The company has raised a debt funding of Rs 244 crore from Kotak India Real Estate Fund for the completion of its shopping centre. OMRD is a special purpose vehicle promoted by Mukrim Habeeb and developer Allied Investments and Housing Pvt Ltd
A 126-room hotel and a residential property will also be developed at Marina Mall, with an additional 4.50 lakh square feet of car park. The project is expected to be finished within 8-10 months.
"This funding will help fast track the development of our Marina Mall in Chennai, which we expect to become a shopping destination. This will be the only Grade-A shopping centre in a 25-km radius, housing top national and international brands and fulfilling the social need of the OMR stretch," said Habbeb.
The mall has been designed to give a 360-degree view from the main atrium. The centre will have an eight-screen multiplex, a large family entertainment centre and about 100 stores, including key retailers such as Lifestyle, Spar Hypermarket, Inox, Pantaloons, Reliance Trends, Max Fashions, Home Centre.