under this format.