New Delhi: Shipra Mall, one of the most popular shopping malls in Ghaziabad’s Indirapuram, has been sold to Delhi based realty major Trident Group at a whopping Rs 551 crore.

Trident Group acquired the sprawling Shipra Mall from Indiabulls Housing Finance and Edelweiss Asset Reconstruction Company Ltd (EARC) via auction process.

“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,” Trident Group CEO Parvinder Singh told media today.

The realty group CEO further informed that the deal was funded through a mix of debt & equity. It paid a stamp duty & registration charge of Rs 44 crore for the property.

With the acquisition of Shipra Mall, the Real estate developer Trident Group has made its foray into retail real estate segment. The Shipra Mall is spread over a sprawling area of 4.5 lakh square feet.

“This will be our first retail project but we will continue to look for such opportunities at city centres. The mall has been operational for many years and we will further develop it,” said Parvinder Singh, Chief Executive Officer, Trident Group.

Trident Group, established in 2018, has so far delivered more than 20.34 million square feet of residential and commercial space. The Group has many realty projects undergoing in Delhi-NCR, Mumbai, and Tri-city (Panchkula). Moreover, an area of around 13 million square feet is under various stages of construction in residential, retail, hospitality, and commercial segments.