Garuda Mall to roll out into major towns in Karnataka

Euromar Garuda Resort India, promoters of Garuda Mall in Bangalore, is planning to roll out malls in major towns in Karnataka with a budget of Rs 100 crore.

Addressing a press conference here on Thursday, B G Uday, managing director, Euromar Garuda Resort, said "our goal is to take Garuda pan-Karnataka. We have identified key locations in the state starting with Jayanagar (Bangalore), Mysore, Hubli and Davangere as phase II expansion of the company."

The mall at Jayanagar (Bangalore) is being built on the old theatre (Swagath) land at a cost of Rs 30 crore. The project is a 240,000-square feet development of which parking and retail area are in the ratio of 50:50. The company is also in talks with leading multiplex operators to be its anchor tenant.

Garuda Mall at Mysore is a Rs 40-crore project through develop, operate, maintain and subsequently transfer between Euromar Garuda Resort India and Mysore City Corporation. Work on the mall is to commence this month and take 18 months to complete. It is spread across 400,000 square feet of which 150,000 square feet is reserved for parking in the heart of Mysore city.

The Hubli and Davangere malls are 120,000 square feet development costing Rs 20 crore and Rs 10 crore respectively.

According to Uday, the company plans to replicate the Bangalore Garuda Mall project and hand-hold tier II brands to interiors of Karnataka.

Euromar Garuda Resort India has completed one year of operating Garuda Mall (60:40 joint venture between Euromar Garuda Resort and Bangalore Mahanagar Palike) in Bangalore on Magrath Road.

The mall, spread over 380,000 square meters, including 17,100 square metres of shopping and entertainment space, houses store chains like Tata's Westside, Shoppers Stop, Marks & Spencer and Mango. It has achieved 36,000 foot falls a day, peaking during weekends.

To celebrate first anniversary, the company has lined up brand building exercise and shopping festivals, said Uday.