Meters to invest Rs 130 cr in setting up mall

Chandigarh-based Meters and Instruments Ltd, one of the oldest industrial units in the city, has decided to build a shopping mall-cum-multiplex in the city's industrial area with an investment of Rs 130 crore.

The company has a joint venture with Delhi-based developers Real Tech Constructions for building the mall-cum-multiplex and two Canada-based companies, Asia Property Group (APG) and NAI Global, for technical and marketing expertise.

The mall will be the largest in the city with an area of 250,000 square feet, with at least two to three basements for parking and a six-storeyed shopping complex.

Speaking to Business Standard, Director Pankaj K Sahgal said the mall would provide world-class shopping experience with 150-200 shops, an anchor store, and 5-6 multiplexes, along with architectural marvels.

"In multiplex we will be introducing the platinum lounge in the city for the first time and within a month would finalise with the multiplex chain,"said Sahgal

The mall will have dedicated floors partially or completely based on wedding, children entertainment zone, youngsters. " For the first time we will be bringing a luxury floor spread over 30,000 sq feet, where there will be international brands, designer store.This will be one floor for the city' elite to come and pick their favourite brands, for which they had to travel to Delhi, Bombay earlier, "informed Sahgal.

Sahgal who is a Chartered Accountant was running the electric meter industry since 190 and it has been two years the industry was closed. According to him it was the retail boom which made him keen to set the business.

"I am looking at five years from now , where the city will be flooded with 40,000-50,000 IT professionals, senior managerial people from the adjoining industrial towns of Baddi, Parwanoo, Mohali who will be looking at destinations to shop, entertainment and eat world class food,"quipped the businessman.

The mall would be opened in the next 18 months once the environmental clearance is achieved and the building plans are given a go-ahead from the UT Administration. The unit management has already applied for conversion of land use and deposited the first installment of the conversion fee with the Chandigarh Housing Board.