RESHAPING MALL CULTURE IN THE NCR

The recent approval of FDI in multi-brand retail has pushed developers and promoters to reshape mall culture in the Delhi NCR realty market. PUNITA writes

    With an estimated current urban population of over 27 million people (as per the Census 2011 provisional data) and based on an ideal mall space ratio of 1 .2 sq ft per capita, the Delhi NCR can currently absorb total mall space of 32.460 million sq ft in GLA (gross lettable area). 
    Another reason for the rising popularity of malls is that they have been designed as modernistic shopping complexes offering best-in-class retail-cum-entertainment avenues to suit diverse customer profiles. 
    A report estimates that the ideal per capita mall space in India's Top 20 urban centres is about 1.2 sq ft per person, but this can fluctuate from 1.0 sq ft and 1.5 sq ft in different micro markets based on the percapita income of that particular micro market. 
    The demand and supply scenario, both current as well as projected till 2014, for mall space in Delhi and the NCR areas like Gurgaon, Faridabad, Ghaziabad, Noida and Greater Noida, will see significant growth. 
    Average size of shopping malls in India has already begun to increase as developers focus on larger spaces. The success of a mall does depend on its size as superior-grade malls are nearly double the size of average-grade malls. 
    It is estimated that the average size of a superiorgrade mall is 4,00,000 sq ft. The larger malls allow for a complete tenant mix in various formats and categories, and can adopt modern mall management practices easily. With the introduction of FDI in multibrand retail, the average size of a mall is likely to increase as foreign retailers tend to occupy large space. As a result, the total mall supply and size are expected to increase over the medium to long term. 
Forthcoming malls 
    After the successful launch of Centrestage Mall, Wave Infratech is now coming up with one of the tallest commercial-cum-mall projects, Wave Vertica, in Sector 18 in Noida. Wave Vertica will have six screens and seating capacity for nearly 1,500 viewers. 
    DLF is going to open Mall of India near hotel Radisson in Sector 18, Noida , over a total built-up area of nearly 27,07,575 sq ft and a gross leasable area of 16,00,000 sq ft. To be operational by the middle of this year, Mall of India is considered as India's first mall to offer six floors of shopping and entertainment. This will be the first reality project of DLF in Noida. 
    Recreating the magic of the iconic Connaught Place of Delhi, Omaxe is developing Omaxe Connaught Place (OCP), one of the largest shopping-cum-entertainment malls in Greater Noida. This mall will feature ultramodern office space, a world-class shopping mall, a 5-screen multiplex, a 5-star hotel, food courts, family entertainment zones, etc, spread over 15 acres, with a total built-up area of around 1.9 million sq ft. 
    The large-scale expansion of population in Greater Noida is expected to boost commercial and retail space in the region. Thus, more than 200 brands have already signed up with OCP to open their stores there, including Wal-Mart's Easyday, which is opening its largest hyper markets in India. 
    Also, the forward-looking policies of the Greater Noida and Noida authorities have enabled the construction of largescale residential complexes in the region. Quality infrastructure and well-planned landscaped green environs at Greater Noida are a great attraction for homebuyers. These developments will provide a captive consumer base to the top brands coming up in malls like OCP, Great Adventure Mall, and Grand Venice. 
    AMR Infrastructures is coming up with Great Adventure Mall, which is also specially designed with fully furnished office space for corporate requirements. Great Adventure Mall is an ideal destination for those looking forward to a holistic work environment, the developer says. 
    Kapil Agarwal, the MD of AMR Infrastructures, says: "After completing the shoppingcum-office project, we have recently launched Apartment 55, a residential project in the sprawling mall, which offers 2- and 3BHK apartments. The project is situated in an excellent locality of Greater Noida." 
    Bhasin Group is developing a mall-cum-tourist destination project, Grand Venice, near Pari Chowk in Greater Noida. The forthcoming mall is a Venice-themed retail tourism destination and will offer a unique Venetian experience, the developer says. 
    Positioned as tourism centre with a grand retail podium targeting a host of national and international apparel brands, a hypermarket, departmental stores, a cineplex, entertainment zones, and unique Venetian experience with canals and gondola rides, Grand Venice will also have a 5-star hotel and office space as well. The mall is being developed as one of largest indoor amusement parks over 1,00,000 sq ft and hopes to target 20 million domestic and international footfalls annually. 
    S S Bhasin, the MD of Bhasin Group, says: "The Grand Venice is our first signature project based on the city of Venice. Designed to international specifications and conforming to futuristic designs and world-class features, the commercial tower of Grand Venice has been created to maximize the usage of space and energy through its innovative architectural design and sustainability options." 
    Red Solutions Pvt Ltd, a top retail entertainment player, in a joint venture with Celebration City Projects Pvt Ltd, is coming up with RED (Retail Entertainment Destination) in Ghaziabad. RED will have an ideal combination of entertainment, retail, and hospitality, and once complete, this could pretty well be the largest mall in Ghaziabad, the developers say. 
    The major attractions of RED are the indoor and outdoor entertainment facilities for all age groups: the mall will have Ghaziabad's largest 12-lane bowling alley, an indoor amusement park with 15 rides for children and iconic outdoor and indoor rides. 
    Rakesh Babbar, the MD of Red Solutions Pvt Ltd, says: "Red Solutions Pvt Ltd has been established with a vision to bring world-class shopping and entertainment experience for the entire family at an affordable price. RED is another benchmark in our 15-year journey of successfully establishing and running theme parks in north India. We are positive that we will have another successful innings with this new endeavour." 
    International Amusement Ltd has been allotted 42 acres in the heart of Gurgaon to set up a mixed-use entertainment centre, Appu Ghar. The much awaited Appu Ghar, which used to be one of the major tourist attractions of Pragati Maidan, is all set to be operational in Gurgaon this year. 
    The company is setting up the amusement park in two sectors in the city. While one park will come up in Sector 29, on 25 acres, another one will come up in Sector 52 on 17 acres. Appu Ghar will offer various entertainment and recreational options like an amusement park, a water park, retail outlets, and a sports club. Since it is a multi-location format, connectivity between the two locations will be provided in the form of shuttle bus services and a mono rail. 
    R a ke s h Babbar, the director of International Recreation Parks Private Limited, says: "In Appu Ghar in Delhi, there was no space for a mall, but this Appu Ghar in Gurgaon will have a large mall within the amusement park. This will make it complete in every sense." 
    TDI Mall on the main stretch of Kundli-Sonipat along NH-1 has an excellent locational advantage being in close proximity to premier residential colonies of Delhi. TDI mall is one of the longest and biggest malls on NH-1 and is strategically located, being only a short drive away from Rohini and Pitampura and next to KMP Expressway (currently under construction). 
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BITES 
    THE DEMAND AND SUPPLY SCENARIO, BOTH CURRENT AS WELL AS PROJECTED TILL 2014, FOR MALL SPACE IN DELHI AND THE NCR AREAS LIKE GURGAON, FARIDABAD, GHAZIABAD, NOIDA AND GREATER NOIDA, WILL SEE SIGNIFICANT GROWTH 
    WITH THE INTRODUCTION OF FDI IN MULTI-BRAND RETAIL, THE AVERAGE SIZE OF A MALL IS LIKELY TO INCREASE AS FOREIGN RETAILERS TEND TO OCCUPY LARGE SPACE. AS A RESULT, THE TOTAL MALL SUPPLY AND SIZE ARE EXPECTED TO INCREASE OVER THE MEDIUM TO LONG TERM