Reliance Retail is moving into Mumbai in a big way. It has snapped up two more properties in Bandra and Borivili for Rs 160 crore, reports CNBC-TV18.
After picking up 1 lakh sq feet on S V Road in Santa Cruz, Reliance Retail has now bought the entire 1.25-lakh sq feet Victorian Mall coming up on Shimpoli Marg in Borivali West.
Sources say the developer has been looking to sell this property for a while to individual investors who were offering between Rs73 and 75 crore. Reliance Retail finally bought it for Rs81 crore. That works out to Rs 6500 / sq ft and consultants say it is in par with the current retail property prices in Borivali. The mall already under construction will be ready by December 2007.
A 35,000sq feet building on Hill Road in Bandra is the third property Reliance Retail has picked up. Located on one of Mumbai's most popular high streets, consultants say Reliance Retail would have paid anywhere between Rs20,000 to Rs 22,000 per sq ft. which works out to Rs77 crore.
When contacted Reliance Retail confirmed it had acquired both properties in Borivali and Bandra. While the company said it was too early to disclose which retail format they would set up in both send this article to a friendlocations, sources say Reliance Retail would set up a hypermarket in the Borivali mall and a lifestyle store that would market clothes, shoes, and accessories in their Bandra property.