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DLF has begun construction of a new shopping mall in Gurugram called "Mall of India". Measuring 26-27 lakh square feet, the mall will cost around INR 2,200 crore to develop. The Vice Chairman and MD of DLF's rental business, Sriram Khattar, shared these details with PTI on the sidelines of a CII real estate conference.
Khattar noted that DLF currently has around 42 lakh square feet of retail space across 9 malls and shopping centres in the Delhi NCR region. Approximately 3.4 lakh square feet comes under DLF Ltd while the rest is jointly owned with Singapore's GIC under DLF Cyber City Developers Ltd (DCCDL).
Addressing the event, Khattar said India's retail leasing touched over 7 million square feet in 2023. Brands are attracting customers with new store formats, experiences and international products. Consumption trends exhibited recovery in 2023 with stabilizing cinemas and growth in footwear, travel, QSRs, and jewellery.
Khattar expressed optimism about retail sector growth driving higher demand. He pointed out that post-COVID, footfalls and sales have rebounded sharply in shopping malls. DLF is also constructing a 6-lakh square foot premium mall in Goa. Additional high-street shopping centres are being developed near DLF?s residential projects. Shopping centres in DLF Phase 5, Gurugram and Moti Nagar, Delhi are currently under construction and are expected to open within 18 months.
The DLF Mall of India is located in Sector 18, Noida's commercial hub. The land where the mall has been built was acquired by the Noida Authority and was later auctioned to DLF. Two years ago, DLF was ordered to pay INR 235 crore as compensation for the land.
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 over 158 projects spanning 340 million square feet and the annuity (lease or rental) portfolio spans 42 million square feet. Currently, DLF Group has land banks to develop 215 million square feet in the future across residential and commercial segments.
The "Mall of India" at Gurugram is expected to further strengthen DLF's position as one of India's leading retail property developers. With its extensive land banks and experience developing large scale mixed-use projects, DLF is well-positioned to benefit from the growth in India's organized retail sector. The new mall will provide a boost to Gurugram's commercial infrastructure and transform the city's retail landscape.
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