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Retail expansion triggers land buying by builders
| January 31, 2007 |  (Be the first to rate this story!) Loading ... |
Real estate builders are on a massive land hunt to accommodate the booming retail market across the country. Mumbai is expecting retail property rates to go up by another 10 to 15% by the end of the fiscal year 2007.
Not to be left out in the race, established real estate developers in land-starved Mumbai are scrambling for commercial space in the suburbs. Nirmal Lifestyle, apart from their expansion project in Mulund, is looking for 7 to 8 lakh sq. ft of space for another outlet in Andheri. The Runwal Group has recently acquired land in Andheri for an ‘RMall’ housing a multiplex as well.
K Raheja Universal is in the process of building a 2 million sq. ft. mall in Vashi and another Mumbai suburb.
Looking beyond Mumbai is KSL Realty and Infrastructure Ltd, for retail projects spread over 5 lakh sq. ft in other towns of Maharashtra, Gujarat, Himachal Paradesh, Dadra and Nagar Haveli.
Real estate heavyweight Hiranadani Constructions is focusing on Mumbai’s suburbs of Mulund and Thane. Property rates in the city stretching from Colaba to the Bandra Kurla Complex are out of reach, so Andheri, Goregaon and Kandivili, where a substantial middle class population resides, are better positioned for retail investment.
Real estate builders are keen to establish a countrywide presence, and are therefore adding to their land assets with speed. Business prospects for these developers are bright, with the WalMart-Airtel tie up, the expansion of Reliance Retail, and perhaps a joint venture of Carrefour with Mukesh Ambani too in the pipeline. The AV Birla group, the Tatas, the Wadias of Godrej are reported to be drawing up plans for retailing as well. Reliance Retail recently hit the headlines with the purchase of 8 commercial properties at the DDA auction for Rs. 986 crore
The Indian consumer will be spoilt for choice with the advent of trendy supermarkets vying for footfalls in the next couple of years.
News Published Under: Real Estate India, Real Estate Developers |
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