Famous mall auctioned off for Delhi vibe
This famous mall in Delhi is up for auction, the price has been kept at ₹2900 crore! Do you know what the problem is?
A shopping center located in the most chic district of the country’s capital, Delhi, is going to be auctioned. According to Reuters news, valuation is underway for the auction of ‘Ambience Mall’ spread over 1.2 million square feet in South Delhi. In fact, Reuters news agency quoted two sources as saying India’s largest property developer DLF is evaluating the bid for Ambience Mall, which has an initial bid price of $366 million.
The mall’s current owner, Ambience Group, is said to have defaulted on debts of around $149 million to Indiabulls Housing Finance and other creditors. According to the source, DLF will review the mall’s occupancy status and related contractual obligation data. After that, he will consider again whether to bid or not.
However, DLF declined to say anything in this regard. Meanwhile, Ambience Group director Aman Gehlot declined to comment on the notice or the bidding process. Indiabulls also did not respond.
Ambience Mall is home to top brands such as Swedish fashion retailers, H&M and Uniqlo. In the same segment, there are two other DLF malls, which also include several luxury brands. “It’s a very well-located property. It’s become a destination in itself thanks to the other malls nearby. There are many brands present here,” the source said on condition of anonymity.
Ambience Group’s website says it has interests in residential and office real estate as well as shopping malls and hotels. A public notice says the auction will end on September 5 and the mall’s reserve value is 29 billion rupees ($366 million). However, it is not known when the auction started. An Indiabulls executive involved in the bidding process told Reuters the two companies had previously expressed interest in the mall, but declined to share their names.