DLF Limited, the country’s largest developer in terms of market value has announced that it will continue with two more shopping mall construction projects in the National Capital Region. The two malls that are expected to be operational by 2013-14 will be in Chanakyapuri and Gurgaon. Chanakyapuri is the city which is considered to be the diplomatic enclave of Delhi.
The company reveals that it has been witnessing huge demand and interest in the luxury market segment coming from countries such as Italy, Singapore and the US. It was only recently that DLF had announced the launch of its first multi-brand retail venture AVE.NEU in New Delhi.
Speaking at the launch of the retail venture, CEO of DLF Brands Dipak Agarwal told reporters that the company plans to open 9-10 AVE.NEU stores in the next 1 year and around 25 over the next 3 years. The locations for these stores will include Mumbai, Pune, Chandigarh, Surat and Lucknow.
Industry reports on construction also suggest that the construction of luxury malls has been on the rise over the last few years. The India Luxury Review 2011, a report prepared by consulting firm AT Kearney and the Confederation of Indian Industry (CII), says that the overall size of the luxury market in India was US$5.75 billion in 2010 and it is expected to grow to around US$14.72 billion by 2015.
A recent study released by Jones Lang La Salle reveals that the higher spending power and commensurate aspirations of the people working in these establishments have caused the arrival of massive malls and also generated a huge demand for quality residential projects.
With the spending power of any common Indian increasing day by day, the importance of luxury malls can hardly be negated and the demand for such construction will only grow with time.