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Hindustan Petroleum Corporation Limited undertakes construction of malls in Cochin, Jaipur

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Hindustan Petroleum Corp (HPCL) State-owned oil marketing firm had crumpled the retail venture in Cochin and in Jaipur with the support of Property experts Trammell Crow Meghraj (TCM) said the sources to the www.propertykhazana.com . HPCL had planned to build up Malls with cinema complex, food courts, hotels, conference centers, amusement parks and also commercial complexes and best apartments in 60 odd acres of property which was available in the 2 cities. Cochin venture was the initial to get the land and the predictable yield from this project, apart from the auction of inhabited apartments, which has hooked in the series of Rs. 30-40 Crores yearly. Auction of plots was likely to add one more Rs. 100 Crores to the company’s outcome. JV associate had constructed and marketed the retail amenities and HPCL had bought a property as equity. The gross income was shared between HPCL and other party in part of HPCL equity and co-worker’s construction price.
As per to the HPCL the agreement had offered the maximum price for HPCL where it gave the balanced yields sharing without any capital investment. But still a final decision of this had taken after the sanction of the company’s board. HPCL had possessed a large piece of main realty in various cities in the form of oil depository, terminals, LPG Plants, housing colonies and retail outlets. In many places the process had been moved to other places which were seen as an empty property lying idle. TCM had allied with leading Malls in India like High Street Phoenix, Centre One, In Orbit Central Mall, Forum, and Metropolis and Inox.
Source: NIMMA BENGALURU

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