Sources tell that Provogue, the retail player is looking to foray in its residential development sector. 20-40% of the land from Prozone, which is into mixed use development projects, will be converted and used for housing development.
Liberty International, which is Provouge’s partner for these mall destinations, will continue to remain the partner even for the housing development part of it, now in the Prozone project it could probably be the first one to see residential development to take place, one of the reasons is that retailers have downsized their rental space demand in these malls. So the company has a lot of property which can be developed for other users and plus residential projects always deliver on a faster turnaround basis. The company says that it is indeed working on a residential development plan although nothing concrete has been decided yet.