Mall are being constructed and designed as modern shopping complexes keeping focus on residents in the new luxurious housing units in Metro cities and in other urban centers also in India.
The malls accommodate every thing from retail chains to eating joints to entertainment zones. A customer can expect any to get every range of products including domestic and foreign brands.
There is a lot of scope for new malls in urban India, as the mall culture has been accepted by open hands by the Indians. The retail industry is only 4 pc in the mall and is expected to raise 30 pc in few years.
Top real estate developers have already launched several projects in the NCR region, which are attracting huge footfalls. According to a survey the ideal per capita mall space in India’s top urban centers is about 1.5 sq ft per person, but this can vary from city to city.
With an estimated urban population of 30 million people, one of the hottest markets the Delhi-NCR market can absorb more in it. With the rise in demand the average size of malls in India has increase as the developers are focusing on larger spaces. It is estimated that a large mall average size is 4,50,000 sq ft.
The larger mall allows the tenant to mix the various formats, and with the introduction of multi-brand the size needs to be larger as most of the areas are occupied by the foreign retailers.
The wave group and the DLF are going to open new malls in sector 18, Noida very soon. The malls will give a blend of entrainment and shopping with possible all the amenities. The Wage grup is alos plnning to extend arms in Tier-II cities in India.
Since the demand of commercial real estate is increasing due to the increase in retail activity, Sheth Developers, a property firm tied up approximately half the space at its upcoming 1 million sq ft mall in India’s financial capital.
Sheth developers are Mumbai based developers. They have lined up retailers Hypercity and Shopper’s Stop. Also Cinepolis, which is a Mexico-based multiplex chain, is lined up as tenants for the ‘Vivacity’ mall at Thane which is currently under-construction. All this information was gathered by some reporters on Monday from the vice-president for marketing & leasing of Sheth developers.
He also admitted that although the firm had slowed down construction work due to the market slump, they are now back into operation since their leasing team is getting tremendous response now.
This mall has a total of 670,000 sq ft area as the saleable area and it scheduled to start operations by August 2011.
DLF has dropped its plans to develop a mall on upmarket Commander-in-Chief Road in Chennai due to the ongoing economic recession.
The company has now sought permission to develop the land as a premium residential project. DLF Southern Homes director KK Raman said, “We have completed the design process. We are awaiting approval to announce the launch of our residential project during October-November 2009”.
Sometime in 2005, DLF Commercial Developers acquired the 4.41-acre property from German major Mico Bosch for about Rs 138 cr and had intended to develop it as a retail-cum-office complex. Later, it revised the plans and applied for a multi-storeyed building status, hoping to develop the property as a mall.
Now, for the second time, the company is revamping its plans. It has approached the Chennai Metropolitan Development Authority to permit its reclassification so that the land can be developed as a residential project.