Prozone Enterprises, a joint venture between Provogue India and UK’s Liberty International is planning to launch three residential projects in Indore, Nagpur and Coimbatore by the year-end.
The first phase of the housing project will span 34 acres across the three cities, said Salil Chaturvedi, deputy managing director, Provogue India. “We have done this to leverage our mall assets,” said Chaturvedi.
Prozone is set to launch a 570,000 sq-ft retail mall in Aurangabad in July and will also follow up its commercial launches in Nagpur and Coimbatore in the coming years.
He said there was an additional 400,000 sq-ft of land in Aurangabad, whose value was yet to be unlocked by the firm. The move is part of Provogue’s plan to diversify from its core apparel retail business and grow its sales, Chaturvedi added.
Chaturvedi said the developed value in the first phase of the residentail project at Indore was pegged at Rs 3.5 billion. Prozone, in which Provogue owns 75 per cent stake and Liberty International the rest, is talking to hospitality players to sale or lease part of its huge land bank. “Hospitality is very location based. You can’t partner with just one single player,” he added.
The total land bank under Prozone is around 150 acres, said Chaturvedi.