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The proposed funds will be targeted at institutional investors and It already has an operational limestone mine at the site and the
high net worth individuals (HNIs). They will also look at acquiring new facility will expand its footprint in western and central India.
stressed residential projects and those that have gone to the Expanding capacity
National Company Law Tribunal (NCLT). In the proposed AIF funds, Apart from this, Nuvoco will invest about `400 crore to increase CONSTRUCTION
Prestige Estates will be the sponsor while institutional investors can capacity by 2.4 mtpa by upgrading its blending unit at Bhiwani,
come as co-sponsors. Haryana to a grinding unit. The prevailing infrastructure at site will
The idea behind floating the fund is not to increase the debt but help expedite the project commissioning with limited capex, said
to grow the company at the same time. There will be two funds the company. The debottlenecking and upgradation projects will
as there is a lot of interest from institutional funds and high net augment collective volume by 2.4 mtpa, Nuvoco said.
worth individuals. The proposed funds will invest in projects in the The ongoing debottlenecking projects to increase clinker capacity
top six markets across India–Mumbai Metropolitan Region (MMR), at Risda and Nimbol Cement Plants are on track, Nuvoco added.
Pune, Bengaluru, Chennai, National Capital Region (NCR) and The company is also setting up alternate fuel material handling
Ahmedabad. facilities at Risda and Nimbol Cement plants with investment of
The company is looking to build a land bank across cities.. about `50 crore, it said.
Prestige Estates recorded residential sales of about `7,300 crore Long term growth plans
for Q3 of the current fiscal and expects the year to end at `10,000 The proposed expansion plans will significantly contribute towards
crore, despite the underlying challenges posed by the pandemic. sustainable and inclusive growth. The company is well placed
The new sales were backed by a good response to its newly to ride the long term growth trajectory with cement demand
launched projects. Prestige has some 83 million sq ft of residential estimated to grow at a CAGR of 6-7 per cent by FY26.
projects under construction or in the pipeline. Its net debt stood at The current growth investments will help the company seize the
`4171.5 crore, with an average cost of borrowing of 9.38%. opportunities predominantly in the northern and western parts of
the country. Nuvoco Vistas Corp, a part of Nirma Group company,
PHOENIX MILLS TO OPEN FIVE MALLS BY 2025; currently has a consolidated capacity of 22.32 mtpa with a major
COMBINED COST IS `5,300 CRORE presence in the East. Nirma Group forayed into the cement
Retail mall developer Phoenix Mills Limited (PML) is planning to business in 2014 through a greenfield cement plant in Nimbol and
open an additional five malls with around 6 million square feet acquired the Indian cement business of LafargeHolcim in 2016.
(MSF) of retail space. The budgeted cost of the five malls is around The company has 11 cement plants in West Bengal, Bihar, Odisha,
`5,300 crore, managing director Shishir Shrivastava said in an Chhattisgarh, Jharkhand, Rajasthan and Haryana. It has five
interview. Phoenix Citadel in Indore will have a gross leasable area integrated units and five grinding units besides one blending unit.
(GLA) of 1 msf. Palladium Mall in Ahmedabad will have a retail
GLA of 0.7 msf. Phoenix Citadel and Palladium are expected to MUMBAI TO WITNESS 4.5 MILLION SQ FT OFFICE LEASING
become operational by the first half of financial year 2023. IN 2022, REPORT
Phoenix Millennium in Wakad, Pune, will have 1.1 msf of retail Mumbai, the country’s commercial capital, is likely to clock in
and 0.6 msf of office space. The fourth property, Mall of Asia in gross absorption of around 4.5 million sq ft Grade A office spaces
Bengaluru, will have a retail GLA of 1.2 msf and office GLA of 1.2 in 2022 as the strong vaccination drive is expected to continue to
msf. Both these malls will become operational in early FY 2024. build occupier confidence, leading to gradual return to office for
Additionally, the company will have another mall coming up in employees, according to international real estate advisory firm
Kolkata by FY 2025, Shrivastava said. Mall of Asia in Bengaluru will Savills India. The city recorded gross absorption of 4.6 million sq ft
be among the largest malls in India, he said. Grade A office spaces in 2021, registering a year-on-year increase
PML plans to spend a total of `5,300 crore to develop these malls, of 59%. The gross absorption was split as 30:70 between the first
of which around `3,000 crore has already been spent. PML has and the second half of 2021.
developed more than 17.5 MSF of retail, commercial, hospitality In addition to fresh leases of 4.6 million sq ft, the city witnessed
and residential assets. renewals amounting to 4.7 million sq ft in 2021. The renewals
Phoenix Mills currently has around 7 mn sq ft of gross leasable area were noticed majorly in the micro-markets of Navi Mumbai and
across nine operational retail malls in six cities. eastern suburbs. The banking, financial services and insurance
(BFSI) segment along with technology occupiers is likely to lead
NUVOCO VISTAS TO INVEST `1,500 CR IN 2.18 MTPA the office leasing demand during the year. Increased demand
CLINKER PLANT from data center operators, especially in the micro-market of Navi
Cement company already has an operational limestone mine Mumbai is expected to emerge. The vacancy rate may increase
at the site and the new facility will expand its footprint in western marginally to 21% by December 2022 and the overall Grade-A
and central India rental values are expected to remain stable. The city is likely to
Nuvoco Vistas Corp, the fifth largest cement company in India, witness a new supply of 6.9 million sq ft based on the scheduled
plans to invest `1,500 crore for setting up a greenfield project completions during 2022. This planned supply constitutes IT and
with 2.18 million tonne per annum (mtpa) clinker capacity at non-IT developments concentrated in the micro-markets of
Kalaburagi (formerly known Gulbarga) in Karnataka. Central Mumbai and Navi Mumbai.
The company expects ground-breaking for the project to be in In 2021, the BFSI segment continued to be the demand driver,
the next fiscal, it said in a statement on Thursday. garnering a 52% share in Grade-A gross absorption, followed by

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