Provogue arm to launch 3 housing projects by Dec

News Posted - 2010-05-06

Mumbai: Prozone Enterprises, a joint venture between Provogue India and UK's Liberty International is planning to launch three residential projects in Indore, Nagpur and Coimbatore by the year-end, a senior official at Provogue told reporters on Wednesday.

The first phase of the housing project will span 34 acres across the three cities, Salil Chaturvedi, deputy managing director of Provogue India, said on the sidelines of a India Shopping Forum conference.

"We have done this to leverage our mall assets," Chaturvedi said.

Prozone is set to launch a 570,000 square feet retail mall in Aurangabad in July and will also follow up its commercial launches in Nagpur and Coimbatore in the coming years.

He said there was an additional 400,000 square feet of land in Aurangabad, whose value was yet to be unlocked by the firm.

The move is part of Provogue's plan to diversify from its core apparel retail business and grow its sales, Chaturvedi said.

He said the developed value in the first phase of the residentail project at Indore was pegged at Rs3.5 billion.

Prozone, in which Provogue owns 75% stake and Liberty International the rest, is talking to hospitality players to sale or lease part of its huge land bank.

The total land bank under Prozone is around 150 acres, he said.

"Hospitality is very location based. You can't partner with just one single player," he added.

Shares in Provogue ended up 0.3% at Rs47.90 in the Mumbai market that ended down 0.29%.

Source: DNA 5/5/10