Future Control At Crossroads - Indian Real Estate Forum

Pinnacle · 05-07-07

Mona Mehta, Mumbai
The Financial Express

Kishore Biyani, promoter of the Future Group, is close to taking complete possession of Crossroads mall, one of the earliest luxurious malls promoted by the Piramal Group. The property is currently valued at Rs 375 crore. Biyani had acquired the property last year, but was waiting for the current leases to expire before taking over completely.

The Future Group is also understood to be charting out plans for a total makeover of the mall by demolishing and reconstructing the luxurious one lakh sq ft of space within it into an office building or a mall. This property currently commands a price of Rs 25,000 per sq ft. Goldman Sachs is acting as advisors to this project.

When contacted, Biyani refused to divulge details about the plans, but company sources confirmed the group is close to taking full possession of Crossroads. According to sources, "Putting to best use the Crossroads property in terms of shape and version, the Future Group can create an office space, thereby getting rid of the retail property. The property can easily command a rental of Rs 40,000 per sq ft if converted, and fetch a valuation of Rs 600 crore." Although the Future Group may have to spend Rs 100 crore for demolishing the structure, it will still leave them with a fantastic profit.

05-07-07	#1
Pinnacle Member Join Date: Nov 2006 Location: Mumbai, India Posts: 260 My Mood: Thanks: 0 Thanked 3 Times in 3 Posts	Future Control At Crossroads Mona Mehta, Mumbai The Financial Express Kishore Biyani, promoter of the Future Group, is close to taking complete possession of Crossroads mall, one of the earliest luxurious malls promoted by the Piramal Group. The property is currently valued at Rs 375 crore. Biyani had acquired the property last year, but was waiting for the current leases to expire before taking over completely. The Future Group is also understood to be charting out plans for a total makeover of the mall by demolishing and reconstructing the luxurious one lakh sq ft of space within it into an office building or a mall. This property currently commands a price of Rs 25,000 per sq ft. Goldman Sachs is acting as advisors to this project. When contacted, Biyani refused to divulge details about the plans, but company sources confirmed the group is close to taking full possession of Crossroads. According to sources, "Putting to best use the Crossroads property in terms of shape and version, the Future Group can create an office space, thereby getting rid of the retail property. The property can easily command a rental of Rs 40,000 per sq ft if converted, and fetch a valuation of Rs 600 crore." Although the Future Group may have to spend Rs 100 crore for demolishing the structure, it will still leave them with a fantastic profit. __________________ Ram

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