Developers raise Rs 244 crore in debt fund for OMR mall
Chennai-based OMR Mall Developers Pvt Ltd (OMRD) has raised a debt funding of Rs 244 crore from Kotak India Real Estate Fund for the completion of its 5,40,000 sq ft shopping centre, Marina Mall, in the growth corridor of the OMR, Chennai.
By : migrator
Update: 2017-11-23 13:18 GMT
Chennai
OMRD is a special purpose vehicle promoted by landowner Mukrim Habeeb and family, developer Allied Investments and Housing (P) Ltd, which is undertaking the construction of Marina Mall, and co investors Syed M Salahuddin and Syed Abdul Cader.
The Marina Mall’s space includes a hotel and a tentative space for a residential property as well. Developers will share 33% stake and remaining 67% share will be taken by the landowners. The project is expected to be completed in 8-10 months.
The mega project costs Rs 450 cr. Mukrim Habeeb, said, “This funding will help fast track the development of our mall at Chennai, which we expect to become a retail hub.” The mail is a part of a larger mixed-use project being developed on a 6.2 acre land parcel.
Visit news.dtnext.in to explore our interactive epaper!
Download the DT Next app for more exciting features!
Click here for iOS
Click here for Android