Chennai Retail Sector Set to Boom

August 31, 2007	(4 votes, average: 3 out of 5)  Loading ...
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Mall culture in Chennai is all set to exert its full allure, with over 20 glitzy shopping malls planned to come up in the next three years. Some notable upcoming retail projects in the city are to be introduced by reputed builders such as DLF, Shriram Properties, and Prestige Group.

Bangalore based Prestige Group has plans to build a second Forum mall in the city’s artery, Mount Road. The group has recently completed a Forum Mall at Vadapalani in Chennai, in a joint venture with Vijaya Group. Spread over 17 lakh square feet, the mall involves an investment of Rs 350 crore.

Surprisingly, the trend of retail development has overtaken other developments especially the feverish activity of developing residential projects. This has pushed the demand for retail space in areas such as Besant Nagar, Aminjikaral, Velachery, Mogappair, Sirusseri, Semmenchery, and Perambur.

Allied Housing & Development, a prominent real estate developer, is planning a seven lakh square feet shopping mall at Siruseri in Chennai. Following in same footsteps, Ozone Group also has plans to come up with an exclusive 14 lakh square feet shopping mall at its integrated township Metro Zone in Anna Nagar.

Rentals for office space in Chennai are soaring high. The shopping malls in Chennai are entirely dedicated to retail spaces, but the developers are in a look out for the demand to grow.

Marg Constructions will soon develop a jumbo mall at Karapakkam near Chennai. It will have 11 lakh square feet of built up space, including a large packing area. To be develop at an investment of Rs 500 crore, the mall is scheduled to be complete by 2008-end. The company will invest Rs 50 crore, and is searching for potential investors to raise Rs 100 crore. It will raise the remaining money through a mix of debt and equity.

News Published Under:   Chennai |

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