Unity Group and Parsvnath Developers Will Construct a Four Million Plus Square Feet Mall in Delhi

Harsh V. Bansal, co-founder of Unity Group, said in New Delhi that the company has inked a joint development agreement with Parsvnath Developers to create 450,000 square feet of retail space with an investment of INR 200 crore. The property for the bridge-to-luxury mall is leased from Delhi Metro and is situated near the Netaji Subhash Place metro station.

The arrangement is part of the company's goal to construct a retail Real Estate Investment Trust and quadruple its retail portfolio (REIT).According to Mr. Bansal, this mall will open in October 2023, and they are already in contact with brands for leasing. They are anticipating annual rental revenue of INR 100 billion.

450,000 square feet of retail space will be constructed with an investment of 200 crore rupees.

In addition, the real estate development corporation intends to construct malls in Preet Vihar, Mangolpuri, Rohini, and Punjabi Bagh in Delhi, as well as in Mohali, Punjab.The firm is also in the midst of developing its six functioning malls in accordance with the Delhi Development Authority's additional floor space ratio (DDA).They are building 150,000 square feet in Preet Vihar, while purchasing two land lots in Mangolpuri and Rohini from DDA for INR 63 crore. According to Mr. Bansal, they would spend an additional 200 crore to construct 300,000 square feet of retail space.

India's need for premium retail space is rising.

According to an analysis by Cushman & Wakefield, India's top three cities will require 9 million square feet of retail space annually until 2027 in order to reach the level of organised retail space available in a country to match the retail space per capita of the cities of a small country like Vietnam.

Currently, India adds around 3.8 million square feet of retail space annually, with developers concentrating mostly on commercial and residential properties. As multinational businesses place large wagers on India, it is time, according to experts, to establish Class A retail venues.