Realty giant DLF has initiated the construction of a sprawling new shopping mall in Gurugram, marking a significant step in its expansion strategy amidst a resurgence in retail consumption following the COVID-19 pandemic. The project, named 'Mall of India,' boasts an impressive size of 26-27 lakh square feet and comes with an estimated investment of approximately Rs 2,200 crore.
Sriram Khattar, Vice Chairman and MD (Rental Business) of DLF, shared insights into the company's latest venture during a CII conference on the real estate sector. He underscored DLF's confidence in the retail sector's growth trajectory, anticipating heightened demand for retail space from various retailers.
Post-pandemic, the retail sector has witnessed a remarkable rebound, characterized by a significant surge in footfalls and sales across shopping malls. DLF's decision to embark on the construction of 'Mall of India' aligns with this optimistic outlook.
In addition to the Gurugram project, DLF is also actively developing a premium mall spanning approximately 6 lakh square feet in Goa. Moreover, the company is focusing on the establishment of high-street shopping centers near its residential projects to cater to the evolving needs of local communities. Notable developments include shopping centers in DLF Phase 5, Gurugram, and Moti Nagar, Delhi.
Khattar further revealed DLF's timeline for upcoming projects, stating that within the next 18 months, the Goa mall and two shopping centers in Gurugram and Delhi are expected to become operational.
Speaking at the event, Khattar emphasized the robust performance of the retail leasing market, with over 7 million (70 lakh) square feet leased in 2023. He highlighted brands' efforts to engage affluent consumers through innovative formats, experiential stores, and international merchandise offerings.
With a diverse portfolio spanning residential, commercial, and retail segments, DLF Group has emerged as a key player in India's real estate landscape. The group has successfully delivered over 158 real estate projects, covering an area exceeding 340 million square feet. Additionally, DLF Group boasts an annuity portfolio exceeding 42 million square feet and holds substantial land banks for future development, totaling 215 million square feet.
As DLF continues to expand its footprint in the retail sector, the construction of 'Mall of India' signifies a significant milestone in the company's journey towards shaping vibrant urban landscapes and enhancing retail experiences across India.