Indian Realty Giant DLF Will Invest INR 2000 Crore to Develop Two Malls in Gurugram and Goa

One of India's biggest real estate development companies - DLF, is scheduled to spend Rs.2000 crore in the development of two new retail malls in Gurugram and Goa. The investment is motivated by the enormous potential for expansion in the retail sector after the economy's opening following a large decline in COVID-19 cases.

Sriram Khattar, MD of DLF Rental Business, expressed positive comments about India's organised retail industry, which has been severely impacted by the epidemic during the previous two years.

Additionally, he said that DLF is extending its retail real estate portfolio, which is why it will create two new shopping malls, including DLF Mall of India in Gurugram, as well as four neighbourhood shopping complexes around Delhi-NCR.

Khattar said, "We have begun building on a 5.75 million square foot luxury mall in Goa.

It will be Goa's finest mall, up to the level set by our other malls,"

When questioned about the entire investment plan, he said that it will be in the range of USD 300-350 million over the following two years. 

"We are also in the advanced stages of development for our "Mall of India Gurugram," which will cover an area of 2.5 million square feet," he said.

Construction is expected to begin before the end of 2022.

"As a result, the architects have begun designing. We plan to finish it within the next six months or so. Due to the mall's size, planning takes longer".

Mall of India, Gurugram is expected to cost between Rs. 1,500 and Rs. 1,600 crore, excluding land costs. Asked how it will be different from the Mall of India in Noida.

"With each event, we have attempted to develop ourselves," he remarked. 

As a result of our experience at the Noida mall, this will be far better".

"Given our reputation with merchants and the faith they place in us, we do not see a problem bringing the top brands in the nation and the globe to this mall," he said.

He said, "We have begun building on one at DLF-phase 5 Gurgaon, which we have named Summit Plaza. We are considering establishing one in Moti Nagar, Delhi, near our DLF-Midtown development. Additionally, we are planning one or two more of them."

The high street in DLF phase-5 Gurgaon will be around 3.8 lakh square feet in size, while the one in Delhi will be approximately 2.2 lakh square feet.

When questioned about the company's ambitions to expand into other locations to create malls, Khattar said that such opportunities will be explored in the future.

The business is now building certain value-added retail components at its DLF Downtown IT Park in Chennai.

According to Khattar, the retail portfolio accounts for 18% of the company's overall rental revenue and 12-13 percent of the company's entire annuity portfolio.