Ambience Mall Auction: A shopping mall located in the most posh area of the country’s capital Delhi is going to be auctioned. According to the news of Reuters, the valuation is going on for the auction of “Ambience Mall” spread over 1.2 million square feet in South Delhi. In fact, news agency Reuters quoted two sources as saying that India’s largest real estate developer DLF is evaluating the bid for Ambience Mall, which has an initial auction price of $366 million.
Debt on the owner of the company
The current owner of the mall, Ambience Group, is said to have defaulted on debts of around $149 million to Indiabulls Housing Finance and other creditors. According to the source, DLF will review the mall’s occupancy status and data related to contractual related obligations. After that, it will again consider whether to bid for it or not. However, DLF has refused to say anything in this regard. Meanwhile, Ambience Group director Aman Gehlot declined to comment on the notice or the auction process. Indiabulls also did not respond.
Know the whole matter
The Ambience Group website states that it has interests in residential and office real estate as well as shopping malls and hotels. A public notice said the auction will end on September 5 and the reserve value for the mall is 29 billion rupees ($366 million). However, it is not clear when the auction started. An Indiabulls executive involved in the auction process told Reuters that the two companies had already expressed interest in the mall, but declined to share their names.