Realty major DLF is evaluating a bid for Delhi’s Ambience Mall, which has a starting auction price of $366 million (about Rs 2,900 crore). The 1.2 million-square-feet mall, located in south Delhi, is up for auction as the Ambience Group, its owner, has not paid a debt of $149 million (about Rs 1,200 crore), according to a Reuters report.
The mall, situated at Vasant Kunj in Delhi, owes the debt to Indiabulls Housing Finance and other creditors. The real estate developer will consider the mall’s contractual obligation and occupancy status before deciding on the bid, said the report, which quoted sources and a public notice.
The public notice said the auction will end on September 5, said the report. It added that two companies have already expressed interest in the mall, quoting an Indiabulls executive involved in the auction process.
According to the report, DLF, Ambience Group director Aman Gehlot and Indiabulls did not immediately respond.
The Ambience Mall in delhi has big brands like Swedish fashion retailer H&M and Japan’s Fast Retailing-owned Uniqlo. Two other premium malls are located around it.
According to Ambience Mall website, Ambience Pvt Ltd is a real estate developer company having focus on premium developments primarily in the National Capital Region with in-house construction and development capabilities. “Ambience Group has an array of ongoing and planned projects at strategic locations in Delhi NCR and Visakhapatnam incorporating a mix of Townships, Residential, Commercial, SEZ, Hospitality and Education.”