• News by Month

  Select Month February 2012 January 2012 December 2011 November 2011 October 2011 September 2011 August 2011 July 2011 June 2011 May 2011 April 2011 March 2011 February 2011 January 2011 December 2010 November 2010 October 2010 September 2010 August 2010 July 2010 May 2010 April 2010 March 2010 February 2010 January 2010 December 2009 November 2009 October 2009 September 2009 August 2009 July 2009 June 2009 May 2009 April 2009 March 2009 February 2009 January 2009 December 2008 November 2008 October 2008 September 2008 August 2008 July 2008 June 2008 May 2008 April 2008 March 2008 February 2008 January 2008 December 2007 November 2007 October 2007 September 2007 August 2007 July 2007 June 2007 May 2007 April 2007 March 2007 February 2007 January 2007 December 2006 November 2006 October 2006 September 2006

• News by City

  • Bangalore
  • Chennai
  • Delhi
  • Faridabad
  • Gurgaon
  • Hyderabad
  • Kolkata
  • Mumbai
  • Noida
  • Pune

• News by Category

  • NRI
  • FDI
  • Home Loans
  • Real Estate India
  • Banking and Finance
  • Real Estate Developers

« Phoenix Mills Planning to Set up Shopping Malls to Increase Presence in Metros | Home | Tata Housing Plans to Foray into International Markets »

Unitech Plans Retail Expansion; To Invest Rs 2000 crores to Develop Luxury Shopping Malls

Unitech Ltd, India’s second largest real estate company, is expanding its retail development business and plans to invest around Rs 2,000 crore over the next three years to develop about two million square feet of premium and luxury shopping malls. “The road map is to monetize the existing land parcels we have spread across various cities and to also acquire new land to build shopping malls,” Munish Baldev, head, retail, Unitech told Mint.

Baldev said now is the right time for Unitech to grow its retail business because rentals are stabilising. He added that the 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. Currently, residential projects account for 70-75 per cent of Unitech’s portfolio and the rest is made up of 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, Baldev said. The company 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, Baldev said. It will also develop high-end luxury malls of 100,000 sq ft as well as retail spaces of 100,000-150,000 sq ft that will be part of its housing colonies across cities. Unitech managing director Sanjay Chandra has been in jail since April pending investigation into his suspected role in gaming the grant of second-generation spectrum and licences to telcos in 2008.

News Published Under:   Bangalore, Banking and Finance, Delhi, Gurgaon, Kolkata, Mumbai, Pune, Real Estate Developers, Real Estate India | No Comments »

Comments

Name (required)   

Mail (required)      

URL