Mall Space Rentals in Gurgaon

With increasing recognition of malls in Gurgaon as the umbrella of big brands, the drive occupancy or consumer footfalls are also increasing day by day. Ten years ago there was not even a single mall in India: whereas today it is anticipated that towards the end of 2006, India would be having more than one hundred operational malls.

In last months 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. but after that 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.

A few years ago the rent of malls in Gurgaon, had gone down to Rs.80 per sq ft per month but today its sky-rocketing with prices like 150-160 per sq ft per month. The real estate residential prices are touching the sky after the success of these malls and the prices have increased from Rs.1200 per sq.ft to Rs.4000 per sq.ft. Big builders like DLF and Unitech are also coming up with amazing projects after witnessing such a positive response of public for malls.

Even the small time builders are now interested in making small malls and lending their most of the part on rent. Because of the increased commercial demand the mall space rentals in Gurgaon have increased by almost 60% in the past two years. One very significant fast fact about malls in Gurgaon is that return through rent on the investment in malls is highest among all segments like residential and office space.

Compared to all the mall-cities around the world, mall rentals in India are quite high. It is because of couple of reasons like the existing regulatory policy and operations of too many speculative investors in the industry. The retail space in malls of Gurgaon is undoubtedly going astronomical. The rent rates in the malls of Gurgaon are touching an average of Rs.400 to Rs.500 per. Sq. ft., which has to be around 75-Rs 100 per sq. ft. These rates mentioned are excluding the common area maintenance.

Theme Malls or Specialty malls is the new trend adopted by the promoters and developers of the mall culture so as to create a niche among the clutter of malls. As per the business strategy, developers are focusing on developing theme malls thereby, increasing footfalls in the malls. A few other concept malls are also coming up in Gurgaon in the coming days like the 'Wedding Malls' which definitely will offer new opportunities for mall space rentals in Gurgaon.

Source: space-shop-now.blogspot.com

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