Sheth Developers, one of the leading real estate players in India, has announced their new project ¬ Vivacity. The mall is poised to come up in the Thane district, adjacent to Mumbai. Spread over an area of 1 million square feet, Vivacity boasts of a multiplex with 14 screens, seven large anchors along with a mix of mini-anchors and a gaming zone.
JP Biswas, vice president, leasing and marketing, Sheth Developers said, “Vivacity is poised to bring a never before experience to its customers. With a great combination of shopping experience, movies and entertainment, the project promises to offer the shoppers more options and more choices when it comes to shopping, food and entertainment.”
The mall, located in Thane on the eastern express highway will be well-connected with all parts of the city. It is strategically located to cater to the catchments area of Thane, Mulund, Powai, Ghatkopar and other central suburbs of Mumbai. The mall will also be easily accessible to the western suburbs of Mumbai via Powai.
“Thane is a preferred choice for young affluent buyers due to its proximity to other parts of the city and infrastructural facilities. Rising consumerism and increasing purchasing power has led to a significant growth of the organised retail market in central as well as eastern suburbs. With its spacious, relaxing and unwinding designs, Vivacity plans to be a daily destination which currently is lacking in greater Mumbai” Biswas said.
The developers have already signed with K Raheja Group to set up Shoppers Stop; a family store, with value merchandise and Hyper City, the hypermarket chain stores within the mall Vivacity will be housing Hyper City and Shoppers Stop, as its anchor tenants. The two format retailers have leased an area of 85,000 sq ft and 65,000 sq ft respectively spread across the ground and the first floor. Sheth developers had also announced its tie up with Cinepolis to set up fourteen-screen megaplex with a facility to showcase over 70 shows on a single day with a seating capacity of 2,400 people.
The mall currently has 37 per cent occupancy by retailers from the country and is hoping for 100 per cent occupancy by the end of the year. Vivacity is slated to open its doors for the consumers by the mid of financial year 2011-12.
