By Dr Suvrokamal Dutta
India is all set for a boom in big format malls. It has come into the notice of The India Street that 20 such malls are planned through the country, each covering an area of over 1 million sq ft, are at various stages of construction.
According to sources, in the NCR region, Unitech’s Great India Place is coming up with retail space of 1 million sq ft. In addition, DLF too is building a 1.5 million sq ft mall on 14 acres in Sector 18, Noida.
Theoretically speaking, DLF’s Mall of India along NH-8 in Gurgaon will be a 3.6 million sq ft mall spread over 32 acres. Initial signs are that the Mall of India will have a big entertainment area, big city town squares, perfectly zoned and giving a total retail experience, besides foods and beverage offerings.
If company sources are to be believed, DLF has plans for 1.5 million sq ft plus malls in cities like Mumbai, Ahmedabad, Baroda, Jalandhar, Pune and Hyderabad in the coming years.
Furthermore, Ambience’s Ambi Mall in Gurgaon is a 1.8 million sq ft shopping mall and Omaxe Connaught Place in Greater Noida has a total build-up area of 1.9 million sq ft.
On the other hand, three malls being developed in Vasant Kunj in Delhi who will have a common corridor linking them all. As a cluster, these malls will have a combined space of 1 million sq ft.
“In Mumbai, at least eight malls covering an area of over 1 million sq ft each are being developed,” pointed out Amit Bhanot, noted business journalist based at India. To start with, there is R-Mall at Ghatkopar, and then two 1 million sq ft plus malls have been proposed in Thane. Orchid is planning another one in Dahisar. Then there is the 1.7 million sq ft Nirmal Lifestyle at Mulund, which is by the way half operational.
Talking about Bangalore, at least three malls with 1 million sq ft of space are under development. Ludhiana will soon have a 1.6 million sq ft mall by Today Homes. In terms of statistic, India is presently estimated to be a $230 billion industry, of which organized retailing makes up 3 percent or roughly $ 7 billion. Organized retail is expected to grow at the rate of 25-30 percent per annum and is projected to attain a size of $23 billion by 2010.
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