NCR-based developer Trehan Iris is looking to build a chain of malls by the name of Iris Broadway across India. The company already has one mall -Iris Broadway - up and running in Gurugram Sector 85 and the second one is coming up in Greater Noida West (Noida Extension).
Detailing about the upcoming Greater Noida project - Iris Broadway Greno West - Aman Trehan, Executive Director of Trehan Iris, said that the project is coming up on a land of 3.4 acres and will have a one million sq ft built-up area.
"It will have 5.5 lakh sq ft of retail, a 100-room boutique hotel on top with 3 large banquets, a swimming pool with a floating bar, an office space of 3.3 lakh sq ft and under that sits the mall which will be a hybrid model. Of these, we will be selling the office space and the rest will be leased," he said.
He said that the project is conceptualized by Benoy, UK while the retail experience is designed by architect - Cross Works, UK and the landscape as well as central atrium is designed by Uncommon Land, UK.
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"We are investing Rs 360 crore for this project including land. It will be developed in two phases. Phase 1 - the retail part- is targeted to be completed by 2025 and Phase 2 in the next one and half years. The ground floor slab will be in place by January 2023. We will be having 1000 retail points in this project and foresee about 25000-35000 footfalls on weekends & about 15000 on weekdays once operational," he said.
Trehan said that the company is carrying its Gurugram model to Greater Noida as well. "In Gurugram, we have Iris Broadway and the one that is coming up in Greater Noida is also Iris Broadway. Our vision is to make a series of malls by the name of Iris Broadway. In the coming two-three years, we will have at least two to three malls and we will expand gradually. Even if in tier-2 cities, if we get a good location, we will do something there as well," he said.
The company is also planning to come up with a mixed-used commercial project in Bengaluru as well. "We already have three projects there- one residential, one commercial and another IT project. We will be launching another commercial project (retail cum hotel) in Electronic City in Bengaluru in the next two years. We are also looking at Jaipur very seriously. We are also looking to extend our expertise to other cities under DM (Development Management) model under which if someone wants to build and operate a mall on his land, we will help him by offering our expertise," Trehan informed.
The company also plans to come up with a commercial project in Gurugram Sector 95, said Trehan.
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"We have a plan to launch another project this year in Gurugram Sector 95. This commercial project will be Shop-Cum-Offices. It will come up on a land of 2.2 acres. The built-up area will be around 1.6 lakh sq feet," said Trehan, adding that investment details are yet to be finalized.
Aman Trehan said that the company would be selling only non-prime assets in its projects and that too only to fund the project. It will retain around 60-70 per cent of the assets that will be leased out as a source of revenue for the company, Trehan said.
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