கோயம்புத்தூர் நேரலை - இது கோவையின் இதயதுடிப்பு

» Latest News »

Aug 28, 2009

Provogue ventures into real estate !


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.


The first Prozone is expected to become operational by May 2010 in Aurangabad. There are other projects which have been developed for companies like Indore, Coimbatore, Nagpur and interestingly Jaipur and Lucknow which are two main projects for Provouge. So Prozone Mall destinations have been shelved for a while and the company is exploring other options as to how it can use this land further.

Related Posts by Categories



Recent News

Google