Its carnival time in Chandigarh as the Carnival Group purchases Larsen &Toubro's commercial asset

Yes. After Leela Infopark in Kochi and Leela Technopark in Thiruvananthapuram, the Carnival Group has struck another biggie – Elante Mall. A huge deal worth INR 1785 crores has materialized in Chandigarh right during the final phase of year 2015 which should help the property markets across India and lift up the spirits of the real estate industry as well.

As per the head of the Carnival Group, this acquisition will help them consolidate their investment portfolio as this particular piece of commercial real estate held by Larsen & Toubro in Chandigarh yields a handsome rental and includes Elante Mall, Hyatt luxury hotel and office premises with central courtyard.
This acquisition is designed to be a part of asset creation for the entity and should enhance the group’s presence and foray into fresh markets going along as per the Carnival think tank.

Being the largest mall in Chandigarh, the Elante mall has more than 1.5 million sq ft of retail space which is spread across Ground and three levels.

Being spread across 20 acres, this mall also boasts of myriad national and international brands along with a mix of hypermarket, departmental stores, Sports Bar, Bowling Alley in its kitty and therefore the rental yield is exciting for the same. A very modernly designed and built mall, Elante has a thoughtfully executed entertainment zone with multiplex and food court that entertains its large number of clients who love this mall and throng to enjoy it in thousands and therefore it has helped this mall big time in terms of its revenue flow.

The acquisition of the Chandigarh commercial realty project will help the group broaden its portfolio and achieve leadership position in the retail space.

The group has also bought out the Big Cinemas multiplex business of Reliance ADAG Group.It had also acquired Glitz Cinemas earlier this year, which was part of Capital 18, a subsidiary of Network 18 Media.
The diversified Carnival Group owns brands such as DBell, Café Sabrosa and Rasam in their hospitality stand along with Carnival food courts. Carnival Group shares interests in media and entertainment with segments such as movie production and international concerts.