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News Updates 14


Marg Junction mall, Chennai to open in 2013


Ascendas Park Square mall opens in Bangalore


Marg Junction mall, developed by Chennai-based company, Marg Limited will become operational in 2013. The mixed- use develop- ment comprises 12,00,000 sq.ft. of retail space, 4-star hotel spread across 5,17,000 sq.ft., and service apartment spread across 1,06,000 sq.ft.


Jawahar Singh, VP, Real Estate- Retail and Commercial, Marg Group said that Marg Junction will have access to primary catchment of 5,00,000 people, secondary catchment of 2,00,000 people and floating population of 2,00,000 people who are em- ployed in the IT/BPO companies on the ‘IT Corridor of Chennai’- OMR.


The mall is touted to have the largest atrium space in Chennai with 24,000 sq. ft. The food court will spread over 40,000 sq.ft. with 16 counters and a seating capacity of 900 people. The nine- screen multiplex will have 1850 seats. Principal architecture of the mall has been taken care by Neo Modern Architects, Mumbai while Cheralathan Associates, Chennai has been appointed as the local architect


Ascendas Park Square mall, developed by Ascendas Services (India), located in International Tech Park, Bangalore (ITPB) which opened last December has re- ceived encouraging response. The mall spreads over 450,000 sq.ft. and houses over 140 stores across five storeys.


The tenants of the mall include a 4-screen multiplex from ‘Q’ Cinemas, Reliance Trends, Reli- ance Hypermarket, a gaming zone by ‘Amoeba’ with 24 bowling lanes, Reliance Timeout, a 500- seat capacity food court serving Indian and international cuisines. The project also includes a 5-star hotel, Vivanta by Taj.


Thomas Teo, CEO, Ascendas Ser- vices (India), said: “With Ascendas


Park Square, ITPB has evolved into an integrated environment with space for office, hospitality, retail and entertainment. With more than 50 percent of the space dedicated for fun, enter- tainment, fine dining, pubs and cafes, Ascendas Park Square will be a lifestyle and entertainment hub in Whitefield.”


Located at the entrance of ITPB and adjacent to the hotel, Ascen- das Park Square will cater to over 27,000 employees working in the park, and people living or work- ing near ITPB. The mall will have multiple entry points for external visitors from the main road, and a link bridge connecting the mall to the rest of ITPB only for the park employees.


Chennai Metro to acquire land


The Chennai Metro Rail Ltd (CMRL) is in the process of acquiring land measuring 2633 sq m of Kathipara junction in Chen- nai, for its ongoing Chennai Metro Rail Project.


The land at inner Ring road of Kathipara junction belonging to Geological Survey of India (GSI), Ministry of Mines is estimated at Rs11.34 crore approximately. The GSI, Ministry of Mines and CMRL will be signing the agreement for this sale deed.


As per the MoU between GoI, Government of Tamil Nadu (GoTN) and CMRL in February, 2011, the cost of the land will be borne by GoTN as interest free subordinate debt to CMRL.


Currently, the Chennai Metro Rail project is rendered through a joint venture between Govern- ment of India and Government of Tamil Nadu (GoTN) with eq- uity participation on 50:50 basis. Initiated in Feb 2009, the phase-I of the project is expected to be completed by 2014-15.


GIREM 101 43 16 15


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