Trident Group acquires Shipra Mall in Ghaziabad for Rs 551 crore via auction

Real estate developer Trident Group has acquired Shipra Mall at Ghaziabad for Rs 551 crore through an auction process, its CEO Parvinder Singh said on Friday.

Trident Group, which is developing projects in Delhi-NCR, Mumbai, and Tri-city (Panchkula), has forayed into the retail real estate segment with the acquisition of Shipra Mall at Indirapuram in Ghaziabad, Uttar Pradesh. The size of the mall is 4.5 lakh square feet.

"We have acquired the Shipra Mall through auction under the SARFAESI Act (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act) for Rs 551 crore. The auction was conducted by Shipra Mall's lenders Indiabulls Housing Finance and Edelweiss Asset Reconstruction Company," Singh told PTI.

The property has been registered and the company paid a stamp duty and registration charge of Rs 44 crore, he said.