Curation Team
Realty major DLF will open three shopping malls in Goa, Delhi and Gurugram in the current fiscal, covering around 14 lakh square feet space as it remains bullish on the growth of organised retail in India.
In an interview with PTI, Pushpa Bector, Senior Executive Director and Business Head at DLF Retail, said, “We are going to open three retail properties this financial year.”
At present, DLF Group has 8 retail properties, including a large shopping mall in Noida, with a portfolio of around 45 lakh square feet space.
Bector said the company will open ‘DLF Midtown Plaza’, comprising more than 2 lakh square feet area, at Moti Nagar in the national capital in the next few months, she said.
“Around 75-80 per cent area has already been leased or is in the final stages of being rented out,” Bector said.
Later this year, she said the company will open ‘DLF Summit Plaza’ in Gurugram covering around 4.8 lakh square feet of space, of which more than 4 lakh square feet is retail and rest is coworking space.
“We will open Goa mall early next year comprising 7 lakh sq ft of retail space,” Bector said, adding that this will be the largest mall in Goa.
Bector said the shopping centres in Gurugram and Delhi’s Moti Nagar are near DLF’s housing projects to cater to the requirements of people living around.
On future expansion plans, Bector said the company is building a large 25 lakh square feet shopping mall in Gurugram.
The bulk of the commercial assets (office complex and retail spaces) are under the DLF Cyber City Developers Ltd (DCCDL), a joint venture between DLF and Singapore sovereign wealth fund GIC.
Bector said the organised retail sector has bounced back sharply post-COVID pandemic and there has been a strong growth in footfalls and sales in shopping malls.
“The F&B (food and beverage) segment is doing well, occupying 20-22 per cent space in our retail properties,” she said.
DLF is primarily engaged in the business of development and sale of residential properties (the Development Business) and the development and leasing of commercial properties (the Annuity Business).
DLF is the country’s largest real estate firm in terms of market cap.
The company has developed more than 185 real estate projects and developed an area of more than 352 million square feet since inception.
The group has 220 million square feet of development potential across residential and commercial segments.
