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 Home > City Resources > Real Estate > Shopping malls Boom


 Shopping Mall Boom! 

Reality check on this new urban phenomenon

CrossroadsShopping malls are rapidly mushrooming in every nook and corner of the city. Real estate dealers and consultants are making a roaring business from dealings with shopping mall developers, investors and tenants. Lower Parel and Mahalaxmi are the two places where malls are expected to sprout within the next two years.

Shopping malls have come up in the residential nouveau riche areas in the western and eastern suburbs of Mumbai. In Mumbai, there is a shopping mall at Hiranandani Gardens in Powai, Thakur Complex in Kandivli, Shoppers Stop in Ghatkopar, Nariman Point, and Crossroads near Haji Ali . Some of the main players in shopping mall developments are Gammon India, Piramals, Grand Hyatt, Thakur Developers Group, Marathon Group and Hiranandani Group of Developers. Private and corporate developers have started showing interest in shopping malls development.

Amrit Anand, a life member of the State Agent's Association of India, on this new urban phenomenon: "By 2002 end, around 30 shopping malls of 65 lakh square feet area will be developed in the commercial capital of the country. According to a study done by me on the business model of shopping malls, I have arrived at a conclusion that shopping malls will be a dud if they are not located in and around central business districts like D N Road, Nariman Point, Cuffe Parade, Andheri and Bandra-Kurla complex. Utility services of every kind should be provided in the mall and entry for window shoppers should be strictly restricted,'' said Anand.

Anand adds that out of the 65 lakh square feet area estimated to be generated in the next two years, around 20,000 sq. feet of space will be consumed by the hospitality and entertainment industry and exclusive consumer product retailers.

Amit Mohile, a member of the International Real Estate Federation: "Every developer and investor should design a financially viable business model, and should identify their target and then accordingly study the prospective market before venturing into a shopping mall venture.

Shopping malls are rapidly mushrooming in every nook and corner of the city. Real estate dealers and consultants are making a roaring business from dealings with shopping mall developers, investors and tenants. Lower Parel and Mahalaxmi are the two places where malls are expected to sprout within the next two years.

Shopping malls have come up in the residential nouveau riche areas in the western and eastern suburbs of Mumbai. In Mumbai, there is a shopping mall at Hiranandani Gardens in Powai, Thakur Complex in Kandivli, Shoppers Stop in Ghatkopar, Nariman Point, and Crossroads near Haji Ali . Some of the main players in shopping mall developments are Gammon India, Piramals, Grand Hyatt, Thakur Developers Group, Marathon Group and Hiranandani Group of Developers. Private and corporate developers have started showing interest in shopping malls development.

Amrit Anand, a life member of the State Agent's Association of India, on this new urban phenomenon: "By 2002 end, around 30 shopping malls of 65 lakh square feet area will be developed in the commercial capital of the country. According to a study done by me on the business model of shopping malls, I have arrived at a conclusion that shopping malls will be a dud if they are not located in and around central business districts like D N Road, Nariman Point, Cuffe Parade, Andheri and Bandra-Kurla complex. Utility services of every kind should be provided in the mall and entry for window shoppers should be strictly restricted,'' said Anand.

Anand adds that out of the 65 lakh square feet area estimated to be generated in the next two years, around 20,000 sq. feet of space will be consumed by the hospitality and entertainment industry and exclusive consumer product retailers.

Amit Mohile, a member of the International Real Estate Federation: "Every developer and investor should design a financially viable business model, and should identify their target and then accordingly study the prospective market before venturing into a shopping mall venture.

Author: Mani D'Mello
Photographer: Vinayak Prabhu


 

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