Mumbai, Apr 30 Developers and private equity players are set to put India’s retail space market on full throttle with investments worth around$5 -10 billion in FY09-FY10.
In moves that would lend retail space gigantic proportions, the Runwal Group and Singapore’s GIC will use a joint venture to launch a ‘Our City Centre’ retail mall over 1.1 million sq ft of area in Ghatkopar, Mumbai. In the second phase of their foray, they will develop another ‘Our City Centre’ over 7 million sq ft of area in Hyderabad. Mumbai-based ICS Group is their project advisor.
Equally bullish is Sheth Developers, which is building a shopping centre called ‘Viva City’ over1 million sq ft in Hyderabad and Thane, Mumbai. The company is investing four hundred crore rupees in this new retail development and has not associated with any private equity firms.
The sudden gush of investments has also swept across smaller cities. Media major Dainik Bhaskar Group will develop a 7.5-lakh sq ft retail mall in Bhopal. With construction already under way, the mall is likely to be up and running in December 2009. The mall comprises a basement, ground and six floors with seven anchor shops, 180 retail shops, six-screen multiplex and food courts. JMC projects have been appointed as the civil contractors and Bentel Associates, Mumbai ,are the property advisors.