In the midst of sale rumour, new partners may invest in Noida's largest mall, Great India Palace (GIP Mall). In light of the deteriorating scenario following the Covid epidemic, mall management is attempting to boost the economy. The talk of the mall being sold has been dismissed by management as mere rumor. During the Covid pandemic, GIP Mall's business suffered for at least a year.
Even in 2021, the situation did not improve. However, the number of people visiting the mall has climbed during the last four months this year. Meanwhile, talks about selling the mall for Rs 2000 crore erupted. According to GIP officials, over 40 thousand people visit the mall on a daily basis. Prior to the Covid outbreak, more than 50,000 people visited the mall on a daily basis. If this mall is sold, the authority will receive a sizable sum under the transfer of memorandum.
Many showrooms were shut during the Covid period due to commercial disruptions. This is thought to be the primary reason for the mall's downturn. On the condition of anonymity, a GIP Mall representative said that the mall is not for sale, but that many partners had left and that many new partners will join. Even after this, the mall's name will remain the same.
Many new malls have emerged and developed near GIP Mall in the last ten years. DLF and Logix merged to create Mall. These malls also have various brand showrooms, multiplexes, food courts, and so on. Logix and DLF Mall followed GIP Mall. This is reported to have had an impact on the mall's business. During the pandemic, its economic situation deteriorated.
This 147-acre mall, which opened in 2007, is the largest in the country. The mall's promoters also run three other malls and an amusement park on the same property. GIP has established itself as the city's largest mall. The mall complex's Garden Galleria, Worlds of Wonder, and Amusement Park has showrooms for 250 national and international brands. Every day, residents of Noida and Delhi NCR visit for shopping and leisure. GIP Mall also houses a multiplex.
There is also talk among the city's top businessmen that the GIP Mall administration is in debt to the tune of Rs 800 crore. This is said to be the primary basis for the mall's sale speculation.
The Great India Place was developed by Appu Ghar Group and The Unitech Group. It is maintained by Entertainment City Limited. It is located in Sector 38-A, adjacent to Noida Sector 18 Metro Station.
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