Carnival Group buys Chandigarh’s largest mall Elante for Rs 1785 crore

The largest engineering and building company in India Larsen & Toubro Limited (L&T) hand over its Chandigarh property Elante Mall for a very large Rs 1785 crore to the Carnival Group. The contract was notified in Mumbai.
Sources mentioned L&T sold its top-quality property to letdown its bankrupt which on March 31 stood at Rs 90,698.61 crore.
Extended over twenty acres, Elante Mall is largest mall in North India which interest large number of people from nearby neighboring lands during weekends. With more than 1.5 million sq.ft. retail area, Elante mall next to Hyatt luxury hotel also organized a cinema hall, restaurants and international brands. Encountering comprehensive lease, the property was also significant source of revenue for the business company.
The management of Chandigarh will also receive advantage from the deal and is possible to earn a revenue of about rupees hundred crores (Rs 90 Crore) as the property relocation and registration fees.
M. Sehgal