Mirah Group Scales Up Real Estate, Consolidates Under Edifice Properties
Mirah Group, a diversified business conglomerate with interests spanning food and beverage (F&B), hospitality, travel, and international trading, is significantly amplifying its real estate arm. This strategic move involves consolidating its real estate business under a unified entity, Edifice Properties.
A Decade of Real Estate Experience
Over the past decade, Mirah Group has successfully completed approximately 10 real estate projects. However, it's only now that the group is organizing and branding this segment under Edifice Properties, signaling a new era of growth.
Upcoming Projects
- Nagpur Township: A monumental 300-acre township project, already secured with foreign direct investment from a Bank of Scotland subsidiary.
- Pune Township: The second major project, currently in development.
- Thane Township: A forthcoming 200-300 acre project, presently in the land acquisition phase.
Gaurav Goenka on Expansion Plans
“We are looking to develop large mixed-development townships in Mumbai and Pune,” — Gaurav Goenka, Managing Director, Mirah Group.
F&B and Hospitality Expansion
Simultaneously, Mirah Group is aggressively expanding its footprint in the F&B sector:
- Acquisitions: In talks to acquire stakes in both domestic and international F&B brands with unique selling propositions.
- Investment Plans: Aims to invest approximately Rs.200 crore over the next two-three years.
- Brand Expansion:
- Rajdhani: From 35 to 50 outlets within a year.
- Mad Over Donuts: Doubling outlets from 35 to 100.
- Cafe Mangii: Expanding from 5 to 15 restaurants, entering Bangalore and Delhi from its current Mumbai presence.
- Citrus Hotels: Plans to open 7 new hotels, in addition to the current 7, all built, owned, and operated by Mirah.
Market Insights
Saloni Nangia, Senior Vice-President at Technopak Advisors Pvt. Ltd, notes,
“The F&B space in India will continue to grow, driven by the increasing trend of eating out and ordering in across all socio-economic strata.”
Investor Interest in F&B
Retail consultants predict sustained interest from private equity and venture capital funds in the F&B sector. Jacob Kurian, Partner at New Silk Route, highlights the fund's exploration of opportunities in this space, including potential investment in Adiga’s, a south Indian restaurant chain.