Unitech launches Gardens Galleria, Bangalore

• Bhumi Puja performed at the site
• Project spread over 3.98 acres
• Offering more than 150 retail stores and 6 screen multiplex
• Around 2 million sq ft of area under development for Retail projects across India
• Unitech expects to generate sales of Rs. 2000 crores across different segments of real estate development (Residential & Retail) in Bangalore over next 3 years

Unitech, India's leading business group and an integrated developer of large-scale real estate projects, has conducted a Bhumi Puja in its retail project site of Gardens Galleria in Bangalore on May 23, 2011. The Puja was performed with full religious rights and rituals.

Gardens Galleria, located in the well developed area of South Bangalore, is spread over an area of 3.98 acres. It has been strategically positioned adjacent to Kanakapura Main Road and the Outer Ring Road so that it can be easily accessed from areas like Jayanagar, JP Nagar, Benerghatta Road, Padamanabha Nagar, BTM Layout, Basavanagudi, Kumaraswamy, etc. It is the only retail destination in the neighbourhood.

Gardens Galleria in Bangalore, a retail mall with a combination of shopping and entertainment that matches the best in the world, is offering ground plus six floors of shopping experience filled with fun, entertainment and joy. It comprises of more than 150 stores, 6 screen multiplex, multi-cuisine food court and various bars and restaurants, etc. It is also offering facilities like parking, statutory green belt and service road around the mall, central air condition systems, fire protection system, etc.

Mr. Munish Baldev, Head- Retail, Unitech expressed “We are happy to offer our new retail development in Bangalore, with both the shopping and entertainment opportunity. We are already having 1.3 million sq. ft. of operational mall area and another 2 million sq.ft. of area is under development across the country in cities like Cochin, Bhopal, Dehradoon, Mohali, Lucknow, Gurgaon etc. We handle over 10 lakhs patrons a month in our 3 operational malls we operate ~ Metro Walk in New Delhi, The Great India Place in Noida, and Gurgaon Central.”

With the retail sector in India getting organized, the demand for shopping malls with entertainment facilities increases simultaneously. People, getting busier in their professional lives, prefer a one stop shop for their needs like shopping, recreational activities, entertainment etc. Unitech is well poised to cater to this demand. Unitech expects to generate sales of Rs 2000 crores across different segments of real estate development (Residential & Retail) in Bangalore over next 3 years.

The launch of Uniworld Resorts, Bangalore is in line with Unitech’s overall business plan to launch almost 10 million square feet in the next few months. In the past, Unitech has successfully launched Espace Premiere, Arcadia 2, South Park, Nirvana Country 2 in Gurgaon; Residences, Unihomes in Noida; Fresco in Kolkata; Great India Place in Bhopal and Dehradun; Aspen Greens in Mohali; Greenwood City, Birch Court, Chaitanya in Chennai; Unihomes in Rewari and Ambala; Palace Court in Mysore.

Unitech has been steadily improving its cash flow on the back of improved realization from Operations. Company’s debt, net of cash, reduced by Rs. 228 Crores during the year. Company has a healthy balance sheet with a real estate net debt to equity ratio of 0.46 which is one of the lowest in the industry. Being comfortable from a financial leverage perspective, the company is focusing on its core operations ~ Launches, Execution and Delivery of Projects. Delivery of finished products has commenced in most of the pre-March 2009 projects and is expected to accelerate in the coming months.