Pacific India bags DMRC project for mall, multi-level parking

Pacific India bags DMRC project for mall, multi-level parking

Realty firm Pacific India has bagged a project from the Delhi Metro Rail Corporation (DMRC) to develop a shopping mall and multi-level car parking in the national capital at an investment of Rs 150 crore. Pacific India, which is also engaged in hospitality and education businesses, bagged this project last month through a bidding process that saw participation from two other players.

“We have bagged a 4-acre project from DMRC to construct a shopping mall and multi-level car park at Netaji Subhash Place metro station in the national capital,” Pacific India Executive Director Abhishek Bansal told PTI. “We have paid Rs 40 crore to DMRC as upfront payment,” he added.

The company would develop a 2.5 lakh sq ft shopping mall and multi-level car park with capacity of 500 cars, he said, adding that mall would also have 9-screen multiplex. Asked about investment on this project, he said the total project cost is estimated at around Rs 150 crore including the upfront payment to DMRC. Pacific India would have to pay Rs 2.5 crore rental monthly to DMRC.

The Ghaziabad-based company has a 6 lakh sq ft shopping mall at Tagore Garden in West Delhi and earns a rental income of Rs 10 crore monthly. That apart, Pacific India has a 5 lakh sq ft shopping mall at Sahibabad and another 3 lakh sq ft mall in Dehradun. The company has already completed two housing projects in Moradabad and Dehradun totalling 600 apartments. It is developing a golf-course project in Dehradun- ‘Pacific Golf Estate’- comprising 2,000 flats, of which 200 units have been delivered so far. In hospitality sector, the company has two hotels in Delhi-NCR and one in Dehradun, comprising around 250 keys.