Kakade Group plans Rs 900 cr investment

To build 18 lakh sq ft of mall space

Kakade Construction Company Pvt Ltd, promoted by Sanjay Kakade of the Kakade Group, has plans to invest Rs 900 crore in the next three years to create retail space of over 18 lakh sq ft. across Pune city.

The malls will come up at busy locations including Moledina Road, University Road, Satara Road, Lakshmi Road, Fergusson Road and Kothrud.

Sanjay Kakade, Managing Director of the company, told reporters on the sidelines of the inauguration of the group's headquarters Kakade Capital, that the company would build six malls in the city to accommodate international names such as Marks and Spencer or D'Damas.

Along with these two, international brands, Next and Body Shop will be entering Pune through Kakade Malls, he said. Kakade added that the company is building an Information Technology Park at its Warje (Kothrud) residential complex.

The first two of the six malls planned will open during the current year Kakade said, adding that the rest would be opened over the next two years. "All six malls will be operational by 2008," Kakade said.

The company has tied up with Sringar Films to start a six-screen multiplex at the Kakade City Mall, he said. Other retail brands for the malls include Benzer, Westside and Shoppers' Stop, he added.

Kakade said the company has signed up with Jones Lang LeSalle to market the IT Park the company is building.

"We see a great demand coming from IT sector in the Kothrud area, and we have converted part of the Kakade City project into commercial space," Kakade explained.

The company will now expand its operations in Nashik and Kolhapur as these two cities also promise a lot of opportunity, Kakade said. He, however, clarified that the plans for entry into these markets is yet to be finalised.