Updated April 12th, 2024 at 18:04 IST

DLF initiates construction of Rs 2,200 crore shopping mall in Gurugram

The upcoming 'Mall of India' in Gurugram will span an impressive 26-27 lakh square feet, further bolstering DLF's retail footprint.

Reported by: Business Desk
DLF | Image:Pexels
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DLF, the country’s leading real estate player, has started the construction of a new shopping mall in Gurugram, marking an investment worth Rs 2,200 crore. The move comes as part of DLF's expansion strategy in response to the resurgence in retail consumption post the COVID-19 pandemic.

The upcoming 'Mall of India' in Gurugram will span an impressive 26-27 lakh square feet, further bolstering DLF's retail footprint. Currently, DLF boasts a retail portfolio encompassing around 42 lakh square feet across nine properties, including malls and shopping centres, predominantly in the Delhi-NCR region. Notably, a portion of this portfolio falls under DLF Cyber City Developers Ltd (DCCDL), a joint venture between DLF and Singapore sovereign wealth fund GIC.

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Sriram Khattar, Vice Chairman and MD (Rental Business) of DLF, affirmed the commencement of construction, emphasizing the company's bullish outlook on the retail sector. He highlighted the robust rebound of the retail segment post-COVID, witnessing substantial growth in footfalls and sales across shopping malls.

In addition to the Gurugram project, DLF is actively engaged in developing a premium mall in Goa spanning approximately 6 lakh square feet. Furthermore, the company is focusing on high-street shopping centres near its residential projects to cater to local demands. Projects in the pipeline include shopping centres in DLF Phase 5, Gurugram, and Moti Nagar, Delhi, expected to become operational within the next 18 months.

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Addressing industry stakeholders at a CII conference, Khattar underlined the positive trends in retail leasing, with over 7 million square feet leased across malls and high streets in 2023. He highlighted the active pursuit of aspirational customers by brands through innovative formats and experiential stores.

DLF Group, with a diversified portfolio spanning residential, commercial, and retail segments, has developed more than 158 real estate projects encompassing over 340 million square feet. With substantial land banks to develop an additional 215 million square feet, DLF remains poised for continued growth and expansion in India's dynamic real estate landscape.

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(With PTI inputs)
 

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Published April 12th, 2024 at 18:04 IST