Ghaziabad: On Friday, The Indiabulls Group sold the famous Shipra Mall in Indirapuram to Himri Estate Private Limited. The mall was sold for Rs 551 crore. Rs 38.57 crore was paid as stamp duty and Rs 5.51 crore as a registration fee to the Stamp Department for keeping the record. The government got a total revenue of Rs 44.08 crore from the registry.
Shipra Group took a billion-rupee loan from Indiabulls Housing Finance for its real estate projects. Instead of a loan, Shipra Group mortgaged Shipra Malls to India Bulls. Shipra Real Estate was declared a defaulter by Indiabulls for non-payment of a loan. The dispute escalated, and the real estate company filed a case against the loan company. Increasingly, the matter has reached the Supreme Court. After the court's intervention, India Bulls liquidated Shipra Malls, and on Friday, the mall was sold to Himri Real Estate Private Limited.
This mall was developed by the Shipra Real Estate Group in 2005. It was the leading commercial property in Delhi-NCR. People living in Delhi-Noida, Ghaziabad, must have visited this mall at least once. One of the favourite spots among the youth, Shipra Mall houses many brands.
Shipra Mall is located on the Delhi-Ghaziabad National Highway in the upscale Indirapuram region. It was built in 2005 by Shipra Real Estate Group. This mall is one of the largest commercial properties in Delhi-NCR. At that time, it was the only mall where all the biggest brands around the world were found. Brands like Globaldesi, Cobb, Fabindia, Van Heusen, Addidas, Zodiac etc. It also a great place for movie lovers. It has the Inox Theater, which gives the best-in-class movie experience.
Earlier, this mall came to light regarding the allotment of land. A recovery certificate was issued against Shipra Group for non-payment of land allotment dues. Later, the sealing of the mall was ordered, and now the mall is sold.