April 13, 2024 |
DLF to Invest Rs 2,200 Crore to Build Shopping Mall in Gurugram
Realty major DLF has started construction of its new 26-27 lakh square feet shopping mall in Gurugram at a cost of around Rs 2,200 crore as part of its expansion plan amid rebound in retail consumption post-COVID pandemic. At present, DLF has a retail footprint of around 42 lakh square feet comprising nine properties, including malls and shopping centres, mainly across Delhi-NCR. Around 3.4 lakh square feet of retail portfolio is under DLF Ltd and the rest under the DLF Cyber City Developers Ltd (DCCDL), a joint venture between DLF and Singapore sovereign wealth fund GIC.
“We have started construction work of ‘Mall of India’ in Gurugram. The total size of this mall is 26-27 lakh square feet,” DLF’s Vice Chairman and MD (Rental Business) Sriram Khattar told PTI on the sidelines of a CII conference on the real estate sector.
When asked about investment, he said it would be around Rs 2,200 crore.
Khattar said the company is bullish on the growth of the retail sector, which will lead to higher demand for retail space from retailers.
He highlighted that the retail sector has bounced back sharply post-COVID pandemic and there has been a strong growth in footfalls and sales in shopping malls.
DLF is constructing a premium mall in Goa of around 6 lakh square feet. It is also developing high-street shopping centres near its housing projects to cater to the requirements of people living around. It is already constructing shopping centres at DLF Phase 5, Gurugram and Moti Nagar, Delhi.
“In the next 18 months, a mall in Goa and two shopping centres at Gurugram and Delhi will become operational,” he said.
Addressing the event, Khattar said the retail leasing across malls and high streets stood at over 7 million (70 lakh) square feet in 2023, “with brands actively courting aspirational, well-heeled customers with new formats, experiential stores and international merchandise offerings”.
“Consumption trends exhibited a rebound during 2023 with cinemas stabilising, followed by healthy growth amongst footwear, travel & leisure, QSRs and jewellery & watches,” he added.
DLF Group is primarily engaged in the business of the development and sale of residential properties (the development business) and the development and leasing of commercial and retail properties (the annuity or rental business).
It has developed more than 158 real estate projects and developed an area in excess of 340 million square feet. The group has an annuity portfolio of over 42 million square feet.
DLF Group has land banks to develop 215 million square feet across residential and commercial segments.
Source : ET
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