Diversified Dharampal Satyapal Group (DS Group) is reportedly planning to acquire the Great India Place Mall complex at Noida in Delhi-NCR. The potential deal is expected to be valued at Rs 2,000 crore, which would be a significant transaction within Noida’s real estate sector if it materialises, a newspaper report has said, citing sources.
“The company is expanding its presence in the retail and hospitality sector,” the source familiar with the matter told the Mint on the condition of anonymity.
Moneycontrol could not verify the report independently.
Notably, the entire complex has a developed area of 147 acres, including diverse malls and vacant spaces that offer potential for constructing either commercial or residential buildings. At present, there is approximately 1.7 million sq ft of space available for development.
The Great India Place was a joint development between the Appu Ghar Group and the Unitech Group. Unitech retains a 42 percent stake in the mall, with the remaining ownership distributed among other investors.
The financial daily quoted another person with knowledge of the matter as saying that the complex is on the market for sale because of an existing debt of approximately Rs 1,000 crore. The present promoters, which include the crisis-hit Unitech Group, find themselves in an uneasy financial situation. Acquiring this property would give a significant boost to any company looking to expand in the retail sector.
The Great India Place Mall faced the impact of the Covid-19 outbreak as well as competition from newer malls emerging in its neighbourhood. The overall mall industry in India suffered an estimated loss of around Rs 3,000 crore due to the pandemic and subsequent lockdowns, the report mentioned.
The bid by Noida-based DS Group, known for brands such as Rajnigandha pan masala and Catch spices, is a strategic move to expand into the premium retail and hospitality sectors. It acquired Bengaluru-based Viceroy Hotels in July, gaining ownership of the Marriott-managed Renaissance Bengaluru property.
With a revenue of Rs 5,500 crore in FY23, DS Group possesses a portfolio of six hotels, including the notable Renaissance property. Apart from the hospitality sector, the group has established a presence in premium retail with ventures such as Le Marche retail store and the L’Opera coffee chain.