Rcube Projects Pvt Ltd is investing INR 120 crore in the Rcube Monad Mall in Noida, spanning 2,50,000 sq. ft. with a 60:40 split between retail and family entertainment centres (FEC) and food outlets. Housing 80 brands, including Starbucks, Lifestyle, and MovieMax Edition, the mall expects 90-95% occupancy by March, with footfalls projected at 14,000-16,000 on weekends. An additional INR 80 crore is allocated for a 1,00,000 sq. ft. mall in Pitam Pura, Delhi. Known for its 12% annual growth and metro station projects, Rcube integrates retail, entertainment, and loyalty programs to create vibrant destinations, boosting its commercial real estate presence....
Ventive Hospitality announces INR 1,600 crore IPO plan
PNT Reporter
Ventive Hospitality, a hospitality asset owner, is set to launch its INR 1,600 crore initial public offering (IPO) on December 20, 2024. The IPO, consisting entirely of a fresh issue of equity shares, will remain open until December 24, 2024. The proceeds will primarily be used for debt repayment and investment in subsidiaries. Managed by top-tier book-running lead managers, this IPO represents a significant milestone for Ventive Hospitality, which operates luxury hospitality assets in India and the Maldives....
Retail sector sees strong growth in 2024 with mall vacancy rates dropping to 8.3%
PNT Reporter
The retail sector in India witnessed strong growth in the first half of 2024, driven by economic recovery and higher consumer spending, according to the ANAROCK Retail report. Mall vacancy rates improved significantly, dropping to 8.3% from 15.5% in 2021, as demand outpaced supply. Prime malls are operating at near-full capacity, with national and international brands competing for top locations. Apparel, accessories, and F&B sectors led leasing activity, while jewelry and watch stores grew to 6% of leases. Smaller spaces dominated this year, but larger spaces are expected to increase as new retail projects, primarily in NCR, MMR, and Hyderabad, come online. Rising high-street rents reflect the strong demand for premium retail spaces....
YEIDA to unveil premium hotel plot scheme ahead of Noida International Airport launch
PNT Reporter
The Yamuna Expressway Industrial Development Authority (YEIDA) is preparing to launch a premium hotel plot scheme ahead of the Noida International Airport's inauguration. The scheme offers 12 plots across sectors 28 and 29, catering to high-end hospitality developments such as five-star hotels. The total investment for the 67,800 sqm area across both sectors is around INR 472.2 crore. With the plots located near the Yamuna Expressway, they offer strategic connectivity to the upcoming airport. The e-auction system will ensure a transparent allocation process, accommodating various business entities....
Karnataka: Homestay association pushes for Kodagu-style policies to ease financial burdens
PNT Reporter
Homestay owners in Chikkamagaluru are urging authorities to classify their properties as non-commercial, similar to Kodagu, and adhere to the Atithi Homestay Scheme guidelines. The Chikkamagaluru Homestay Association highlighted burdensome taxes, inconsistent policies, and the mandatory conversion of land to commercial property, which they claim contradicts the scheme's provisions. Kodagu's recent policies, including capped fees, domestic tariffs for utilities, and exemption from land conversion, have eased financial strain and fostered sustainable tourism. Chikkamagaluru operators demand similar measures to alleviate costs and promote fair treatment. Addressing these grievances could enhance tourism and create equitable opportunities in the region....
Nexus Seawoods launches AAYAM: Maharashtra's largest anamorphic advertising screen
PNT Reporter
Nexus Seawoods, part of Nexus Select Trust and India's first listed Retail REIT, has unveiled AAYAM, Maharashtra's largest cuboid anamorphic screen, transforming in-mall advertising. The 15-foot wide, 9-foot-high screen, located in the mall's central atrium, offers a 360-degree, distortion-free visual experience, enabling brands to deliver immersive content that resonates with consumers. Designed for stability and visibility, AAYAM provides a unique platform for product launches and interactive campaigns, appealing to the tech-savvy audience of Navi Mumbai. This innovative collaboration between Nexus Seawoods and S&O Investments sets a new benchmark in retail advertising, enhancing brand engagement and consumer connection....
Almora tourism department deregisters 200 homestays for safety and compliance violations
PNT Reporter
An inspection conducted by the district tourism department in Almora found that over 200 out of the 425 officially registered homestays were not meeting the required safety, infrastructure, and registration standards. These violations led to the cancellation of registrations and notices being issued to operators, instructing them to either align with regulations by registering as hotels or resorts or face legal action. The tourism officer, Prakash Khatri, emphasised the importance of this move for maintaining safety and regulatory standards. Experts also warn that unchecked growth in the homestay sector could lead to overcrowding and strain on natural resources....
Uttarakhand Pollution Control Board penalizes 49 Mussoorie hotels for environmental violations
PNT Reporter
The Uttarakhand Pollution Control Board (UPCB) has struck fresh fines on 49 hotels in Mussoorie for environmental violations, including operating without valid consent. The penalties, ranging from a few lakhs to INR 50 lakh, come after a directive from the National Green Tribunal (NGT) to reassess and retroactively apply fines from the date of the violations. Among the affected hotels, 34 were operating without the necessary consent, while 15 failed to renew their permits. Despite previous fines, the UPCB assured that amounts already paid would be deducted from the new penalties. Some hotel owners have questioned the fairness of these additional charges....
DIOR launches its first boutique in Delhi-NCR at Ambience Mall, Gurugram
PNT Reporter
Ambience Mall Gurugram has proudly unveiled DIOR's first boutique in Delhi-NCR, marking a new era of luxury retail in the region. The store showcases DIOR's exclusive private collections alongside its iconic beauty, skincare, and fragrance ranges. Designed with signature elegance, the boutique offers an immersive experience for fashion enthusiasts. Arjun Gehlot, Director of Ambience Group, highlighted that DIOR's presence reinforces the mall's status as the premier luxury destination in NCR. This milestone strengthens Ambience Mall's position as a hub for high-end retail, drawing a discerning clientele from across the region....
Mall operators project 10-12% revenue growth in FY25, driven by increased occupancy and tenant revenues
PNT Bureau
A CRISIL Ratings analysis reveals mall operators expect 10-12% revenue growth this fiscal, driven by rental escalations and improved occupancy. Overall mall occupancy is projected to increase from 89% to 92-93%, with established malls maintaining 95% occupancy. Retail consumption growth has moderated to 3-5% in the first half due to heat waves, but is expected to recover. Operators maintain strong Ebitda margins around 70%, with debt-to-Ebitda ratio anticipated to improve to 2.6-2.8 times, supported by steady cash accruals and controlled capital expenditure....
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