Ashwin Sheth Group has entered into a joint venture with Nagpur-based Sethi Group to take brand Viviana to Nagpur. The real estate companies have entered into an agreement to develop 1 million sq ft. of Viviana Nagpur at city’s upmarket southwestern region near Pratap Nagar.
Nagpur, being India’s geographical centre with a population of approximately 50 lakh and increasing, is an attractive city and on the cusp of becoming the country’s warehousing and logistics hub. Infrastructure upgrades of the metro line and roads have kept pace with Nagpur’s growth levels.
This will be the largest retail space in Nagpur and it will be in the neighborhood of the affluent areas of Ramdaspeth, Dharampeth, Dhantoli, Pratap Nagar, Shivaji Nagar, Laxmi Nagar, etc. It would cater to the brand-aware shoppers with various options. On the other hand, it will also provide a few thousand direct and indirect employment opportunities for the local populace.
Ashwin Sheth, Chairman, Ashwin Sheth Group, said, “The strategic move comes in to consolidate AshwinSheth Group’s portfolio and recreate retail success story, Viviana, at Nagpur as well. The upcoming destination mall will be operated by the best of the experience and talent pool as well as backed by the expertise of one of India’s leading mall brand - Viviana.”
The entire project involves an investment of Rs 650 crore, which includes the land’s valuation and construction cost. A Memorandum of Understanding has been inked between both the real estate groups and a formal agreement is expected to be signed in a month.
The land parcel is owned by Sethi Group on which other than various retail sub-segments, there will also be substantial space dedicated for entertainment and food & beverage sections as it is located in an upmarket commercial street in the western region of Nagpur.
Aman Sethi, Managing Director, Sethi Group, stated, “This will be the first large scale retail development in Nagpur. We intend to house the best global brands under one roof and become the entry point for many premium national and international brands in the city. Also, Nagpur has a huge population and with its infrastructural growth and connectivity, the economy has shown an upward trend. A large scale shopping centre will bring in the much-needed supply to the brand-aware consumers of the city and the people of Nagpur would truly appreciate this.”
“Despite the pandemic shocker, Viviana is comfortably placed and the announcement comes as per the roadmap that was drawn during the pre-Covid-19 days,” Sheth added.
Viviana Mall in Thane is spread on a 13-acre plot at Thane and spread over an area of 1.7 million sq ft. It houses one of the largest multiplexes with 14 screens including Imax experience.