Since the demand of commercial real estate is increasing due to the increase in retail activity, Sheth Developers, a property firm tied up approximately half the space at its upcoming 1 million sq ft mall in India’s financial capital.
Sheth developers are Mumbai based developers. They have lined up retailers Hypercity and Shopper’s Stop. Also Cinepolis, which is a Mexico-based multiplex chain, is lined up as tenants for the ‘Vivacity’ mall at Thane which is currently under-construction. All this information was gathered by some reporters on Monday from the vice-president for marketing & leasing of Sheth developers.
He also admitted that although the firm had slowed down construction work due to the market slump, they are now back into operation since their leasing team is getting tremendous response now.
This mall has a total of 670,000 sq ft area as the saleable area and it scheduled to start operations by August 2011.