Retail reforms boost retail segment of big real estate firms
The recently announced retail reforms seem much needed aide for India’s biggest real estate firms such as Unitech, DLF, Oberoi Realty and Nitesh Estates.
All these firms’ retail segment plans have been crumbling in the recent past and now hope resurfaces with the proposed reforms.
DLF, the country’s largest real estate company, is already planning to kick start the largest mall in India, which is to come up in 2015-16. The firm is hoping that by then quite a few new retailers and brands would have entered the country.
Empty spaces in malls across the top metros in the country have been rising. In the April-June 2012 quarter, the vacancy rates in malls stood at – 26 per cent in malls of Delhi-NCR, 23.5 per cent in Mumbai and 18 per cent in Pune and between 5 per cent and 15 per cent in Bangalore, Hyderabad and Chennai, putting rentals under pressure.
However, the dismal scenario will change with opening up of both single and multi-brand retail for foreign players.
To read more real estate news:
Retail Stock in India and China to grow by 15% untill 2020: JLL
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