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Prozone targets Rs 300 cr sales with affordable luxury projects
Prozone Capital Shopping Centres has built shopping malls in tier-II cities and now it is looking at bringing about a shift in the way real estate is sold in these markets with its affordable luxury housing projects. Prozone, which has already invested close to Rs 1,000 crore in the realty business, is targeting Rs 300 crore in annual sales across its three ongoing developments. Nikhil Chaturvedi, Managing Director, Prozone, told a newspaper the company's partner Capital Shopping Centres (CSC) follows a very interesting business model in international markets. They generally acquire four times the land parcel required to develop a mall. After the mall comes up, the surrounding land parcel become valuable, which is then exploited through residential, commercial and related developments. The idea is to create long-term, debt-free annuity income-based assets (malls) through short-term disposable assets like residential and commercial developments.
Prozone Capital Shopping Centres has built shopping malls in tier-II cities and now it is looking at bringing about a shift in the way real estate is sold in these markets with its affordable luxury housing projects. Prozone, which has already invested close to Rs 1,000 crore in the realty business, is targeting Rs 300 crore in annual sales across its three ongoing developments. Nikhil Chaturvedi, Managing Director, Prozone, told a newspaper the company's partner Capital Shopping Centres (CSC) follows a very interesting business model in international markets. They generally acquire four times the land parcel required to develop a mall. After the mall comes up, the surrounding land parcel become valuable, which is then exploited through residential, commercial and related developments. The idea is to create long-term, debt-free annuity income-based assets (malls) through short-term disposable assets like residential and commercial developments.