Chandigarh: Insurance major Life Insurance Corporation of India (LIC) on Friday said that will invest a sum of Rs 1,000 crore to develop a mall-cum-office complex at Mohali.
"The expected investment in developing a mall-cum-office complex in Mohali will be Rs 1,000 crore and it may be ready within one-and-a-half to two years," a senior LIC official, who declined to be identified, told reporters here.
On 9.6 acres of land LIC has proposed to build 6 lakh square feet of area for this project. "Three lakh square feet will be developed for shopping and a mall while remaining 3 lakh square feet area will have offices," he said.
Currently, LIC is in the process of hiring an architect for this ambitious real estate project. Consultancy agency IL & FS has also submitted its report on how to go about this project, he revealed.
LIC had bought 9.6 acres of land at a prime location through auction, which was conducted by Greater Mohali Area Development Authority in 2008 by shelling out Rs 465 crore.
Interestingly, throughout the auction, LIC remained the sole bidder for this project and paid just over Rs 1 lakh per square yard, which was the highest ever rate in the region at that point of time.
LIC has already developed real estate projects in Mumbai and Bangalore. "LIC has also plans to develop a shopping mall in Kolkata where it possesses 5 acres of land," he further said.
Besides, LIC has 3.6 acres of land in Ludhiana which it bought in September 2008 at a sum of Rs 228 crore.