Thane's 'Vivacity' Mall Sees Strong Pre-Leasing Activity
Amidst a resurgence of retail activity and increasing demand for commercial real estate, Sheth Developers, a Mumbai-based property firm, has successfully pre-leased approximately half of its upcoming one million square foot mall in Thane. This substantial pre-leasing activity signifies a renewed confidence in the commercial real estate sector within India's financial capital.
Key Retailers Secure Space in Upcoming Mall
The developer has secured commitments from prominent retailers such as Hypercity and Shopper's Stop. Additionally, Cinepolis, a Mexico-based multiplex chain, has also been confirmed as a tenant for the 'Vivacity' mall, which is currently under construction. This information was revealed to reporters on Monday by the Vice President for Marketing & Leasing at Sheth Developers.
Construction Resumes After Market Slump
The Vice President acknowledged that while the company had previously slowed down construction due to the market downturn, operations have now fully resumed thanks to the overwhelmingly positive response received by their leasing team. He stated that the tremendous response has reinvigorated the project.
Mall Details and Projected Opening
The 'Vivacity' mall boasts a total saleable area of 670,000 square feet. The mall is scheduled to commence operations by August 2011.