India's Largest Mall By Emaar MGF

Emaar MGF, the joint venture between the Dubai-based Emaar Properties and Delhi-based MGF, has committed $12 billion investment in India for residential and commercial projects and drawn up plans for what it claims will be the country's largest mall.

Taking realty major DLF head-on, Emaar MGF is planning to build India's largest mall, the announcement for which will be made in the next six months. Currently on the drawing boards, the mall will ape the world's largest mall (spread over 5.8 million sq. ft.) being built by the compan’s partner (Emaar) in Dubai. Till date, the largest mall to be announced in India is DLF's Mall of India along NH-8 in Gurgaon that will be spread over 3.6 million sq. ft.

"The mall will have the same flavour as the Dubai Mall that has 3.77 million sq. ft. of retail space as well as the largest walk through aquarium in the world. The mall in India is in the planning stages and we will be making it public in the next couple of months," says Shravan Gupta, executive vice-chairman and managing director, Emaar MGF. With 65-70% of Emaar MGF’s land bank in the north, the upcoming mall is likely to be built in the Delhi NCR.

While Delhi and Mumbai are the only two places where towers like the Burj Dubai can sustain themselves, we are also planning to bring in the first Giorgio Armani luxury hotel in India in the next four years. In the next one year, the company will even go in for an IPO. While larger SEZs (like the one in Gurgaon) have been kept on hold owing to government policies, we have got in principle approvals for 9-10 smaller SEZs across the country,” says Gupta.

Mall-A-Mall

• Currently on the drawing boards, the mall will be spread over 5.8 million sq. ft.
• Largest mall announced in India is DLF’s Mall of India sitting on 3.6 million sq. ft.
• Emaar MGF’s upcoming mall is likely to be built in the Delhi NCR

Source: Financial Express

Real Estate Prices To Remain Stable: DLF

Real estate prices are likely to remain stable at current levels, a top official of real estate major DLF Limited said Tuesday.

"I don't see any price bubble in real estate and expect prices to remain steady at current levels," DLF vice-chairman Rajiv Singh told reporters on the sidelines of a press conference here.

However, there could be some upward or downward movement depending upon land location, he said.

Company officials pointed to the "strength" in the market and maintained that "there is no lull in demand."

DLF's business is heavily dependent on the performance of the real estate sector, particularly in the regions in which it operates.

However, given that prices in the NCR region and the metros where its main land bank exists are holding stable, company officials said "there is no cause for worry."

Source://Zeenews