A US Firm Likely to Buy Elante Mall Chandigarh for a Whopping Amount – Here’re The Details

Elante Mall, the second largest shopping mall in Northern India and, the biggest shopping destination of Chandigarh. Carnival Group is in talks with global investment firm-“Blackstone” for sale of Elante. Sources said, that the deal is in the final stage and will be finalised soon.  The Largest shopping destination of Chandigarh, India – Elante is heard to be finalised at a whopping price nearly Rs. 2,000 crores.

‘Carnival Group’ is the current owner of Chandigarh’s most popular shopping mall-Elante. In September 2015, Mumbai’s Carnival group purchased the popular mall of beautiful city Chandigarh-Elante mall at a price of Rs. 1,785 crore from mall owner and constructor “Larsen & Toubro” (L&T).

Elante Mall, Chandigarh is for Sale

‘Carnival Group’ is the current owner of Chandigarh’s most popular shopping mall-Elante. In September 2015, Mumbai’s Carnival group purchased the popular mall of beautiful city Chandigarh-Elante mall at a price of Rs. 1,785 crore. It was the biggest deal of single real estate property in India at that time.

There is no final official announcement of the deal. But, it is heard from sources that Elante is being finalized for sale at whopping price of nearly Rs. 2,000 crores. “Blackstone” is a major global investment company, that has stepped ahead for making this deal with Carnival group.

“Blackstone” was found by a US billionaire-Stephen A Schwarzmanin and Peter G. Peterson 1985. Blackstone owns over 1000 malls across United States of America, Asia, Europe and Asia Pacific.

Blackstone has mall developer arm in India-Nexus Malls; acquired two major malls in India of Alpha G: Corp- one in Ahmedabad and other in Amritsar. The company acquired malls in Mumabi and Pune as well, and is now ready to spread its presence in 10-12 cities of India.

Elante Mall | Chandigarh

Elante Mall is the eleventh largest shopping mall in India and second largest mall in Northern India. It is spread over 20 acres of area. Elante Mall was developed by L&T (Larsen & Toubro) and was opened in April, 2013.

Elante is 4 + 1 basement level of the retail area. Elante Mall hosts various Indian and International retail brands, food court  and a courtyard full of cafes. The most popular mall of Beautiful city Chandigarh has 8 screen Multiplex of PVR cinemas. Not only this, The Elante mall has huge restaurants and fast food joints besides a food court. For kids, there is Fun City – an entertainment zone on top floor. The retail and commercial space has rental varying from Rs. 90-Rs 130 per square feet.

It has been disclosed by sources that annual turnover of Elante is over Rs. 1,400 crore. Elante made a major addition of city’s biggest hotel- “The Hyatt” which had turnover of Rs 60 crore in last financial year. Sources verify that the deal is being finalized for Rs. 2,000 crore approximately. Though, there is no official announcement made for sale of Elante mall, Chandigarh to Blackstone by Carnival Group.

Stay tuned for more updates on sale of Elante Mall to “Blackstone”.

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Vanshika Bansal

Vanshika is the so-called Chandigarh girl pursuing BBA at University of the Fraser Valley in Canada. She is dedicated, passionate about work and believes in 3 major things - hard work, herself and her dreams. You can write to her at hello@chandigarhmetro.com