Unitech earmarks Rs 2,000 crore to
develope 20 lakhs sq ft shopping mall
Unitech Ltd is expanding its retail development business . India’s second largest real estate company plans to invest around Rs 2,000 crore over the next 3 years to develop nearly 2 million square feet of premium and luxury shopping malls.
Mr..Munish Baldev, head, retail, Unitech ,“ The road map is to monetize the existing land parcels we have spread across various indian cities. We also acquire new land to build shopping malls. At current situation is the right time for Unitech to grow its retail business because rentals are stabilising. Our firm has the dual advantage of owning land in plenty and good catchment areas in the form of its own residential projects, where shopping centres can be a natural component."
About Unitech...!
Unitech's portfolio is residential projects account for about 75% and the rest is commercial and retail projects.
Unitech has 1.3 million sq ft of mall area in New Delhi, Noida and Gurgaon, and is developing another 2 million sq ft of retail space in cities such as Kochi, Bhopal, Dehradun, Mohali, Lucknow and Gurgaon. Unitech will employ a lease-cum-sale model for most of its retail ventures..
Unitech' will sell up to 30 per cent of the space in a shopping mall to retail investors --equivalent to the construction cost -- and lease out the rest of the area. It has already employed this model in the Gardens Galleria mall in south Bangalore that it is developing with its joint development partner Valdel Group.
Unitech will develop a range of retail formats including malls of 300,000-500,000 sq ft in cities such as Bangalore, Mohali and Dehradun,
Noted...!
Unitech managing director Mr. Sanjay Chandra has been in jail since 2011 April pending investigation into his suspected role in gaming the grant of second-generation spectrum and licences to telcos in 2008.
develope 20 lakhs sq ft shopping mall
Unitech Ltd is expanding its retail development business . India’s second largest real estate company plans to invest around Rs 2,000 crore over the next 3 years to develop nearly 2 million square feet of premium and luxury shopping malls.
Mr..Munish Baldev, head, retail, Unitech ,“ The road map is to monetize the existing land parcels we have spread across various indian cities. We also acquire new land to build shopping malls. At current situation is the right time for Unitech to grow its retail business because rentals are stabilising. Our firm has the dual advantage of owning land in plenty and good catchment areas in the form of its own residential projects, where shopping centres can be a natural component."
About Unitech...!
Unitech's portfolio is residential projects account for about 75% and the rest is commercial and retail projects.
Unitech has 1.3 million sq ft of mall area in New Delhi, Noida and Gurgaon, and is developing another 2 million sq ft of retail space in cities such as Kochi, Bhopal, Dehradun, Mohali, Lucknow and Gurgaon. Unitech will employ a lease-cum-sale model for most of its retail ventures..
Unitech' will sell up to 30 per cent of the space in a shopping mall to retail investors --equivalent to the construction cost -- and lease out the rest of the area. It has already employed this model in the Gardens Galleria mall in south Bangalore that it is developing with its joint development partner Valdel Group.
Unitech will develop a range of retail formats including malls of 300,000-500,000 sq ft in cities such as Bangalore, Mohali and Dehradun,
Noted...!
Unitech managing director Mr. Sanjay Chandra has been in jail since 2011 April pending investigation into his suspected role in gaming the grant of second-generation spectrum and licences to telcos in 2008.
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