Parsvnath Developers said it will develop a luxury mall complex in Connaught Place in Delhi to cater to the burgeoning demands of luxury conscious Delhi consumers.
Will also develop shopping and office space on the property
NEW DELHI: The New Delhi-based realtor, Parsvnath Developers said it will develop a luxury mall complex in Connaught Place in Delhi to cater to the burgeoning demands of luxury conscious Delhi consumers.
Parsvnath will invest Rs 300 crore, through internal accruals, for the project. It has acquired a plot in Kasturba Gandhi Marg in Delhi. The land acquisition cost was Rs 200 crore, and the rest of the investment would be used for the development.
“We expect the luxury mall to be fully operational by end of 2010. We are in talks with various luxury brands for the mall,” senior Parsvnath official told DNA Money.
The mall-cum-office space will have two floors of luxury brands and rest will cater as office domain. The total developable area of the mall would be 1.6 lakh sq ft, the official said.
The development activity would start immediately after obtaining all necessary approvals, which is expected in another four months. Parsvnath is expecting rentals of around Rs 1,000 per sq ft for retail and Rs 500 per sq ft for office space.
India’s biggest realtor DLF Ltd’s ambitious luxury mall, Emporio, is expected to go live in two months in Delhi, and would be followed by UB Group’s luxury mall, The Collection, in Bangalore.
The luxury brand firms are not happy with the slow growth of luxury malls in India and the higher lease prices charged by the developers.
“The problem is that luxury malls have not started operations yet and not many are in the pipeline, that could be hindrance for the growth. There are not many avenues to grow, and hardly and good locations,” Manishi Sanwal general manager, Moet Hennessy Louis Vuitton (LVMH) watch & jewellery India said.
The LVMH division manages swiss made brand TAG Heuer for India.
Sanwal added that he had plans for 15 new Tag Heuer stores in 2008 in India, but only two are in the pipeline due to “non-availability of good space”. He added that if Parsvnath is able to get other luxury brands for its mall, then they would be “interested to set up a shop there”.
Tag Heuer, which sells 10,000 units in India every year, has taken up space in DLF Emporio and UB’s Collection luxury mall.
vivek_s@dnaindia.net
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}