According to industry experts, Lake Shore will have to spend at least Rs 35 billion on the project
Abu Dhabi Investment Authority (ADIA)-backed Lake Shore India Advisory, co-promoted by retail property veteran Ashwin Puri, is looking to develop malls in Mumbai Metropolitan Region (MMR), Gurugram, Ahmedabad, and Hyderabad, said sources in the know.
Lake Shore has floated a fund wherein ADIA is the main investor. According to sources, the corpus of the fund is around $250 million.
“They have signed memorandums of understandings (MoU) to develop malls in Gurgaon (Gurugram), Ahmedabad and Hyderabad,” sources aid.
According to industry experts, Lake Shore will have to spend at least Rs 35 billion on the project.
In Mumbai, the company has formed a joint venture (JV) with local developer Swastik Developers to build a mall in the Vasai area of MMR.