DLF to bid for Ambience mall in New Delhi

06 August 2022, Mumbai:

India's biggest real estate developer DLF Malls Delhi plans to bid for a prominent New Delhi shopping mall which has a starting auction price of $366 million.

The 1.2 million sqft "Ambience Mall" in the posh southern district of India's capital has been put up for auction as its current owner, the Ambience Group, has not paid the debt of $149 million to India bulls Housing Finance and other creditors.

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DLF malls in Delhi NCR will review data related to the mall's occupancy status and contractual obligations and then consider whether to bid for it or not, one of the sources with direct knowledge said on Thursday.

The Ambience mall houses prominent brands like Swedish fashion retailer H&M and Uniqlo, owned by Japan's Fast Retailing. It is located right next to two other giant DLF mall on the same stretch, including one that houses luxury brands.

A public notice stated the auction will end on September 5 and that the reserve price for the mall was Rs. 29 billion.

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