10/04/2022
𝗗𝗟𝗙 𝘁𝗼 𝗕𝘂𝗶𝗹𝗱 𝗧𝘄𝗼 𝗡𝗲𝘄 𝗦𝗵𝗼𝗽𝗽𝗶𝗻𝗴 𝗠𝗮𝗹𝗹𝘀 𝗶𝗻 𝗚𝘂𝗿𝘂𝗴𝗿𝗮𝗺 & 𝗚𝗼𝗮
In a time of increased competition and ecommerce, DLF has decided to invest in their retail stores by constructing new shopping malls in Gurugram and Goa.
Sriram Khattar, Managing Director of the DLF Rental Business, sounds bullish on India's organised retail sector which has been affected by the pandemic tremendously in the last two years.
The DLF is expanding their retail real estate portfolio. They will create two new shopping malls including ‘Mall of India’ in Gurgaon and four yet-to-be-named neighbourhood shopping centres.
DLF owns a retail footprint of 42 lakh square feet and has eight properties, including malls and shopping centers.
The company is set to start on their new mall in Goa that is expected to span a large area. It will be the best mall of Goa, following a similar theme as other malls built by this company.
Asked about investments, he said it would be around ₹300-350 crore over the next two years. The company is also planning to spend 2.5 million (25 lakh) square feet on their Mall of India Gurgaon, which is still in the advanced stages.
DLF will be building two new shopping malls
The designers hope to complete the designing in six months. They are using a large mall as the example.
When asked about the cost of Mall of India, he said it would be Rs 1,500-1,600 Crore, not including land. The reason for this is that each time the project has improved. Therefore, the new Mall of India will be much better than Mall of India-Noida, based on past experience and learning.
The construction of the Mall of India in Gurgaon will help in increasing the demand for comparable malls in the area of Ambience Mall.
He asserted that we would be easily able to secure brands, given that the retailers place a lot of trust in us.
In addition, the company is rethinking their approach to store design by planning retail spaces that are designed for customers in the immediate vicinity.
The company is building the first store of a chain called Summit Plaza in DLF-phase 5, Gurgaon. The chain hopes to have one or two more stores, though more locations are unspecified.
DLF phase 5 Gurugram will feature shopping centers of 3.8 lakh square feet, and Delhi will feature a center of 2.2 lakh square feet.