High-end shopping malls will come up more in India
Real estate developers in India are building more high-end shopping malls that will cater to retailers and buyers of luxury brands.
DLF Ltd has planned to build two more luxury DLF Mall in the National Capital Region. The two malls, which are expected to be operational by 2013-14, will come up in Chanakyapuri, in the vicinity of the diplomatic enclave, and Gurgaon on the outskirts.
According to a report by a consulting firm it is noticed that the overall size of the luxury market in India was $5.75 billion in 2010 and it’s expected to grow to $14.72 billion by 2015.
Demand for luxury retail space will be powered by the top six-seven cities across the country. There is a strong demand for luxury retail spaces, preferably in malls.
Two new high end malls will come up in Chennai as well. One is the second phase of the existing Express Mall. Another will be developed by Phoenix Mills Ltd.
The upcoming projects in Mumbai include one developed by the Wadias of Bombay Dyeing and Manufacturing Co. Ltd. Limitation of luxury retail space is currently a serious constraint to the growth and investment potential by global luxury brands.
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Source: Live Mint
Commercial properties, DLF, Express Mall, high-end shopping malls, luxury DLF Mall, Phoenix Mills Ltd, Projects in Mumbai, Real estate developers in India
