In response to the rescue in retail demand following the COVID epidemic, real estate company DLF has commenced development of a new 26–27 lakh square feet shopping complex in Gurugram, at an estimated cost of about Rs 2,200 crore.
Currently, DLF owns nine properties, mostly in Delhi-NCR, with a combined retail footprint of almost 42 lakh square feet. These assets include malls and shopping centers.
A joint venture between DLF and Singapore’s national wealth fund GIC, DLF Cyber City Developers Ltd (DCCDL) is responsible for the remaining 3.4 lakh square feet of the retail portfolio.
‘Mall of India’: DLF New Shopping Mall In Gurugram
“The construction of the ‘Mall of India’ in Gurugram has commenced.” On the fringes of a CII conference on the real estate industry, Sriram Khattar, MD (Rental Business) and Vice Chairman of DLF, told PTI that the mall has a total area of 26–27 lakh square feet.
Regarding investment, he estimated it to be roughly Rs 2,200 crore. According to Khattar, the firm is optimistic about the retail industry’s expansion, which will increase merchants’ need for store space.
He emphasized that following the COVID outbreak, the retail industry recovered quickly, and foot traffic and sales at shopping centers both increased significantly.
In Goa, DLF is building a high-end mall that will be about 6 lakh square feet. In order to meet the needs of the locals, it is also building high-street retail centers next to its housing developments.
DLF Building Retail Centers In DLF Phase 5, Gurugram
It is currently building retail centers in Moti Nagar, Delhi, and DLF Phase 5, Gurugram. “In the next 18 months, a mall in Goa and two shopping centres at Gurugram and Delhi will become operational,” he stated.
Presenting at the occasion, Khattar stated that in 2023, there would be over 7 million (70 lakh) square feet of retail space leased across malls and high streets, “with brands actively courting aspirational, well-heeled customers with new formats, experiential stores and international merchandise offerings”.
“Consumption trends exhibited a rebound during 2023 with cinemas stabilising, followed by healthy growth amongst footwear, travel & leisure, QSRs and jewellery & watches,” he stated.
The development and selling of residential real estate (the development business) and the development and leasing of retail and commercial real estate (the annuity or rental business) comprise the core business activities of DLF Group.
DLF Group Has 215 Million Square Feet Land Bank
It has created an area over 340 million square feet and more than 158 real estate projects. The firm owns more over 42 million square feet in its annuity portfolio.
DLF Group has land banks available for the development of 215 million square feet in the commercial and residential sectors.
The US Green Building Council has certified DLF’s commercial portfolio, which spans more over 40 million square feet in Gurgaon, as LEED Platinum (USGBC). The top award in the world for environmentally conscious real estate planning and sustainable practices is this one.
DLF Portfolio Includes DLF Cybercity, DLF Downtown, And Others In Delhi NCR
Additionally, DLF’s office portfolio has earned LEED Zero Water certification, demonstrating the company’s usage of water saving and reuse techniques.
The DLF portfolio consists of DLF Cybercity, DLF Downtown, and DLF Atrium. In addition to design know-how, modern safety features, technology, and sustainability, DLF offers office spaces. There is also a variety of office spaces with F&B and recreational services in the portfolio.
Moreover, DLF operates nine properties, primarily in Delhi-NCR, totaling around 42 lakh square feet of retail space, including malls and shopping complexes.
Source-ET
