Deepak Fertiliser and Petrochemicals Corporation is diversifying into the services sector by building speciality malls for interior and exterior spaces in Pune.

Sailesh Mehta, managing director, Deepak Fertilisers and Petrochemicals Corporation said, "We kicked off the venture under Urban Spaces in Pune and would replicate it in other parts as our further our endeavour into the service sector".

Deepak Fertiliser will be investing Rs 100 crore (Rs 1 billion) which is expected to bring designers, architects, engineers, consultants, landscape developers under one roof to cater to the needs of offices, residential as well as malls or multiplexes. Construction on the mall will begin in March 2004 and will take 18-20 months to complete the entire work.

Mehta said, "Our market research revealed that at present with scattered availability there was a strong fundamental demand for holistic approach to design and development from both property owners and industry professions alike. Urban Spaces will be a one-stop destination where entire products and services required by the property and interior industry will be showcased."

The speciality mall will be spread over five lakh squarefeet across 10 acres of land. Mehta said the mall will not only house leading domestic players but also international product and services will be displayed. The mall will display plethora of products from glazing, flooring, furniture, furbishing, hi-tech consumer electronic white goods, lighting and acoustics reaching upto art and sculpture.

Mehta said the "mall will also be meeting point of creativity, discussion and debate by architects and designers in the future."

Elaborating on the design and concept of Urban Spaces, Kamal Malik, architect of the venture said, "Till date, no project has been created which can serve as a common ground for designers, architects, engineers and artisans. Urban Spaces will serve this purpose by encouraging a dialogue among these disciplines, thereby providing a spark to creativity as also leading to a more integrated approach to the design process. This will also provide a forum for sharing global practices in the field of designing."