HDIL and Future Group have agreed on a pre-lease deal for the entire retail space of about 10% (out of a total of a million square feet) at Metropolis Tower at suburban Andheri in Mumbai
Realty major Housing Development and Infrastructure Ltd (HDIL), and the Kishore Biyani-led Future Group have agreed on a pre-lease deal for the entire retail space at Metropolis Tower at suburban Andheri in Mumbai, reports PTI.
The project has over a million square feet mixed-use development of which 10% area has been leased to the Future Group, a press release issued on Monday said.
Metropolis Tower, a prime mixed-use development, has office space, retail, entertainment and hospitality segments and is located in the affluent locality of Four Bungalows. Metropolis Tower is located next to the upcoming metro station.
"Centrally located within the upscale residential and business districts of Four Bungalows, Versova and Lokhandwala, Metropolis Tower will be an iconic landmark that will cater to all business, entertainment, retail and F&B needs of this prime area," the release said.
"We are extremely pleased to welcome the Future Group into (the) Metropolis Tower. The very brand denotes a varied shopping experience that will capture the entire locale," HDIL's managing director, Sarang Wadhawan, said.
"Metropolis Tower is built on a formidable grid of planning and we are sure that it will soon be a premium business and entertainment destination in the city. This deal signifies that the commercial and retail real estate are on an upswing and the real-estate market has significantly recovered post correction," Mr Wadhawan said.
Future Group's director, Sunil Biyani, said, "With HDIL, we are assured that Metropolis Tower is not only centrally located ensuring we get good footfalls but is also meticulously planned and constructed. We are sure that this is just the beginning of a long association."
The Future Group is one of India's leading business houses with businesses spread across the consumption space in segments like retail, financial services and logistics.
Led by its flagship enterprise, Pantaloon Retail, the group operates close to 17 million square feet of retail space in 73 cities and towns and 65 rural locations across India.
HDIL, with a land reserve of 194.36 million square feet, has about three decades of experience in the real estate and infrastructure domains, having developed over 100 million square feet of commercial, residential and retail space.