October 15, 2012
With three new malls currently undergoing construction, DLF Retail is targeting Rs 700 crore in revenue over the next three years.
DLF Retail, a unit of DLF, the largest realty firm in India, has announced plans for the development of three new retail properties in Delhi. The new shopping malls are expected to fulfil the firm's target of doubling its revenue over the next three years.
"We are eyeing Rs 700 crore revenue in the next three years. We expect that the three new malls that we are developing in Delhi will largely contribute to doubling revenues," said DLF managing director for rental business Ramesh Sanka.
He added that revenue from the retail arm of the business stands at Rs 300 crore at present.
Last week, the first of the three planned retail properties was launched. DLF Mall of India, located in Noida, is a mega shopping complex that will span 1.8 million sq ft. It is the largest of the three malls, and will be operational in nine months.
The DLF Mall of India will be anchored by 14 anchor tenants, said DLF. The complex will offer six customised shopping levels with over 475 retail units, with two levels taken up by the largest indoor entertainment city, which would feature seven DT star screens and the largest food court with over 1,200 seats.
DLF will also invest a further Rs 800 crore for two malls in Delhi, named Chanakya and Horizon, which will begin construction within the next few months.
Sanka said that the two properties are designed as luxury retail malls, with Chanakya spanning 2 lakh sq ft and Horizon, 3 lakh sq ft, respectively.
At present, DLF owns a portfolio with about about 1.4 million sq ft of retail space in total.
The company aims to attract more international brands to debut in India through its shopping centres, said Sanka, following the allowance of foreign direct investment for multi-brand retailers in the country last month.
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