Real estate firm DLF has plans to invest around $260m (Rs20bn) to construct two new shopping malls in Gurugram and Goa, India.
With the opening up of the economy following a huge reduction in Covid-19 cases, it expects huge growth potential in the country’s retail segment.
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In an interview with PTI, DLF Rental Business managing director Sriram Khattar said that the company will develop two new shopping malls, including ‘Mall of India’ Gurgaon and four neighbourhood shopping centres.
Currently, DLF has a retail footprint of 4.2 million square feet comprising eight properties, including malls and shopping centres.
The firm has begun construction works of a premium mall in Goa.
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The firm plans to invest around $40m-$46m (Rs3bn-Rs3.5bn) over the next two years.
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By GlobalData”We are also in the advance stage of planning for our ‘Mall of India’ Gurgaon comprising 2.5 million square feet area,” Khattar said.
The construction is anticipated to commence by the end of this year.
“So the architects have started doing the designing. We hope to complete it over the next six months or so. Since it’s a very large mall, the planning takes more time,” Khattar added.
On the project cost of ‘Mall of India’ Gurgaon, he said it would be around $200m-$210m (Rs15bn-Rs16bn), without including land cost.
The firm also began a concept of high-street shopping centres to meet the requirements of people residing around.
He added: “We have started construction of one in DLF-phase 5, Gurgaon, which we are calling Summit Plaza. We are likely to start one in Moti Nagar, Delhi near our DLF-Midtown project. We are also planning one or two more of these.”
The company’s retail portfolio’s contribution is about 18% to its total rental income and 12-13% of its total annuity portfolio.
About 90-93% of its retail portfolio comes under the DLF Cyber City Developers Ltd (DCCDL), a joint venture between DLF and Singapore sovereign wealth fund GIC.
DLF has developed 153 real estate projects.
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Image: DLF has a retail footprint of 4.2 million square feet comprising eight properties, including malls and shopping centres. Credit: Michal Jarmoluk from Pixabay.
