Noida-based DS Group is actively exploring the acquisition of the sprawling Great India Place Mall complex in Delhi-NCR. This strategic maneuver is intended to further the company’s presence in the upscale retail and hospitality sectors. Valued at an estimated INR 2,000 crore, this potential transaction could have significant implications for Noida’s real estate landscape, according to sources cited in a recent news report.
While Realtybuzz has not been able to independently verify this development, insiders suggest that DS Group is looking to expand its footprint in the retail and hospitality industry. “The company is expanding its presence in the retail and hospitality sector,” stated an anonymous source familiar with the matter, as reported by The Mint.
The Great India Place Mall complex, covering an extensive 147-acre area, offers substantial opportunities for further development, including the construction of commercial or residential structures. At present, there is approximately 1.7 million square feet of space available for future endeavors. It is worth noting that the Great India Place Mall was a collaborative effort between the Appu Ghar Group and the Unitech Group. Presently, Unitech holds a 42 percent stake in the mall, while other investors share the remaining ownership.
Another insider source disclosed to the financial daily that the complex has been put on the market due to an outstanding debt of around INR 1,000 crore. The existing promoters, including the beleaguered Unitech Group, are grappling with financial challenges. Acquiring this property could provide a significant boost to any firm seeking to expand its presence in the retail sector.
The Great India Place Mall, like many others, endured the adverse impact of the COVID-19 pandemic and faced stiff competition from newer malls in its vicinity. The overall mall industry in India incurred an estimated loss of roughly INR 3,000 crore due to the pandemic and subsequent lockdowns.
For DS Group, renowned for brands like Rajnigandha pan masala and Catch spices, this move represents a strategic shift into the premium retail and hospitality sectors. Notably, the group recently acquired Bengaluru-based Viceroy Hotels in July, thus securing ownership of the Marriott-managed Renaissance Bengaluru property.
With a reported revenue of INR 5,500 crore in the fiscal year 2023, DS Group boasts a portfolio that includes six hotels, with the prominent Renaissance property among them. Beyond the hospitality sector, the group has also made significant inroads into premium retail, with ventures like the Le Marche retail store and the L’Opera coffee chain.