DLF initiates construction of Rs 2,200 crore shopping mall in Gurugram

DLF, country’s leing real estate player, has started construction of a new shopping mall in Gurugram, marking an investment worth Rs 2,200 crore. move comes as part of DLF's expansion strategy in response to resurgence in retail consumption post COVID-19 pandemic.

upcoming 'Mall of India' in Gurugram will span an impressive 26-27 lakh square feet, furr bolstering DLF's retail footprint. Currently, DLF boasts a retail portfolio encompassing around 42 lakh square feet across nine properties, including malls and shopping centres, predominantly in Delhi-NCR region. Notably, a portion of this portfolio falls under DLF Cyber City Developers Ltd (DCCDL), a joint venture between DLF and Singapore sovereign wealth fund GIC.

Sriram Khattar, Vice Chairman and MD (Rental Business) of DLF, affirmed commencement of construction, emphasizing company's bullish outlook on retail sector. He highlighted robust rebound of retail segment post-COVID, witnessing substantial growth in footfalls and sales across shopping malls.

In dition to Gurugram project, DLF is actively engaged in developing a premium mall in Goa spanning approximately 6 lakh square feet. Furrmore, company is focusing on high-street shopping centres near its residential projects to cater to local demands. Projects in pipeline include shopping centres in DLF Phase 5, Gurugram, and Moti Nagar, Delhi, expected to become operational within next 18 months.

dressing industry stakeholders at a CII conference, Khattar underlined positive trends in retail leasing, with over 7 million square feet leased across malls and high streets in 2023. He highlighted active pursuit of aspirational customers by brands through innovative formats and experiential stores.

DLF Group, with a diversified portfolio spanning residential, commercial, and retail segments, has developed more than 158 real estate projects encompassing over 340 million square feet. With substantial land banks to develop an ditional 215 million square feet, DLF remains poised for continued growth and expansion in India's dynamic real estate landscape.

(With PTI inputs)