Noida’s GIP Mall is going to be sold for Rs 2000 crore, know who is the buyer
New Delhi: GIP Mall located in Sector 18 of Noida is on the verge of being sold. DS Group, the manufacturer of Rajnigandha Pan Masala and Catch Masala, is leading the race to buy the mall. It is believed that these deals can be done soon. Great India Place Mall Complex, popularly known as GIP Mall, is now up for sale. According to the news of Live Mint, DS Group, considered the king of spices, now wants to strengthen its hold in the retail and hospitality sector. That’s why they are trying to take over GIP Mall. However, no official information about this has been given by the company. Whereas the spokesperson of DS Group has given a statement that they are trying to expand their business, but at present they have not said anything clearly regarding the purchase of Great India Mall.
How much can the deal be done for?
According to the report of Live Mint, this deal can be done for Rs 2000 crore. If this deal goes through, it will be one of the biggest deals in the real estate sector of Noida. This information was given on the condition of keeping the name confidential. This mall is spread over 147 acres in Sector 18 of Noida. Unitech and Appughar Group have jointly built this mall. This mall has a very large area, most of which is still vacant. It is believed that the vacant space can be used to build a commercial or residential building.
Why is GIP Mall being sold?
GIP Mall Complex, one of the largest malls in Noida, was once the most favorite place of the youth. Brands from all over the world are available here in this mall. This mall, situated at a prime location, has now reached the stage of sale. In fact, the company has a huge debt burden. Ever since this mall was burdened with a debt of Rs 1000 crore, it has not been able to recover from it. Its current promoters, which include Unitech Group, have been in poor financial health for a long time. In such a situation, the company has now reached the stage of selling this mall. Corona and lockdown completed the remaining work. Many shops and showrooms in the mall were closed due to the lockdown. Which further affected the financial health of the mall.
