In a statement released to the press, Unity Group co-founder Harsh V Bansal claims the company has entered into a joint development agreement with Parsvnath Developers to create 450,000 square feet of retail space in Delhi. The development will draw an investment of approximately Rs 200 crores. The land for mall will be leased from Delhi Metro and is situated close to the Netaji Subhash Place metro station. The deal is a part of the company’s strategy to double its retail portfolio and establish a retail Real Estate Investment Trust (REIT) in the coming year.
In a statement released to the press, Unity Group co-founder Harsh V Bansal claims the company has entered into a joint development agreement with Parsvnath Developers to create 450,000 square feet of retail space in Delhi. The development will draw an investment of approximately Rs 200 crores. The land for mall will be leased from Delhi Metro and is situated close to the Netaji Subhash Place metro station. The deal is a part of the company’s strategy to double its retail portfolio and establish a retail Real Estate Investment Trust (REIT) in the coming year.
Both companies intend to complete and deliver the project by October 2023. They claim to already in contact with several brands for leasing space in the mall. They are expecting a rental income of about Rs 100 crores every year. Additionally, the business plans to jointly build malls in Mohali in Punjab, Preet Vihar, Mangolpuri Rohini, and Punjabi Bagh in Delhi. They are in the process of extending each of its six active malls in accordance with the additional floor space ratio permitted by the Delhi Development Authority (DDA). They claim to be building 150,000 square feet in Preet Vihar and have already paid Rs 63 crores to the DDA for two land parcels in Mangolpuri and Rohini. They also intend to spend an additional Rs 200 crores to build 300,000 sq ft of shop space in the same site.
According to a Cushman & Wakefield analysis, India's top three cities will require 9 million square feet of retail space annually until 2027 to match the cities of a small country like Vietnam in terms of retail space per capita. At the moment, developers in India are mostly concentrating on office and residential properties adding roughly 3.8 million square feet of retail space each year. According to experts it is now time to build Grade A retail premises because many foreign firms are placing significant bets on India.
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