Maheshwari Group setting up two malls in Hyderabad

Group chief executive officer Girish Mallpani told Business Standard that one mall, named Bonsai, was being readied at Himayatnagar and would be completed by September this year. The group is investing Rs 30 crore in the mall apart from Rs 20 crore for the land.

The second mall would come up at Banjara Hills Road No 1 and would be named Times Square. This would come up on two acre with a built-up area of over 250,000 sft.

The group would spend about Rs 100 crore on this mall that would be ready in two years. The land has been taken on a development basis, Mallpani said.

This apart, the group is constructing a five-star hotel near Hitec City. The proposed project would come up on three acres owned by the group, and would have about 300 rooms.

The group has tied up with an international brand for the hotel, he said without divulging the name of he partner. Work on this has begun and is likely to be completed in two years.

In all, there are 18 announcements from various players proposing to construct luxury hotels in and around Hyderabad. Is there space for so many players in the hotel industry?

"We believe that Hyderabad can support many hotels. We would know what support Hyderabad would give only by a trial and error method," Mallpani said, adding there were plans to venture into the residential space too in the months to come in the same area.

The company would invest about Rs 500 crore in various projects over the next two years and most of the financing would be debt-oriented.

The Maheshwari Group, which has a landbank of 22 acre at DBR Mills, Lower Tank Bund, has applied for various clearances for putting this land to multiproduct use.