shipra group net worth, ₹ 600 crore wealth, then how Shipra Mall was sold, who is the owner of the company, Mohit Singh – who is mohit singh shipra mall owner and his net worth
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Why Shipra Mall was sold
Shipra Mall, built in the posh Indirapuram area of Ghaziabad, has been built by Shipra Real Estate. This company is going through financial crisis and debt burden for the last few years. Many ventures of the company are proving to be flops. Shipra Group has taken a loan of crores of rupees from India Bulls Housing Finance for several of its projects. Shipra Group had mortgaged its 6 properties including Shipra Mall to India Bulls for the loan. When the Shipra Group failed to repay the loan, India Bulls declared the company a defaulter and auctioned the mall.
How Shipra Group started
The foundation of Shipra Group was laid in the year 1987. Harpal Singh started the Shipra Group. The company started its business in Delhi, Dehradun, Mussoorie, Ghaziabad, Noida. Many hotels, business parks were built. In the year 1996, the company started Shipra Apartments with a real estate company. Through projects like Shipra Riviera Project, Shipra Sun City, the company has set its feet in real estate. After this, the company started building malls in a hurry. Shipra Mall, Noida’s CenterStage Mall is a part of this group. Apart from hotels, malls, apartments, business/IT parks, hotels, multiplexes, townships developed by the company.
who is mohit singh
Mohit Singh is the MD of Shipra Group. Under Mohit’s leadership, the company’s turnover crossed $360 million. The company has started several projects and done timely handover to strengthen its hold in the hospitality sector. Under the leadership of Mohit Singh, projects like Shipra Mall, 5-Star Hotel, Shipra Sun City, were launched and completed. Shipra Company’s net worth reached $730 million i.e. around Rs 6,00,95,64,400. Within 20 years, he took the company to new heights. The company has joined the ranks of real estate giants. The company has so far completed and handed over 8200 residential units to the buyers.
heavy debt
The burden of debt fell heavily on another company. Shipra took huge loans for many of her projects. The company ran into trouble several times due to loan and property tax disputes. Due to non-payment of dues, the mall was even sealed for two days. At the same time, Indiabulls decided to auction the mortgaged property of the company for non-payment of outstanding loans. Shipra Mall was also sold for the same reason. The loan case from Indiabulls was in the news a lot. In the event of not being able to repay the loan, a legal battle also took place between the two companies. After the court’s intervention, India Bulls auctioned Shipra Malls.
Why Shipra Mall is Famous
Shipra Mall located in Indirapuram near Noida border on Delhi-Ghaziabad National Highway is very popular. It is recognized as the largest commercial property in Delhi-NCR. Popular brands from all over the world are present here. Shipra Mall has many popular brands of the world. This mall has been very popular among the youth. Popular brands of Clothing Brand Stores Footwear Brand, Vanch, Sports, Furnitures are found here under one roof. The most special is the open area of the mall, which draws people towards it. Spread over 4.5 lakh square meters, this mall gives a unique shopping experience to the people.
Who is the person who bought the famous Shipra Mall for 551 crores, why is it embroiled in controversy
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