Images Malls Report

SHOPPING CENTRE
DEVELOPERS & DEVELOPMENTS

ABOUT
IMAGES GROUP
The IMAGES GROUP, a retail support organisation with research &
consulting, publications & portals, education & training, events and
awards as its forte, has been actively involved with over 2,500 key
brands, retailers, and shopping centre developers from across the globe
and the entire retail support network for the past 15 years.
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stakeholders of the retail industry.
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the market and has been feeding the industry, Government and media
with vital information for strategy formulation. Research has been the
backbone of all IMAGES B2B and B2C publications, events, awards and
various activities.
IMAGES’ concepts of demand creation among consumers have excited

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IMAGES to launch a number of niche consumer and business magazines
in India.
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PART I: Introduction 13
EXECUTIVE SUMMARY 14
SECTION I:
Retail Real Estate Market Overview 19
INDIA SCENARIO 20
COMMERCIAL REAL ESTATE IN INDIA 27
GLOBAL REAL ESTATE OVERVIEW 34
SECTION II:
Consumption Trends For Shopping Centre
Development 49
CONSUMPTION TRENDS IN INDIA 50
Contents
CONSUMER DEMOGRAPHICS & CHANGING CONSUMPTION

DEMANDS INNOVATION IN UPCOMING MALL PROJECTS 54
SECTION III:
Mall Development: A Process Study 63
CHAPTER I: Mall Design & Project Implementation 65
MALL DESIGN & PROJECT IMPLEMENTATION 66
DESIGNING INDIA'S MALL POTENTIAL 72
DIFFERENTIATION: BUILDING SPECIALITY MALLS 76
FUNDING REAL ESTATE DEVELOPMENT IN INDIA 78
LEGAL FACTORS IN RETAIL REAL ESTATE DEVELOPMENT IN INDIA 85
CHAPTER II: Anchoring A Mall 93
ANCHORS IN MALLS 94
CASE STUDY: THE MULTIPLEX STORY 96
BUILDING A MALL AS A BRAND 104
MAKING OF A MALL: CASE STUDY - SELECT CITYWALK 112
SECTION IV:
Mall Management 117
GOOD MANAGEMENT STARTS AT THE TOP 118
EXPORTING INTERNATIONAL MANAGEMENT PRINCIPLES
TO AN EMERGING MARKET 124
ARE INDIAN MALLS SAFE? 131
BUILDING A MALL 146
SECTION V:
Mall Space In India: A Demand &
Supply Analysis 149
PART II: Mall Profiles 157

NORTH ZONE 159
WEST ZONE 223
SOUTH ZONE 267
EAST ZONE 305
KEY FINDINGS 334

CONTRIBUTORS PAGE 338
PART I
INTRODUCTION
PART I INTRODUCTION EXECUTIVE SUMMARY
EXECUTIVE SUMMARY The Forum, Bangalore
Malls in India 2007

A
ccording to the first IMAGES Malls in
India publication in 2004, 40 million
sq.ft of retail real estate development
had been predicted by year 2006. With
the pronouncement that not only
metropolitan centres, but tier-II cities,
such as Indore, Jaipur, Ludhiana and Meerut, would
see growth in mall space too. It had been further
pronounced in 2004 that the retail estate industry in
India had passed the initial growth stage and was in a
state of 'acceleration', with a few cities even
indicating signs of 'saturation' for the then organised
retail market size.
It was also pointed out that the growth of malls had
far surpassed the growth of organised retail; making
it imperative for malls, for the sake of increased
market penetration and profitability, to attract local
high street retailers too instead of limiting their
14
tenant profile to organised retail chains alone. It

was also hoped that mall financing and mall
management would improve over the next few
years to accommodate a sustainable retail estate
business.
Mall development, it was felt, had been primarily
driven by real estate developers who had taken
the business of retail as seriously as the
corporate and residential sectors. Following this
line of thought, the first-ever Malls in India
edition had focussed on understanding the
drivers, patterns and models of mall development
across the country. It studied the general growth
Inorbit Mall, Mumbai
patterns of mall development in detail, while

highlighting key opportunities for the Indian
market.
THE ROAD AHEAD
The book lay down key challenges for future
industry
developments (such as: providing the 'evolved'
Indian consumer with unique shopping • Increased technical training for
experiences, creating sustainable business models unskilled/under-qualified youth for increased
for malls, working towards improved employment opportunities for a quality man-
infrastructure facilities, setting up design power starved sector
The Forum, Kolkata

standards and preparing a regulatory framework
• Reduction of taxes on luxury goods to create
with policy makers of the country etc.) and
retail tourist destinations
studied the viability of various retail estate
formats in India. Significantly, the first edition • Rationalising the tax structure for the retail
had compared and contrasted Indian market industry
developments with more developed markets,
• Streamlining regulations and doing away with
eliciting learnings for the Indian mall developer.
the hassles of multiple licences and clearance
MGF Metropolitan Mall, Gurgaon

Over and above everything else, it was felt that requirements
malls had come to the rescue of organised retail
in India with the offer of quality retail space at FINDINGS FROM THE SECOND
lower values than comparable high street EDITION OF IMAGES MALLS IN INDIA
locations. The practice of retail space selling,
Come September 2005 and the second edition of
however, had been identified even then as a
the IMAGES Malls in India study was released.
problem area; hoping for more professional and
This publication revealed that the then current
standardised mall management practices in the
rate of growth in mall space was around 100 per
years to come.
cent! The pace, it was felt, had slowed down –
Key Enablers from more than 200 percent growth in 2003, it
had scaled down to 140 percent in 2004 and was
It was felt that the key enablers required for the
expected to remain in the vicinity of 100 percent
industry to realise its full potential include:
in 2005. By end-August 2005, India had some 96
• Improving overall access to real estate by de- operational malls offering 21.6 million sq.ft of
regulating the land market, putting in place quality retail space and considering the fact that
easier zoning provisions, standardising another 62 malls were at a near-completion
building specifications etc. stage, a further increase of 11 million sq.ft was
expected by the end of 2005. The projection for
• Providing industry status to the sector for
2007 was 358 malls with a total built-up area of
government/central sponsorship that could
87.8 million sq.ft.
identify and resolve bottlenecks in the sector
As predicted in the earlier edition, apart from
• Enabling FDI for faster growth and inculcation
metropolitan centres prominent tier-II cities
of better techniques/technologies into the
15
where mall development was picking up included centres, these speciality retail destinations would
Jaipur, Ludhiana, Guwahati, Dehradun, Sonepat, perform better and generate higher returns.
Chandigarh and Indore. What followed was a detailed study of speciality
malls and the viability of the format in an Indian
It was felt that the retail journey from traditional
scenario.
bazaars to supermalls, with a detour towards
luxury retail spaces within high-end hotels, had Mall Design & Mall Management
seen an unprecedented evolution over the last
The edition also highlighted the importance of
decade. Malls had emerged as present day
effective mall design and successful retail space
adaptations of India's unorganised bazaars;
management. It was felt that current market
changing the way Indians' shop forever. With
forces demanded the creation of more dynamic
more supply in the offing, quantum retail spaces
and distinctive shopping environments for two
were expected to increase. It was felt that older
reasons – global competition and the continued
malls would have to re-position themselves as
segmentation of retail offerings into ever more
neighbourhood malls, with specialty malls joining
specific demographic targets. Having experienced
the bandwagon. It was also felt that FDI in retail
R Mall, Mulund
the evolution of shopping centres in less than 10

would lead to improved infrastructure, leading to
years – a process that has taken place over 60
an upgradation of the quality of shopping malls
years around some parts of the world – India
and an increased demand for huge retail spaces.
stands to benefit greatly from the lessons learnt
Development Trends elsewhere around the globe. The savviest
commercial developers in India have recognised
The study also showed that in India the scarcity
that the challenges of shopping centre design
of quality real estate at affordable rentals has
and management require a blend of learning
traditionally been a key challenge to growth of
from international experiences balanced with
modern trade. The difficulty in finding suitable
'Made in India' solutions.
urban properties in central and downtown
locations for large format retail stores had led to Financing Malls
a shift in preference for suburbs of metropolitan
It was pointed out that as in any commercial real
cities, such as Gurgaon and Navi Mumbai,
estate project, financing of retail mall
together with growth in tier-II cities. The
developments runs parallel with development. In
research further revealed that a great majority of
instances where the landlord is also the
the new shopping malls being developed
developer, the value of land net of any applicable
remained fragmented and sub-optimally planned
debt constitutes a significant component of
in terms of proper positioning and inadequacy of
equity. The significant part of financing is hence
infrastructure. As the industry matured, it was
required for construction. The key issue in most
predicted that smaller niche/speciality malls
such development formats relates to property
would emerge in the country. In a scenario of
valuation and its impact on returns as indicated
potential over-supply of 'me-too' shopping
by a financial measure like the project's Internal
Rate of Return (IRR). More so than with other
forms of commercial real estate development,
large-scale retailing involves a closer interplay
between the tenant (retailer) and the developer
and greater flexibility in partnership across the
scheme.
It was discussed that as is the case of any
commercial real estate, retail developments take
place where supply and demand conditions need
to be augmented to fulfil the new demand.
Moreover the form and grade of such supply and
demand drivers are the key influence on the
structure and pricing of any development. Finally
the capital value reflects the rent and the yield,
Growels 101, Mumbai
the latter being a reflection of sustainability of

location and rent, future growth, investor
demand and comparative returns in other
investment arenas.
With additional factors like taxation and income
16
Shipra Mall, Ghaziabad
security also impacting, it is clear that the economic many sectors would reap benefits – a prediction that
model for retail real estate is quite complicated, even has partly come true.
without consideration of factors such as trading
Unavailability of quality retail space was seen as one of
potential, catchment growth, changing consumer habits
the main constraints for development of organised
etc.
formats in India. It was felt that negative yield on leased
WHAT MAKES RETAIL REAL ESTATE DISTINCT property and lack of financing due to the unorganised
property market had resulted in a dearth of quality retail
• Greater involvement by retailers themselves as space in the country. A significant reduction in interest
developers and owners rates over the past few years had helped.
• Typical requirement for a higher level of pre-leasing Availability of retail space was, however, expected to
prior to completion enabling a large degree of increase further if property funds and investment trusts
customisation were permitted, which would help create a secondary
• The importance of anchor stores in leasing and in market for real estate in the country. With greater
securing finance for the project availability of real estate, the average size of malls was
expected to increase, leading to better infrastructure,
• Greater variety in leasing deals as a function of the lower rents and more services that could be offered by
anchor's importance retailers at a single place. It was also pointed out that an
• Importance of tenant mix increasing number of such malls had already become
operational in the new suburbs around major metros
• Often not fully let out prior to opening to give and a total built-up area of about 87.8 million sq.ft of
flexibility to alter tenant mix and extract higher rents retail space was under construction and was expected to
from retailers seeking to join a successful scheme come on stream by 2007.
• Greater need for research due to the often more The 2005 edition closed with the mature perspective
focused locational requirements of retailers that over time, the novelty value of malls in India would
Conclusion wear off and it would be back to the basics of
positioning, footfall conversion and of course
The organised retail sector is at a brink of revolution. profitability. A number of developers were already
The past decade has witnessed a sea change in the experimenting with various concepts to arrive at a
Indian retail scenario, affecting both the supply and the suitable, sustainable and financially viable approach to
demand fronts of the market. On the supply front, a mall development. The next couple of years were to be
number of organised retailers have entered the trade in critical for the industry, with a few malls becoming
the last five years. Mall development activity has picked successful while others not being able to survive the
up at a rapid pace, thereby, creating quality space for trials and tribulations.
retailers to fulfill their aggressive expansion plans. It was
felt that the Government of India too was looking at The learnings from both these publications will establish
setting in place mechanisms to ensure that the opening the roadmap for further retail real estate developments
up of retail to FDI would be designed in such a way that in India for the current edition in the following pages.
17
SECTION I
RETAIL REAL ESTATE
MARKET OVERVIEW
SECTION I RETAIL REAL ESTATE MARKET OVERVIEW
SRS Mall, Delhi NCR
INDIA SCENARIO
M
all and Shopping Centre
development is a direct function
of the health of the country’s
Organised Retail industry and the
Real Estate sector in general.
Organised retailing, as we know,
has taken-off to a flying start and is projected to
grow at the rate of 37 percent in 2007 and
42 percent in 2008. Fortunately enough, the Real
Estate story is equally encouraging, especially after
the relaxation in FDI norms in 2006 and the
enthusiasm of Indian corporate houses in mega
Special Economic Zone (SEZ) projects.
The real estate story in India is now growing bigger
by the day. Industry experts are optimistic that there
exists huge demand potential in Indian real estate in
almost every sector – commercial, residential and
retail.
20
In the last couple of years the growth in commercial

office space has been fuelled by the burgeoning demand
for space in the outsourcing and information technology
(IT) industry. By 2010, the IT sector alone is expected to
require 1,500 lakh sq.ft of space across major cities.
Growth in the services sector, accompanied by
impressive growth in the overall gross domestic product
is sure to generate commensurate growth in demand for
Food court at a popular Indian mall

residential space as well. It is estimated that in the
residential sector there is a shortage of 194 lakh units
out of which 67 lakh are in urban India.
The increase in purchasing power and exposure to
organised retail formats has redefined the consumption
pattern. As a result, retail projects have been
mushrooming across even teir-II and tier-III cities. The
retail market is expected to grow at around 35 percent.
Industry observers feel that this growth is facilitated by
favourable demographics, increasing purchasing power,
existence of customer-friendly banks and housing
finance companies, professionalism in real estate and The Tata Group has joined hands with
reforms initiated by the Government to attract global private equity firm, Xander, through its group
investors. company Trent, in April 2007, to raise US$1
GLOBAL MAJORS IN INDIAN REAL ESTATE billion for an institutional retail real estate
Policy changes introduced by the Government in
fund. India's top real-estate firm, DLF, too
February 2005 allowed 100 per cent foreign has raised US$2.24 billion in the country's
investments in construction projects with fast-track largest initial public offering in June 2007.
approvals. But the real attraction for foreign investors is
potential investment returns of 25 percent and more in
Indian projects that might be hard to come by in the US tier-II cities. This was followed by three financial
and in Western Europe today. institutions – Khaleej Finance and Investment (KFI) from
Bahrain, Kuwait Investment Company (KIC) and Kuwait
A report by property consultants Jones Lang LaSalle Finance House (KFH) – from the Middle East promoting
Meghraj estimates that US$10 billion foreign a US$200 million fund for investing in India. Called the
investment will be injected into the Indian real estate 'Indian Private Equity Fund', it targets activities with
sector in the next 12-18 months. International controlled risks in growing sectors like real estate. Close
companies like Ayala of the Philippines, Signature from on its heels, California Public Employees’ Retirement
Dubai, Och-Ziff Capital, EurIndia and Old Lane have System entered India, investing US$100 million in a
indicated their interest in entering the Indian real estate US$400-million real estate fund promoted by IL&FS.
market soon. On the cards is sizeable FDI inflow from Ascendas, Asia’s leading business space provider is
Malaysia, followed by the UK, US, Israel and Singapore. launching the first property trust of Indian assets worth
Industry sources say over 90 foreign investors are US$500 million in Singapore in July 2007 with the
already in the country tapping investment avenues. renowned real estate developer Embassy Group.
Nearly two dozen US funds are raising US$3.5 billion for
investments in Indian realty. Those raising the funds FINANCIAL INSTITUTIONS IN REAL ESTATE
include Wall Street powerhouses such as the Blackstone Indian financial institutions are competing with each
Group (US$1 billion) Goldman Sachs (US$1 billion), other to invest in this higher return segment. Some of
Citigroup Property Investors (US$125 million), Morgan the prominent companies promoting real estate funds in
Stanley (US$70 million) and GE Commercial Finance India are HDFC Property Fund, DHFL Venture Capital
Real Estate (US$63 million). Others raising funds are JP Fund, Kotak Mahindra Realty Fund, Kshitij Venture
Morgan, Warburg Pincus, Merrill Lynch, Lehman Capital Fund (a group venture of Pantaloon Retail India
Brothers, Warren Buffett’s Berkshire Hathaway, Colony Ltd) and ICICI’s real estate fund, India Advantage Fund.
Capital and Starwood Capital. Regulated under SEBI’s (Securities and Exchange Board
In mid-2007, Morgan Stanley closed a deal worth about of India) Venture Capital Funds, these are closed-ended
US$150 million with Oberoi Constructions in Mumbai. schemes with an initial public offer (IPO) contributing to
The Nakheel Group in Dubai entered into a US$10 a discount on NAVs (Net Asset Value).
billion deal with DLF for residential projects in tier-I and
21
The Tata Group has joined hands with private equity

firm, Xander, through its group company Trent, in April
2007, to raise US$1 billion for an institutional retail
real estate fund. India's top real-estate firm, DLF, has
raised US$2.24 billion in the country's largest initial
public offering in June 2007. It has also entered into a
joint venture agreement with Indian pharmaceutical
Brand Factory, Hyderabad

major Ranbaxy Group company Fortis Healthcare to
set up hospitals across the country with investments
of about US$1.5 billion. Meanwhile, an HDFC-
sponsored real estate fund has been permitted to bring
up to US$ 790 million of FDI into the country, while
Indiabulls Real Estate (IREL) is looking to raise up to
US$1.2 billion.
RETAILERS AND MALLS With the retail sector experiencing a boom, the
country is witnessing a spurt in extremely large retail
India has emerged as the most attractive destination spaces. Shopping malls with over 10 lakh sq.ft of space
for retailers in 2007. According to the latest AT have become the order of the day. About 20 of these
Kearney study, for the third year in a row, India leads are now at various stages of construction across the
the annual list of most attractive emerging markets for country. In the National Capital Region (NCR),
retail investment followed by Russia and China. Unitech's Great India Place has a million sq.ft of retail
Organised retail, which currently accounts for only 4.6 space. In Mumbai, at least eight malls covering over 10
percent of the Rs.1,200,000 crore (US$270 billion) lakh sq.ft each, including R-Mall at Ghatkopar, and two
Indian retail sector, is expected to grow at 37 percent malls of over 10 lakh sq.ft, proposed for Thane. In
in 2007 and 42 percent in 2008, according to IMAGES Bangalore, at least three malls with similar dimensions
India Retail Report 2007. The report adds that are under development. Ludhiana will soon have a 16
organised retail in India has the potential to add over lakh sq.ft mall by Today Homes.
Rs.1,00,000 crore (US$45 billion) business by the year As the competition in the market intensifies, mall
2010. developers are trying out all possible ways to be
This is expected to create a demand for around 2,200 different. Specialised malls, designer brands and multi-
lakh sq.ft of retail space by 2010. According to movie options are marking the shopper's day out.
industry estimates, 270 lakh sq.ft of organised retail Gurgaon, on the suburbs of New Delhi, has a jewellery
space is currently available. Another 900 lakh sq.ft is mall and will soon have an auto mall. Bangalore will
expected to be added by 2008 from 263 mall projects. get an exclusive furniture mall. Two malls, first of their
Of these, 180 lakh sq.ft is slated to come up in Delhi kind, targeting foreign tourists, will come up at tourist
as well as in Mumbai, 95 lakh sq.ft in Ludhiana, six lakh hotspots – Goa and Udaipur – with a projected cost of
sq.ft in Chandigarh and 36 lakh sq.ft in Ahmedabad. around Rs.90 crore (US$22 million) each.
A furnishings mall is coming up on Elgin Road in
Kolkata. And India's largest theme amusement park,
Noida Entertainment City (E-City), will stand upon
65,34,000 sq.ft (150 acres) approximately. Discount
malls are also on the rise. Top realtors and local retail
chains are developing malls in regional boroughs,
specifically to sell premium branded goods at prices
30-40 percent cheaper than the maximum retail price.
At least 50 discount malls are expected to come up in
the next two years across the country, positioned in
the middle-to-the-premium end of the market.
Amusement Park at Noida
In what could perhaps become a trend in the booming

retail business, Reliance Retail, Future Group and
Bharti-Wal-Mart are among leading retail companies
that are acquiring housing societies and colonies in
Ahmedabad to knock down and build mega-retail
stores.
22
BIG DEALS IN REALTY

The biggest mall of the world – Mall of India – planned
by DLF Universal along NH-8 – will have 32 acres
(13,93,920 sq.ft) spanning a huge entertainment area
and large city town squares offering a total retail
experience.
Chennai, on the radar of foreign real estate funds,
recently witnessed two big-ticket property deals. AIG
Real Estate Fund and RMZ Corporation purchased an
11-acre (4,79,160 sq.ft) plot at Guindy for Rs.2,816
crore (US$686.9 milion) and Shyam Kothari, in another
deal, bought IDBI's 2.5 acres Boat Club property in
Chennai for Rs.165 crore (US$40.3 million).
A large number of retailers, which also includes
Ishanya complex, Pune
traditional retailers, are now planning to expand within

the current city, and a good percentage of them are also
willing to open new stores in other cities within India.
The most confident among them are home and interior
retailers and sports apparel/equipment retailers,
followed by department stores and jewellery and food
retails. Space within upcoming malls will obviously be
the first choice. but easy-to-manage surroundings. Developers maintain
that the bar for the super-premium luxury housing has
The last decade saw the transition of sleepy towns like risen from Rs.9,511,938 (US$231,964) to over
Gurgaon, Noida and Faridabad into enviable retail Rs.19,023,918 (US$463,929) per unit.
addresses, and today these are classified as tier-I cities
along with the core, NCR in this case. These cities are If the year 2006 was marked by some of the country's
now almost saturated. Naturally, the opportunity in the biggest land deals, the future of India is set to usher in
tier-IA, tier-II and tier-III cities – like Hyderabad, Cochin, the gold rush of realty.
Chennai, Coimbatore and Pune – is equally enormous. MACROECONOMIC FACTORS AFFECTING
For instance, Pune, the engineering and automobile hub DEMAND AND SUPPLY OF REAL ESTATE
of western India – about 160-km south-east of Mumbai
– is emerging as a major IT centre. With sprawling Economic Growth
software parks coming up all over the city and its Sustained growth has made India the world’s fourth
suburbs, the demand for high-value apartments is largest economy in terms of purchasing power parity.
growing and so is the potential for shopping centres. Forex Reserves of US$175 billion (Dec 06) (source:
Beyond professionals and people looking to relocate Reserve Bank of India), current GDP growth rate of 9.2
from Mumbai or even overseas, are the older people percent, positive market sentiment and business
who have sold a bungalow and want to live in spacious, optimism are expected to make India’s GDP the third
highest in the world by 2020 (source: KPMG). Economic
growth over the past three years has been consistent
with an average annual growth rate of eight percent
(Figure 4) and, as this growth is led by investments in
the economy, it is likely to be more sustainable than
earlier spurts in GDP growth.
The agriculture sector has minimal effect on retail real
estate in India; hence a slowdown in agriculture doesn’t
affect the sector in a major way. The manufacturing
sector, which is growing at 11 percent (source:
Economic Survey of India 2006-07), has a positive
impact on industrial real estate but its effect on
commercial real estate is marginal. It is primarily the
services sector that accounts not only for the majority
of office space absorption in India, but also fuels the
growth in the residential and retail sector.
23
With GDP growth expected to continue at a level above

nine percent per annum (as per latest government
estimates), the impact on retail real estate in India is
expected to remain positive.
Inflation
Inflation, which was 6.39 percent in the week ended
March 24, 2007, and posed a major concern to all the
good work, now thankfully appears to be getting under
control as a result of stringent policy initiatives by the
Reserve Bank of India. One of the factors which has lead
Delhi's traditional CBD, Connaught Place
to high inflation (apart from rising oil prices) is the
supply constraints of food grains and other essential
commodities which are an important component in the
basket of goods on which inflation is calculated. Though
long-term structural changes are required in the
economy to tackle such demand supply mismatches, in
the short term measures such as regulating the money
supply and interest rates are being taken to control
inflation.
An area of concern here is that continued high inflation
can significantly impede real estate growth as the
government tries to rein in liquidity and increase interest these steps have resulted in funds flow to developers as
rates. High inflation is directly linked to the well as borrowers being constricted and a consequent
government’s performance in public opinion and the increase in borrowing costs.
government will not hesitate to cut down on growth in Interest rates
its bid to cut inflation.
The change in liquidity and inflation environment has
Money Supply resulted in a continuous hardening of interest rates from
As against the RBI’s target of 15 percent for annual 2005-06. Home loan rates, too, have been on an upward
growth of money supply for 2006-07, money supply climb, and are expected to continue rising over the next
actually grew at 21.1 percent during this period mainly 12 months.
because of growth in bank credit. RBI’s steps to reduce This is expected to impact residential demand as
credit availability include increasing the refinancing rate, borrowers face higher repayment instalments.
the Cash Reserve Ratio (CRR) and bank lending rates. All Developers will face higher cost of funds and would have
to look for alternate sources such as private
equity/venture capital (PE/VC) while investors revise
their expected returns from the real estate sector.
Credit Off-Take
In the last three years, real estate has been one of the
prime sectors driving the credit growth with lending to
the sector rising by more than 500 percent (source: RBI).
Viewing this with concern, RBI has taken steps to reduce
the flow of bank credit to the sector as well as making it
more expensive for banks to lend to. This tightening of
bank lending to real estate has led to a steady increase in
interest rates on loans available to the real estate sector.
DLF City Centre Mall, Gurgaon
Regulatory
Like any other sector, government policies and
regulations have a critical impact on the functioning,
growth and maturity of the real estate market. The
government and RBI have increasingly been wary of the
rising prices in the real estate sector in the recent years
and have taken various steps to control the money fl
24
owing into the sector. RBI increased the provisioning REAL ESTATE MARKET IN INDIA
requirement for banks from the earlier 0.4 percent to
one percent for all residential housing loans beyond Traditionally the Indian real estate market has remained
Rs.20 lakh and to two percent on all commercial real largely disorganised, with the chaos of the real estate
estate loans (including SEZs). industry affecting other sectors of the economy too. But
over the last few years, the Indian real estate industry
Banks were restrained from granting fresh loans in excess has started getting organised. What was once a highly
of Rs.20 lakh against NRE (Non-resident external fragmented business dominated by regionally based
accounts) and FCNR (B) (Foreign Currency Non private entrepreneurs (or ‘builders’) has become a
Resident) deposits. RBI has also urged all commercial national and global business.
banks to put in place an improved system/procedure for
realistic valuation of properties and appoint This transformation has come about because of a
significant growth in capital formation in the real estate
independent valuers for the purpose. The need for an industry and the rise of sophisticated real estate capital
agency to set up valuation standards to be imparted markets. This has been driven by:
through impartial, professional, accredited valuers is also
being felt. • Listed as well as unlisted real estate companies
In the 2007 union budget, the government announced • Private real estate funds catering to institutional
various policies which had a somewhat dampening effect investors, and
on the real estate sector. Tightened regulations • A bigger focus on Indian real estate by global property
governing developments of Special Economic Zones consultants and commercial banks
(SEZs) by disallowing tax concessions to contractors
involved in the construction work, income tax on venture
capital income – interest and capital gains (interest and Over the last few years, the Indian real estate
capital gains from their investments in real estate) were
some of the measures taken. Service tax was extended
industry has started getting organised. What
to renting of property for commercial use that could was once a highly fragmented business
have a major impact on the retail segment as real estate dominated by regionally based private
costs are as high as 30 percent of total project costs in entrepreneurs (or ‘builders’) has today
some cases. become a national and global business.
The Securities and Exchange Board of India (Sebi) has
tightened the disclosure and valuation norms for real
estate companies planning to launch initial public The recent changes in the regulatory environment, the
offerings (IPOs) to impart a true picture of their property opening up of the market to foreign investors, the
values. Such companies have to mandatorily disclose growth of private equity and rising demand for higher
their land bank details along with ownership status. India quality real estate is gradually transforming Indian real
needs to urgently adopt international valuation norms to estate into a more transparent and accessible real estate
ensure greater transparency and confidence in the market.
sector.
Add to this all the feverish activity within the Indian
Crossriver Mall, Delhi NCR
DLF IT Park, Kolkata
25
economy at large, and one realises exactly why the

country’s real estate market is expanding so rapidly.
After all, each growing sector is in need of ‘space’ to
spread its wings, and no wonder real estate is emerging
as one of India’s fastest growing sectors, with
expectations for all its constituent segments to expand
rapidly:
Commercial Market
• About 70 percent of demand for office space in India
Reliance Mart, Ahmedabad

is being driven by the IT/ITES & BPO sectors
• CBDs are getting saturated across all metros and an
increasing rate of suburban/peripheral developments
are catering to the roaring demand for office spaces
• While MNCs and financial institutions preferred CBD
areas, the IT/ITES sector does not favour these
because of infrastructure problems, old constructions,
unavailability of large floor plates and high rentals. mixture of office, retail and residential, have been built.
Strong growth in the demand for commercial office Just like other global locations, the most important
space will continue to be fuelled by the rapid expansion locational factors are the availability of staff, ease of
of the IT/ITES sector, which is growing at more than 30 access by car and public transport and regional growth
percent a year. Employment in IT/ITES currently stands potential. In Indian cities it is also important to access
at nearly 13 lakh, and is expanding by well over 200,000 the technical infrastructure provision (e.g. electricity,
jobs per year (equivalent to an additional office telephones and water supply) to ensure that it meets
requirement of more than 200 lakh sq.ft per year). Over requirements.
the medium term the opening up of the economy is Retail Real Estate Market
expected to lead to a broader occupier base, as Indian
business services expand in response to domestic Wal-Mart has made an India entry through a JV with the
demand. Bharti Group. Earlier the US retail giant was willing to
gain access through FDI but the government's regulatory
Production and operating cost reductions are the framework didn't allow it to do so.
primary reasons for increased business process
outsourcing by US and European companies to India. The After Mukesh Ambani's Reliance Industries foray into
total workspace needed for an office in Bangalore, for retail, the AV Birla Group also launched its retail plan. At
example, is no lower than it is in London, but the total the same time, Tata, Raheja's, Future Group, Godrej, etc.,
occupancy cost is much lower. are all working on business plans to amplify their retail
activities across the country.
The most important office locations are in the Central
Business Districts (CBD). It has only been in the last few Reliance has planned its retail outlets in all the major
years, as space has become more limited in the CBDs cities and is acquiring land at record prices
and new higher quality offices with lower prices have With MCD's sealing drive in Delhi, supply crunch for
been built in peripheral locations, that demand has retail spaces was witnessed, which led to an increase in
shifted from downtown areas out to the new locations. retail estate prices across the NCR.
Most recently, additional development areas, with a
India has huge potential for retail expansion, with rapid
growth underpinned by favourable demographics,
Space per Total occupancy costs (Euro)
City
Worker (sq.ft) per work station per annum increasing urbanisation, rising disposable incomes, low
interest rates, brand competition and youth culture. The
Bangalore 126 2,734 sector is also undergoing structural change, with leading
Mumbai 108 7,062 domestic retailers going through rapid growth, format
Beijing 90 3,890 migration and consolidation. The pace of change is likely
to accelerate as foreign investment in retailing is
Singapore 99 3,790
liberalised – the government has taken the first steps in
Frankfurt 198 10,692 2006 by allowing 51 percent FDI in 'single brands' retail
London 99 15,559 outlets. Increasingly, organised retailing will focus on
New York 189 10,500 tier-II and III cities, which are still largely unexploited.
Source: RREEF Research
26
The need for Grade-A Office Space is on the rise in India

COMMERCIAL REAL
ESTATE IN INDIA
BY ANKUR SRIVASTAVA > Managing Director, ABHILASH LAL > Director, SHUBHENDU
SAHA > Senior Manager, GAUTAM SARIN > Assistant Manager, DTZ India*
T
he first few years of the 21st century
have seen the world enraptured by the
India story. Favourable comparisons with
the world’s fastest growing economies,
abundant talent pools, need for
infrastructural investments and a large
market have attracted investors across all industry
segments. Retail, hospitality, healthcare,
infrastructure etc. are bringing in international
players keen to tap the latent demand in these
sectors while the competitiveness in Information
Technology and IT Enables Services (IT/ITES) has
made India the back office of the world. All these
factors have resulted in a continued healthy demand
for real estate that, coupled with easy availability of
capital, has seen a boom in the real estate (RE) sector
in the last few years.
*Excerpts from the DTZ report on Commercial Real Estate in India
(‘Norwegian Wood - This Bird has Flown’)
27
With all indicators pointing to continued robustness in

economic growth, one could expect the RE sector also to
continue its path upward. However, a study carried out by DTZ
reveals that the current boom may be cresting and this may be
a time to exercise prudence.
Commercial real estate (which includes office space, SEZs and
IT/Business Parks) can be considered the benchmark for the rest
of the real estate market in the country as it is tracked
professionally, is less opaque and more reliable information on
DLF Corporate Park Gurgaon

it is available as compared to other sectors. Additionally, the
commercial sector is the growth driver for other RE segments
as the business prospects and employment generated in turn
drive the demand for residential, hospitality and retail sectors.
To be considered as a Grade-A office space, a building needs to
have certain minimum requirements such as central air
conditioning, professional building maintenance, good façade,
100 percent power backup, preferably single ownership and
good tenant profile. of this rental value correction; for example, the threshold for
this correction has been brought closer by the two recent
Our study revealed that the A-Grade leasehold office space interest rate hikes.
sector across our universe of cities (the top seven Indian cities
of Bangalore, Chennai, Delhi NCR, Hyderabad, Kolkata, Mumbai That notwithstanding, we firmly believe that the Indian real
estate markets are entering their next phase/wave of evolution.
The Indian real estate cycle saw its last crest in 1995-96 and
the following years saw real estate values come down across
the country. This correction also marked the first wave of
On an overall basis, after 1995-96, the evolution of the Indian real estate markets. The prime drivers of
Indian office space markets are now this change were the large foreign occupiers/corporates and IT
close to the second crest of the real firms that were establishing their presence in India and the
estate cycle... most pronounced impact of this wave was a complete re-
definition of what constituted A-Grade office space (in India).
We are of the opinion that on an overall basis, the Indian office
space markets are now close to the second crest of the real
and Pune) is seeing the beginning of an oversupply situation estate cycle (after 1995-96). And the change driver for this
that will continue in the short to medium term. The Indian A- evolutionary phase of Indian real estate would be the
Grade leasehold office space markets are currently at an all sophisticated foreign capital that is finding its way into Indian
time high; both in terms of the quantum of space leased per real estate. This phase will again bring about significant
annum and the prevailing rental values. changes in the Indian real estate sector and we believe that
industry participants will go through a fast and somewhat
Our city-level demand supply analysis clearly indicates that painful structural changes.
office space rentals are likely to hit a plateau in the next six to
twelve months. Barring a few exceptions (primarily the CBDs), INDIAN REAL ESTATE OVERVIEW
the oversupply situation will lead to a correction in office rental
values. Or very simply, this correction in A-Grade office space The Indian Real Estate market is estimated at US$12 billion
rental values will not be driven by a lack of demand but due to (source: FICCI) with a current growth rate of around 30 percent
the oversupply build-up. per annum. Although the initial real estate growth was
concentrated in the major metros due to the growth of IT/ITES
However, rather than casting a pall of gloom, this may be an in India, there has been a shift in the real estate market beyond
opportunity for all stakeholders to re-examine and reformat metros to tier-II cities (Figure 1).
their strategy for the RE sector. With demand for good quality
RE expected to remain healthy in the longer term, stakeholders, With India showing broad based economic growth, RE too has
i.e., investors, tenants, buyers, developers and even regulatory shown growth across all segments – commercial, retail,
authorities – should understand the implications of this residential, industrial and hospitality.
forecasted correction and plan their real estate investment/ Office Space Segment
development/end-user strategies accordingly.
The prime component of RE demand in India, Grade-A office
There are various factors that will define the degree and timing space saw a demand of around 47 million sq.ft in 2006 and this
28
of the Indian RE market in terms of value. Low per capita housing

stock, rising disposable income coupled with easy availability of
finance from housing finance companies and banks have been
Our city-level demand supply analysis, driving demand in this sector in recent years. The potential for
seen in conjunction with the macro- housing is still large as even today, there is a shortage of 31
economic fundamentals, clearly million housing units (source: NHB) and ASSOCHAM predicts this
indicates that office space rentals are demand to grow to 80 million by the next decade.
likely to hit a plateau in the next six to
twelve months.
is expected to grow to 56 million sq.ft in 2007. The Indian

economy, led by the IT/ITES industry, has shown strong
growth in the last three years that has resulted in increased
absorption across most Indian metros and tier-II cities. For
example, Chennai had a Grade-A office space absorption of
3.7 million sq.ft in 2005 which increased to 5.3 million sq.ft in
2006. At 9.3 million sq.ft in 2005, Bangalore was the third
ranked city globally in terms of office space absorption (after
Tokyo and London) and grew to12 million sq.ft in 2006.
Delhi NCR has emerged as an IT/ITES favourite with
Office space at Nariman Point, Mumbai
absorption of 2.4 million sq.ft in 2005 that grew to 10.6

million sq.ft in 2006. Other Indian cities too have witnessed
similar growth in office space absorption.
As per current estimates, we expect the demand for Grade-A
office space to stay on course in the immediate future.
However, given the number of large projects announced
recently and under construction, we could witness supply
exceeding demand across cities. Rationalisation of rentals,
quality of the end product and professional service
delivery/marketing to support corporate clients would be
critical in increasing the occupancy levels in this scenario of
oversupply. Retail Segment
Residential Segment The retail industry in India is dominated by individual small format
stores with floor space of less than 500 sq.ft. The organised retail
The residential property market constitutes almost 75 percent sector, which was a mere three percent of the total retail market
in 2004, has attracted a lot of players and has grown to 4.7
percent of the total retail market of US$ 230 billion (source:
IMAGES Retail Report 2007). However, as seen from Figure 2, this
share is still low as compared to other countries and represents
enormous growth potential. India’s fast growing economy,
increasing disposable incomes and consumption levels have made
it one of the largest consumer markets in Asia.
Organised retail is thus expected to grow but would rely on
appropriately priced real estate to reach out to its customer
segment effectively. RE costs can impact the profitability of an
entire retail venture and with high occupier interest, new supply
coming up and old retail formats under threat, the sector will see
some interesting times.
Retail real estate construction and more importantly, mall
management practices leave a lot to be desired and we are certain
that the Indian retail real estate sector still has to undergo a
significant learning cycle. This evolution will be clearly linked with
29
the increasing corporatisation of the retail sector and will be COMMERCIAL REAL ESTATE IN INDIA
further catalysed by the entry of foreign retailers in India (as
and when allowed). Growth Drivers
Hospitality Segment Commercial real estate is an important component of the real

estate sector as it has a positive effect on the demand for
The number of foreign visitors (a major driver of hospitality residential and retail as well. At current growth rates, the sector is
industry) in the country in 2005 was around 4 million resulting expected to employ an additional 2.4 million people by 2012. At a
in international tourism receipts of US$ 5.7 billion. With prudent Employee Health and Safety (EHS) norm of 100 sq.ft per
continued business and tourism interest, the hospitality employee, this translates into an additional commercial space
industry is expected to show growth rates in excess of eight requirement of 240 million sq.ft. The increase in incomes due to
percent per annum. This rapid growth in visitors has already these employees joining the workforce is expected to generate an
impacted the industry with most cities facing a severe additional demand for 12 billion sq.ft of residential space by 2012
shortage of rooms and hotels. It is believed, however, that the (assuming 100 sq.ft commercial space requirement, 400 sq.ft of
supply of hotel rooms is expected to increase steeply between residential space requirement per employee).
now and 2010.
There are various factors driving the growth of commercial real
Looking Ahead estate in India:
Though most parameters point to demand remaining strong, a • Demographic Factors
slowdown in economic growth in India could affect the
demand drivers and consequently growth in the real estate Indian demographics are poised to provide a broad based and
sector. Commercial real estate is largely dependent on sustainable economic growth. India has a very young
demand from the IT/ITES sector, which accounts for nearly 70 population profile (Figure 3) with half of its people under the
percent of the total office absorption. With rising real estate age of 25 years. This young and increasingly urbanised
and salary costs, India’s cost competitiveness in this sector population drives significant demand for products and services,
could be challenged and any slowdown in this sector can and has created massive opportunities from human resources
adversely affect the commercial space absorption in various
cities across India.
While the bull run in property prices has attracted the
attention of regulatory bodies and led to restrictions in
availability of capital, the attractiveness of the sector and
steadily increasing demand have seen a number of players,
both new and old, embark upon fresh constructions on a grand
scale. Thus, though demand is expected to remain strong, the
restrictions in capital availability will impact projects in the
longer term. The projects already announced will see sufficient
supply emerging across most cities and result in over supply in
the short to medium term.
Signature Towers, Gurgaon
30
India: 2020 Households Earning more than US$5,000 pa
Figure: 3 Figure: 4
perspective. The IT/ITES industry is critically impacted by financial services that are expected to be the next big drivers
availability of adequate human resources and this for office space.
demographic profile has made India a very attractive
• Infrastructural
destination for these companies.
The Central and State governments have realised the
Along with continued strong economic growth, real annual
importance of improving urban infrastructure to truly realise
personal disposable incomes are also set to increase by
the potential of India. Initiatives such as the Jawaharlal Nehru
eight to 10 percent annually over 2006-10. Figure 4 shows
Urban Renewal Mission (2005) aim to put selected cities on
that the percentage of households in India, that earn more
the fast track of growth by encouraging infrastructure growth
than US$ 5,000 per annum currently, is lower than that of
and thereby catalysing flow of investments into the urban
China. However, this is expected to grow over the next
infrastructure sector. Another infrastructure initiative, the
four years to match China by 2010. As India emerges out
National Highways Development Programme (NHDP), is also
of the shadows of its socialistic past and integrates
making impressive progress. The National Highway Authority
increasingly with the regional and global economy, it is
of India (NHAI) is being restructured for more effectiveness
spawning a new rich class – the number of billionaires in
and to be able to handle a large number of Private Public
India is already the highest in Asia, ahead of even Japan.
Partnership (PPP) projects. Work pace has improved on the
This socio-economic transformation is making India an
Golden Quadrilateral (GQ) and the North-South, East-West
increasingly lucrative market for a wide variety of products
Corridor projects – as against 1.86 km/day completed prior to
and services. These include biochemical, leisure and
May 2004, the schemes are now progressing at the rate of
4.48 km/day. All these initiatives should see ustainability of
the demand for commercial RE in India.
Outlook for Office Space
The DTZ study conducted across the top seven cities (including
their micro-markets) finds that the continuing healthy demand,
attractiveness due to rising capital and rental values and easy
availability of capital resulted in a large number of projects being
started at major locations. While demand continues to be strong,
the supply of quality commercial real estate is likely to outstrip
the demand in the short to medium term. The chart below (Figure
5) summarises the likely demand supply scenario in 2007 across
key cities in India.
The authorities have sought to stem speculative interest in the
Infosys Building, Bangalore
sector and also to reduce inflationary pressures in the economy by

curtailing availability of capital and increasing the interest rates.
These measures will certainly impact new projects as
developer/builders seek new sources of capital and PE/VC funds
evaluate their strategies.
As demand continues at current pace and fresh supply tapers off,
31
IT Park at Hi-Tech City, Hyderabad

it is expected that the oversupply case of large/multi-phase creation. They have deeper
position will reduce over the longer projects (like SEZs), longer pockets as well as access to
term. In the short to medium term, project gestation periods. cheaper capital – all vital factors
however, as an over supply position which enable them to invest
emerges across most cities, v In such a scenario, developers towards creating better quality
stakeholders viz. occupiers, are better off divesting their real estate product that will
investors, developers and stakes in their projects sooner provide them the desired exit
intermediaries need to understand rather than later as valuations valuations in subsequent years.
the implications and formulate their are expected to reduce in the
strategies accordingly. future due to increased cost of v The above-mentioned drive
capital and higher expected towards quality (highlighted in
Overall Impact returns. This will also give the last point) will gradually
developers an opportunity to lead to a complete redefinition
v Rising interest rates mean
strengthen their balance sheet of A-Grade office space norms
higher cost of capital and
by reducing high cost in India. There is a distinct
reduced project net present
borrowings. Similarly, investors possibility that some of the new
value assessments. This
should exercise caution and supply being created will find no
phenomenon is already visible
defer investment plans as they takers since the better quality
and leads to lower project and
are likely to get better product is likely to get leased
land valuations. Project
valuations in future. first.
breakeven periods are also likely
to get extended. v Indian developers have v Access to public markets and
traditionally had scarce access debt is likely to get more
v In cities where we see a clear
to equity for real estate projects restricted and even larger Indian
oversupply situation emerging,
and barring a few large players, developers will initiate joint
rental values will stabilise for
all developers operate with the investments with private equity
some time before they undergo
strategy of ‘construct, lease and (PE) players. This was not the
a correction. In certain cities like
sell’. The industry average case so far and PE players were
the NCR region and Bangalore
holding period for A-Grade primarily partnering will smaller
where the overall demand-
office space assets is less than developers. With the large
supply equation is not
three years and there is little developer groups joining the
significantly skewed, only
focus towards creating assets race for PE, smaller developers
certain micro-markets will see
with longevity. However, all or relatively lesser known
pressure on rental values.
foreign developers/investors entities are certain to be edged
v An oversupply situation would entering the Indian real estate out.
also translate into longer markets are taking a mid-long
absorption timeframes and in terms view towards asset
32
33
GLOBAL REAL
ESTATE OVERVIEW
Based on global realty reports by Cushman & Wakefield
COMMERCIAL REAL ESTATE OVERVIEW

The global office market improved significantly over
the course of 2006, as annual rental growth reached
12.2 percent, compared to the much more moderate
4.3 percent recorded in 2005, according to a recent
Cushman & Wakefield report. All regions improved
their rental growth performance over the year. Africa
and The Middle East saw the most buoyant growth,
with rents rising by 32 percent. This was, in part, due
to the huge increases seen in Abu Dhabi, which
posted the highest global rental growth of 200
percent, but all key locations in the region saw good
rental growth. Europe showed the smallest regional
rental increase once again and the overall European
growth rate of 6.5 percent was only a marginal
increase on 2005. As in previous years, Central and
34
Eastern Europe outperformed Western Europe, with compared to the 2005 ranking.
rental growth of 9.2 percent and 5.7 percent The Americas
respectively.
At a regional level, North America recorded 10.9 percent
According to the Cushman & Wakefield report, aside rental growth. This is slightly lower than the global 12.2
from the very large rental growth seen in Abu Dhabi, the percent figure, but compares favourably with Europe at
top ten best performing markets were almost all in 6.5 percent. South America continued to see the largest
India, particularly in the suburban locations. Thanks to a gains with an overall increase of 20.7 percent. Buenos
boom in financial services and IT as well as stricter Aires was the leading location in rental growth terms,
building regulations, rents in most key markets in India with a 42 percent increase. São Paulo and Rio de Janeiro
have skyrocketed. The largest Indian growth rate was also improved significantly. In North America, New York
posted by the central prime market of Worli, Mumbai, Downtown was the best performer, with an annual rental
where rents rose by 107 percent over the year, the growth of 36 percent. Atlanta (-9 percent) and Silicon
second highest rate globally. Valley (-4 percent) were this year's biggest
Other global top performers included Calgary, Canada, underperformers.
where the development of the oil industry coupled with Despite the fact that the US economy entered a period of
limited office supply pushed rents up by 47 percent over slower growth in the second half of 2006, the office
2006. In Europe, Dublin saw the highest rental growth, market recorded the best improvements in vacancy and
where prime rents rose by 43 percent in 2006, largely rents since the end of the 1990s boom. New York
due to supply constraints. Midtown remains the most expensive business location in
London West End continues to be the most expensive North America, with a total occupancy cost of just under
location in the world, with a rent of €1,594 per sq.m per €670 per sq.m per year. New York Downtown and
year and a total occupancy cost in excess of €2,000 per Washington CBD make up the top three, each with annual
sq.m per year. Of the top ten locations, only London and total occupancy costs of just under €460 per sq.m per
Paris retained their positions of first and fourth place year. Vacancy rates fell in most locations, with some
respectively in the global ranking. The entry of India markets including New York Downtown, New York
(Mumbai) and Ireland (Dublin) into the top ten pushed Midtown, Seattle CBD, Washington CBD and Boston CBD
back Moscow, Milan and New York by two places seeing vacancy drop below 10 percent.
Source: Cushman & Wakefield
35
between supply and demand. Activity levels are set to remain at

present levels in 2007. Mexico saw more stable market
conditions. Despite some renewed interest from multi-nationals
the market overall remains quiet, with rental values falling
This was a result of strong growth in letting activity over the
marginally over the year.
year; nationally CBD take-up levels were up by a very healthy
10 percent on 2005. Out-of-town locations across the US also Turning to South America, the supply of quality Grade-A space is
proved increasingly popular with occupiers, with falling vacancy in very short supply in the key markets. The most expensive
and increasing take-up. locations are Rio de Janeiro CBD and São Paulo CBD, both with
total annual costs of around €472 per sq.m per year. A mismatch
High levels of demand were evident in key Canadian markets.
of high levels of demand for well-located, top-quality office
Vacancy remained much lower than in the USA; the average
space and low supply characterised most of the key South
vacancy is now at less than 4.5 percent. Take-up levels were
American markets. The Brazilian and Argentinean markets saw
abnormally high in Toronto in 2006, while in most other
rents rise sharply as supply failed to meet demand. The overall
locations markets have reached more of an equilibrium
vacancy in Rio de Janeiro fell to 8.1 percent, with the supply of
Grade-A space at just 2.1 percent. Meanwhile, overall supply in
the Buenos Aires Downtown submarket was critically low, at just
one percent. The consistent demand for quality product and the
lack of investment in Argentina over recent years presents a great
opportunity for developers. A further escalation of rental levels is
expected in Argentina over the course of 2007.
Europe
Overall rental performance saw steady improvement for the third
consecutive year. Average performance was moderate in 2006,
particularly when compared to the very buoyant investment
levels. The occupier market saw some improvement across the
board, with rental growth seen in over three-quarters of all
European locations; a marked improvement on 2005. Overall
European rental growth averaged 6.5 percent.
36
The West End of London once again boasts the most expensive
rental level in Europe and the World, at €1,594 per sq.m per
year. The gap between first and second positions continued to
widen, as rental growth in London was more than three times
that of Paris, the second most expensive European location.
Central Dublin was the market with the largest rental
movement over the year, with growth of 38 percent. Only two
countries, Greece and the Czech Republic, experienced a fall in
rents, although these were only three percent and five percent
respectively. The Czech location of Brno saw the largest rental
fall in Europe of 19 percent.
Central and Eastern Europe continued to outperform Western
Europe, with CEE average regional rental growth at 9.2 percent
compared to Western Europe's 5.7 percent. Most markets were
trending upwards or stable, with only the Czech
Republic seeing an erosion in rental values. Romania is the top
regional performer this year in terms of rental growth, with
prime rents in Timisoara, Brasov and Constanta growing by a
quarter due to a supply/demand imbalance. Latvia and Estonia
also saw solid levels of rental growth for similar reasons.
The West End of London once again

boasts the most expensive rental
level in Europe and the World, at
€1,594 per sq.m per year. In fact, the
rental growth in London was more Source: Cushman & Wakefield
than three times that of Paris, the
second most expensive European
location.
On average, European vacancy was trending down due to the

lack of development activity and a relative rise in the volume of
transactions. Average take-up rose by just over five percent,
whilst the overall vacancy rate reached approximately 10.5
percent, the lowest point for four years. Prime space is limited,
as occupiers continued their ‘flight to quality’ in 2006, boosting
levels of secondary supply.
The supply/demand balance is improving in most European
markets. In Western Europe, consolidation continues to be a
significant factor in market activity, with tenants still cost-
conscious. However, the lack of space is now pushing back
incentives and moving prime rents up. Take-up improved in a
number of locations, notably most of the Scandinavian
markets, Dublin, Central London and Amsterdam.
In Central and Eastern Europe market trends were more experiencing higher rental growth.
uniformly positive. Moscow remains the tightest market in
Europe, with a vacancy of 2.6 percent. As Western European Asia Pacific
economic performance improves and CEE economic growth is Across the Asia Pacific region, key office markets continued to
starting to slow, moves towards convergence are expected to run hot in 2006. The region as a whole witnessed the second
be more marked into 2007, as some of the slower markets start highest rental growth rates globally and posted an overall 29
to see firmer signs of recovery. There is widely expected to be a percent increase in the year to December, a solid improvement
fuller recovery across Europe into 2007, with more markets on the regional growth rate of 15.1 percent recorded in 2005,
37
and significantly above the 2006 global average of 12.2

percent. India, Japan, Hong Kong and Singapore were the
strongest markets and were responsible for the majority of the
overall growth figure.
The Indian office sector delivered a particularly strong
performance, as the continued surging growth of the economy
was reflected in a dramatic increase in rental levels. Rents in
central Mumbai (Worli) more than doubled over the course of
the year, while in New Delhi prime rents grew by 88 percent. In
the main Indian markets the average annual rental growth
stood at 45 percent. Tokyo, Hong Kong and Singapore were not
far behind and saw rents rise by 40 percent, 39 percent and 38
percent respectively over the reporting period. In comparison,
mainland China continued to see lower, albeit strong levels of
growth.
Tokyo has re-established itself as the most expensive city in the
region, with a total occupancy cost of €1,493 per sq.m per year.
Hong Kong, the second most expensive location had a total
occupancy cost of €1,448 per sq.m per year. Mumbai is the Asia
Pacific region's third most expensive location at €985 per sq.m
per year.
As a whole, the region has a relatively low average vacancy rate
of just 7.7 percent. The lowest rates are in Tokyo, at three
percent, and Seoul, at 3.4 percent, while most of the Indian
cities also recorded vacancies of below five percent. The
exceptions were New Delhi and Mumbai, where vacancy rates
are 10 percent and nine percent respectively. Kuala Lumpur and
Taipei have the highest levels of vacancy in the region at 15
percent and 13.6 percent.
The supply and demand picture varied significantly across the
region, although international expansion of multinationals
continued to drive the market in most locations. In India supply
constraints, particularly of Grade-A space were partly
alleviated by several multinationals venturing into real estate
development, attracted by the strong economy and the unmet
demand for quality space.
Demand for office space in Singapore is expected to remain
strong for the next few years. The tight supply of office space is
widely expected to contribute to upward pressure on rents over
the course of 2007. As the Japanese economy continues its
recovery, vacancy rates are expected to continue falling in the
main cities and competition for space looks set to drive rents
even higher. The expansion of multinationals is still driving the
high levels of activity in mainland China.
In 2007 approximately 400,000 sq.m of new Grade-A space will
be completed. In Australia, demand is increasing in all the main
markets, in line with the improving economy.
Africa & The Middle East
The Africa and Middle East region saw a buoyant performance
once again, with average annual rental growth the highest of all
global regions at 32 percent, more than double that of last
year. There are various key drivers behind this: most notably
38
the price of oil over the past few years and also the strong improving. In both main UAE markets supply is extremely tight.
levels of foreign investment. This is expected to ease in Dubai, as a large programme of
buildings works is scheduled for 2007.
Each of the locations within the region recorded rental growth,
with no stable or declining markets. However the level of rental RETAIL REAL ESTATE OVERVIEW
growth did vary widely from market to market, ranging from
Durban CBD at just two percent to Abu Dhabi where rental The last few years have seen the longest sustained period of
growth reached 200 percent over the past year. The market global economic expansion for decades, with each of the last
with the highest rental value was Kuwait, where rents were three years recording healthy GDP growth. Moreover, whilst the
almost 640 per sq.m per year. Kuwait also had the second pace of growth may be set to ease in the year ahead, this broad
highest level of rental growth, moving up by 41 percent during trend is set to continue – despite the hefty increases in energy
2006. prices, rising interest rates and the continuing threat of terrorism
and political instability.
Although still the most expensive in terms of rental values, the
gap between Kuwait City and the second highest narrowed
significantly over the year, with Abu Dhabi just 20 per sq.m less
at 619 per sq.m/year. The Israeli locations continued to offer
the best value, at a rent of between approximately 170 and
225 per sq.m per year.
The highest African rent was in Sandton, at around 150 per
sq.m/year, however this market saw one of the lower rental
growth levels at just five percent. Johannesburg is the African
star performer, with 29 percent rental growth over 2006, the
third highest regionally.
Property market performance has picked up considerably over
the past year. Although in some cases vacancy is relatively
high, for example, Johannesburg at 15 percent, almost across
the board supply is moving down and demand is strong and/or
Office space at Abu Dhabi
Source: Cushman & Wakefield Source: Cushman & Wakefield
39
Mall of Emirates
Dubai City
Whilst retailers have had to absorb the effect of recent cost The Americas
increases, the tone of the retail sector globally is one of
Demand for prime retail property across the Americas has been
cautious optimism, amid continuing growth and expansion into
robust. In the United States, whilst consumer spending growth
new markets.
has slowed, the retail property market has proved resilient and
The retail sector remains very active in terms of new store still managed to deliver solid rental growth of 10.7 percent.
openings, investment in new formats, new development, re- Most of the major city downtown markets have had an excess
development and mergers and acquisitions. Around the world, of demand over supply for prime space which has pushed rents
consumer demand for exciting retail formats and high quality to record levels.
retail facilities has rarely been stronger and this is reflected in
Rents in New York's 5th Avenue again went up to ensure that
the strongest rental growth figures seen for a number of years.
the city maintained its number one position as the highest
Barriers to market entry and investment are coming down -- rented high street in the world.
not just within the EU but also in the largest emerging markets
In Canada, most high street locations recorded a good rental
of India and China which offer vast potential markets for
uplift, with a variety of factors such as strong employment
retailers, developers and investors alike.
growth and residential development coming into play in the
key city markets. High oil prices have also benefited cities such
as Alberta in the main oil-producing regions.
In Latin America meanwhile, the main story is the continuing
Top Ten Locations In The Americas

City Location US$/sq.ft/yr €/sq.m/yr
New York 5th Avenue 1,350 11,364
New York Madison Avenue 1,100 9,259
New York East 57th Street 800 6,734
San Francisco Union Square 375 3,157
Los Angeles Rodeo Drive (Beverly Hills) 350 2,946
Chicago North Michigan Avenue 325 2,736
San Francisco Post Street 300 2,525
Vancouver Robson Street 187 1,571
Mall of America
Toronto Bloor Street 187 1,571

São Paulo Iguatemi Shopping 177 1,493
40
rise of hypermarkets and shopping centres, although it is clear

that the high street still has an important role to play in the
retail hierarchy. New shopping centre development is
continuing in Mexico, Argentina, Colombia, Brazil and Chile,
with schemes increasingly taking on features seen elsewhere
such as entertainment and catering facilities, in order to
enhance their appeal to consumers.
Europe
In Europe, generally, retail rental growth accelerated above the
relatively stable rate seen over the last three to four years.
Major brands continue to seek representation on the main high
streets, boosting demand for large flagship stores which are in
Samaritaine Mall, France

relative short supply. Indeed, supply-demand imbalances have
been the key driver of high street growth across most markets,
with demand from domestic and, increasingly, international
operators for a limited supply of ‘right size, right configuration’
space.
In Western Europe, improving consumer and business
sentiment is feeding through to prime property by way of
and continuing retail sales growth, in addition to a significant
renewed activity and rental growth in a number of markets,
under-provision of modern retail stock in some markets.
although the picture is not as positive for secondary locations.
Indeed, most countries in Central and Eastern Europe have
Belgium's market remained buoyant throughout the year and recorded strong increases in retail sales in the last couple of
rents were up by 19.6 percent – the strongest in Western years, some of them breaking into double-digit growth.
Europe. Ireland also continued to perform well and recorded
Asia Pacific
growth of 9.5 percent. Spain again outperformed the majority
of its neighbours meanwhile, with growth of 7.4 percent, Asia Pacific was the strongest performing region, with the
despite slower retail sales growth. France and Italy recorded economy proving most resilient. Tourism continues to play a
growth of 3.9 percent and 2.8 percent respectively, whilst significant role in Hong Kong's retail sector, where rents rose
Germany at last started to see some signs of recovery after almost five percent on the back of the influx of Chinese and
several years of weak growth – albeit that rents rose by just 1.6 East Asian tourists. The 'Facilitated Individual Travel' policy has
percent over the year. In Portugal, the lease reform which came continued to have a positive impact on the territory's retail
in to effect this year is expected to take its time to work sector since its launch in 2004. Following the opening of
through the market, but should deliver good longer term rental Disneyland Hong Kong, the Ngong Ping 360 cable car is
growth on the high street. expected to increase tourist numbers further and this should
boost the retail market in the short term.
The focus continues to extend steadily eastwards to new
markets from an occupational, development and investment Despite the slowdown in GDP growth, China’s economy is still
perspective. This is being fuelled by rising disposable incomes growing strongly and continues to attract new overseas
Top Ten Locations In Europe Top Ten Locations In Asia Pacific

City Location US$/sq.ft/yr €/sq.m/yr City Location US$/sq.ft/yr €/sq.m/yr
Paris Avenue des Champs Elysées 805 6,775 Hong Kong Causeway Bay 1,134 9,544
London New Bond Street 673 5,667 Tokyo Ginza 652 5,486
London Oxford Street 583 4,904 Tokyo Omotesando 478 4,023
Dublin Grafton Street 534 4,496 Sydney Pitt Street Mall 391 3,294
London Covent Garden 505 4,248 Seoul Myeongdong 376 3,169
Paris Rue du Faubourg St Honoré 464 3,903 Seoul Kangnam Station 361 3,038
London Brompton Road 453 3,811 Melbourne Bourke Street 320 2,695
Paris Avenue Montaigne 437 3,682 Brisbane Queen Street Mall 313 2,635
Zurich Bahnhofstrasse 418 3,517 Singapore Orchard Road 292 2,459
Paris Boulevard Haussmann 402 3,387 Tokyo Shibuya 290 2,430
Source: Cushman & Wakefield Source: Cushman & Wakefield
41
retailers and investors. Rents have been boosted by steady

demand and growth has been seen in prime locations around
the country as supply struggles to keep pace. Legislation
restricting real estate acquisitions by foreign investors is
expected but investor demand remains undiminished given the
sheer scale of the opportunities in the market.
Japan's retail property revival continues meanwhile, with rents
in central Tokyo increasing sharply in the face of limited supply,
with a number of foreign operators continuing to struggle to
find units. The rent differential between prime and secondary
locations in the capital has widened significantly and land
prices in central commercial zones have also increased
dramatically.
The rapid expansion of the retail sector in India has meant that
supply has lagged demand, leading to very steep rental growth
in a number of major cities. In some locations, planning
restrictions on new development are exacerbating the problem,
although the number of modern schemes continues to increase
in the satellite towns of the largest cities.
Africa & The Middle East
Ibn Battuta Mall, Dubai

Whilst the short term outlook is more uncertain following the
volatile geo-political situation on Israel's borders, the country's
retail property market had picked up, with the strongest rental
growth seen in Tel Aviv, followed by Jerusalem. Interest from
international chains also picked up – providing encouraging
news for the retail property market – and good rental growth
was recorded in some locations.
Asia, but Central and Eastern Europe and the Middle
In South Africa, the trend away from high street towards
shopping centres has continued, with consumers and retailers East are also likely to outperform world average growth rates.
preferring to opt for a safer shopping environment with a wide Although the US economy is not slowing as quickly as was
range of shops offered by the larger out-of-town shopping originally feared, a wider negative impact is expected but this
centres. should only be felt in the latter half of 2007.
Monetary tightening will also act to slow global growth
CONCLUSION towards the end of the year.
The outlook for the global economy is positive, although GDP The global office occupational market will continue to improve
growth is expected to dampen slightly from 3.8 percent to 3.2 in all regions in 2007. Rents are predicted to rise further and in
percent in 2007. Economic growth will continue to be driven by more locations. Demand, already healthy in most markets,
should remain strong with the potential to improve in the
Top Ten Locations In Africa & The Middle East majority of locations. Even in markets where take-up is
City Location US$/sq.ft/yr €/sq.m/yr expected to remain stable, demand is generally healthy and the
limited supply should continue to erode vacancy rates.
Tel Aviv Ramat Aviv 111 938
Tel Aviv Ayalon Shopping Centre 93 782 The Global Retail Space
Johannesburg Sandton City 80 674 The outlook for 2007 looks to be a little more uncertain, with
Cape Town V&A Waterfront 78 657 global growth expected to slow, most notably in response to
the end of the period of relatively low interest rates which has
Durban The Pavillion 68 576
supported consumer sentiment globally over recent years.
Pretoria Menlyn Park 60 503
Rising interest rates in the US appear to be dampening the
Jerusalem King George Street 56 469
housing market there and the strength of continued growth in
Jerusalem Ben Yehuda 45 375 consumer spending is increasingly being questioned. The knock-
Tel Aviv Dizengoff Shopping Centre 39 328 on effect on countries which are dependent on US demand
Tel Aviv Dizengoff Street 33 282
such as Latin America and the Emerging Asian economies could
be significant. However, for the Asia Pacific region as a whole
42
the growth in intra-regional trade should

help to mitigate such effects.
Growth in China, meanwhile, is expected
to slow from its recent double-digit rate,
as the government tries to boost the
importance of private consumption in
the economy against its current over-
dependence on investment.
Having achieved only modest growth in
recent years, prospects for the European
economy have improved meanwhile,
with even the lacklustre consumer sector
beginning to show signs of a more
positive revival. Of the three main Euro
zone economies, France is likely to be
the better performer, while Germany
may see its recent impressive
performance blunted by the
implementation of 2007's VAT hikes. Westside, Mumbai Colaba Causeway, Mumbai
As far as retail property is concerned,

is very tight and, as a result of the lack of has caused a degree of volatility in rents.
there is still reason to be cautiously
quality Grade-A space many companies Some Moscow high streets have
optimistic. Clearly, there will be
were forced to look for alternatives to experienced good growth, whilst others
challenges for the global retail sector as
the CBD. Barra da Tijuca, a new business have been more adversely affected by
there have been in recent years, but
district some 25 km outside the city increased competition from new
retailing has shown itself to be resilient,
centre, is becoming increasingly popular. shopping centres. Longer term prospects
innovative and increasingly cross-border.
Availability is slightly better in São Paulo, for the market nevertheless remain
Whilst a range of threats will continue to although increased letting activity positive.
persist – so too will the opportunities. caused overall vacancy to decline.
India
These include the opening up of large
Aided by a more stable economic
and increasingly wealthy consumer Strong rental growth continued
environment and the increasing
markets such as Brazil, Russia, Turkey, unabated in 2006 across major cities in
availability of consumer credit, the retail
India and China where demand for India, as the IT and financial services
property market is enjoying a period of
consumer goods is growing rapidly and sector boosted demand. A noticeable
strong growth. Robust occupier demand
the need for top class retailers and high trend was increased interest in peripheral
has driven up rents in the key locations
quality retail development remains areas. This was helped by government
in many cities. Shopping centres are
strong. Growth in the more mature spending on infrastructure, coupled with
increasingly dominant, often at the
markets may be more limited, but there a lack of space and relatively high rents
expense of high street locations.
are nevertheless significant opportunities in central markets. Supply levels
to refurbish, redevelop and experiment Russia improved due to several multinationals
with new formats, as consumers become venturing into office development,
Russia has once again seen a positive
ever more selective and demanding. attracted by the surging economy and
performance in 2006. Supply levels have
Cross border opportunities look likely to the unmet demand for quality space.
grown considerably, but demand has
remain high on the agenda at the same
grown even faster. Vacancy in Moscow is The retail sector is booming, aided in
time, the trend towards globalization
now at just 2.7 percent, the lowest in part by a more liberal policy on foreign
and consolidation via corporate activity,
Europe. Meanwhile, take-up has again investment. Whilst there are
will remain strong as we see the steady
reached an historic high, at unprecedented levels of new
emergence of stronger global retail
approximately 1.2 million sq.m. Rents development, good quality space is
brands.
have risen both in and out-of-town as a limited and rental levels have increased
BRIC COUNTRY SUMMARIES consequence over the year. Demand across the market. JVs between domestic
should remain high in 2007, with and international retailers are
Brazil increasing interest in the decentralised increasingly common.
The Brazilian office market had another areas, where more modern space is
China
vibrant year and saw healthy rental available.
growth in 2006. Supply in Rio de Janeiro The office markets in Shanghai and
The rapid expansion of the retail sector
43
44
Beijing delivered another good performance in 2006. Take-up

levels remained high, driven by both domestic and multinational
companies. Both cities have substantial development pipelines;
this is particularly the case in Beijing, where the large amount of
new supply pushed vacancy in the CBD to over 12 percent,
compared to Shanghai's four percent. Despite the new space
entering the market, both Beijing and Shanghai saw double-digit
rental growth over the year.
The retail sector has continued to expand rapidly, driven by the
growing influx of international operators as well as new
development. The impact on rents has been mixed, however,
with rents in Beijing under upward pressure whilst rents in
Shanghai have softened marginally due to increased supply.
Global Office Rents

ASIA PACIFIC
Rent Annual NET INTERNAL AREA
Country City Location Local measure Local Rental Rent US$/s. Rent Euro/
Currency Growth % ft/yr sq.m/yr
Australia Sydney CBD A$ per sq.m per year 650.0 8.3% 47.5 387.5
Australia Melbourne CBD A$ per sq.m per year 455.0 2.2% 33.2 271.3
Australia Brisbane Centre A$ per sq.m per year 465.0 0.0% 34.0 277.2
China Beijing CBD US$ per sq.m per month 43.1 10.3% 48.1 392.4
China Shanghai CBD US$ per sq.m per month 46.5 13.4% 51.8 423.1
China Hong Kong CBD HK$ per sq.ft per month 101.1 38.8% 156.0 1270.7
India Mumbai CBD INR per sq.ft per month 350.0 57.7% 93.9 766.3
India Mumbai Central - Worli INR per sq.ft per month 448.0 107.4% 120.2 980.8
India Mumbai Suburban - Bandra Kurla Complex INR per sq.ft per month 416.0 92.6% 111.6 910.8
India Mumbai Suburban - Andheri (E) INR per sq.ft per month 60.0 32.2% 42.9 350.3
India New Delhi CBD INR per sq.ft per month 333.0 88.1% 89.3 729.1
India New Delhi Suburban - Gurgaon INR per sq.ft per month 115.0 74.2% 30.8 251.8
India Bangalore CBD INR per sq.ft per month 98.0 36.1% 26.3 214.6
India Bangalore Suburban - ORR Sarjapur Marathalli INR per sq.ft per month 60.0 17.6% 16.1 131.4
India Chennai CBD INR per sq.ft per month 95.0 46.2% 25.5 208.0
India Chennai Suburban - Guindy INR per sq.ft per month 81.0 47.3% 21.7 177.3
India Hyderabad CBD INR per sq.ft per month 60.0 33.3% 16.1 131.4
India Hyderabad Suburban - Madhapur INR per sq.ft per month 60.0 1.7% 16.1 131.4
India Pune CBD INR per sq.ft per month 95.0 46.2% 25.5 208.0
India Pune Suburban - Hadapsar INR per sq.ft per month 50.0 31.6% 13.4 109.5
India Kolkata CBD INR per sq.ft per month 100.0 19.0% 26.8 218.9
India Kolkata Sector 5 - Saltlake INR per sq.ft per month 70.0 22.8% 18.8 153.3
Indonesia Jakarta CBD Rupiah per sq.m per month 78831.0 3.0% 9.6 78.6
Japan Tokyo CBD Yen per tsubo per month 63000.0 40.0% 182.9 1493.0
South Korea Seoul CBD KRW per pyung per month 153769.0 0.9% 56.5 461.3
South Korea Seoul Gangnam KRW per pyung per month 154702.0 2.4% 56.8 464.0
South Korea Seoul Yeouido KRW per pyung per month 125276.0 1.3% 46.0 375.8
Malaysia Kuala Lumpur CBD RM per sq.ft per month 8.0 0.0% 26.6 217.4
New Zealand Auckland CBD NZ$ per sq.m per year 395.0 5.3% 25.0 204.0
Singapore Singapore CBD S$ per sq.ft per month 8.1 38.0% 63.3 516.8
Taiwan Taipei CBD NT$ per ping per month 3289.0 3.5% 34.2 279.2
Thailand Bangkok CBD Baht per sq.m per month 700.0 7.7% 21.7 177.2
45
Global Retail Rents

ASIA PACIFIC
Rent (pa)
Country City Rent Annual
Location Local measure Inflation
June 2006 Growth US$/sq.ft Euro/sq.m
Australia Adelaide Rundle Mall Australian $/sq.m/year 2,000 11.1% 3.0% 142 1,198
Australia Brisbane Queen Street Mall Australian $/sq.m/year 4,400 2.3% 3.0% 313 2,635
Australia Brisbane Indooroopilly Australian $/sq.m/year 2,200 4.8% 3.0% 157 1,318
Australia Melbourne Bourke Street Australian $/sq.m/year 4,500 0.0% 3.0% 320 2,695
Australia Perth CBD Australian $/sq.m/year 3,000 20.0% 3.0% 213 1,797
Australia Sydney Oxford Street Australian $/sq.m/year 1,900 -5.0% 3.0% 135 1,138
Australia Sydney Pitt Street Mall Australian $/sq.m/year 5,500 10.0% 3.0% 391 3,294
China Beijing Jianguomen US$/sq.m/month 160 14.3% 1.0% 178 1,501
China Beijing Wanfujing US$/sq.m/month 190 11.8% 1.0% 212 1,783
China Shanghai Huaihai Road (Middle) US$/sq.m/month 145 1.4% 1.0% 162 1,361
China Shanghai Nanjing Road (East) US$/sq.m/month 183 1.4% 1.0% 203 1,713
Hong Kong Hong Kong Causeway Bay HK $/sq.ft/month 735 4.9% 2.1% 1,134 9,544
India Mumbai Linking Road,Western Suburban Rs/sq.ft/month 450 57.9% 6.5% 116 976
India Mumbai Kemps Corner, South Mumbai Rs/sq.ft/month 275 27.9% 6.5% 71 596
India Mumbai Fort/Fountain, South Mumbai Rs/sq.ft/month 145 16.0% 6.5% 37 314
India Mumbai Colaba Causeway Rs/sq.ft/month 225 36.4% 6.5% 58 488
India New Delhi Ansal Plaza Rs/sq.ft/month 240 20.0% 6.5% 62 520
India New Delhi Connaught Place Rs/sq.ft/month 400 100.0% 6.5% 103 867
India New Delhi Karol Bagh Rs/sq.ft/month 320 88.2% 6.5% 82 694
India New Delhi South Extension Rs/sq.ft/month 550 111.5% 6.5% 142 1,193
India New Delhi Khan Market Rs/sq.ft/month 700 75.0% 6.5% 180 1,518
India New Delhi Greater Kailash I Rs/sq.ft/month 525 110.0% 6.5% 135 1,139
Japan Tokyo Ginza Yen/Tsubo/month 225,000 32.4% 0.6% 652 5,486
Japan Tokyo Shibuya Yen/Tsubo/month 100,000 0.0% 0.6% 290 2,438
Japan Tokyo Omotesando Yen/Tsubo/month 165,000 26.9% .6% 478 4,023
South Korea Seoul Myeongdong Won/Pyung/year 13,287,466 3.4% 2.6% 376 3,169
South Korea Seoul Kangnam Station Won/Pyung/year 12,738,368 3.4% 2.6% 361 3,038
South Korea Seoul Apkujung Won/Pyung/year 5,980,701 5.8% 2.6% 169 1,426
Malaysia Kuala Lumpur Bukit Bintang RM/sq.ft/month 40 0.0% 3.9% 138 1,159
Malaysia Kuala Lumpur Suria KLCC RM/sq.ft/month 50 0.0% 3.9% 172 1,449
Malaysia Kuala Lumpur Mid Valley Megamall RM/sq.ft/month 30 0.0% 3.9% 103 869
New Zealand Auckland Queen Street NZ$/sq.m/year 2,100 5.0% 4.0% 123 1,039
New Zealand Wellington Lambton Quay NZ$/sq.m/year 2,300 4.5% 4.0% 135 1,138
New Zealand Christchurch Cashel Mall NZ$/sq.m/year 1,000 0.0% 4.0% 59 495
Philippines Manila Makati CBD Php/sq.m/month 1,185 12.9% 0.7% 26 221
Philippines Manila Ortigas CBD Php/sq.m/month 930 3.3% 0.7% 21 173
Singapore Singapore Orchard Road S$/sq.ft/month 39 13.2% 1.4% 292 2,459
Thailand Bangkok City Centre Baht/sq.m/month 2,300 4.5% 5.9% 68 575
Taiwan Taipei ZhongXiao E. Road NT$/ping/month 12,000 7.9% 0.3% 123 1,037
Korea: 1 Pyung = 3.306 sq.m/Japan: 1 Tsubo = 35.6 sq.ft/Taiwan: 1 ping = 3.306 sq.m Source: Cushman & Wakefield
46
CONSUMPTION
SECTION II TRENDS FOR SHOPPING
CENTRE DEVELOPMENT
SECTION II CONSUMPTION TRENDS FOR SHOPPING CENTRE DEVELOPMENT
Consumers at the Pantaloons, Gariahaat, Kolkata

CONSUMPTION
TRENDS IN INDIA
C
onsumption is bound to be high in a
country of 1.121 billion but it is really the
quality of consumption that will actually
portray the potential for retail and real
estate growth. The quality of
consumption, in turn, is a direct function of the
overall growth of the economy, and factors ensuring
sustainability of the growth momentum.
There is undoubtedly an all round buoyancy in the
Indian economy with GDP growth coming closer to
the double-digit figure, and a booming services
sector. Rising incomes have fueled the growth of a
new class of consumers, mostly young, whose
spendings are quite independent from the traditional
family ways. This change in lifestyles is a result of the
rising disposable incomes of this young consumer
base.
50
India possesses an enormously vast pool of PRIVATE CONSUMPTION EXPENDITURE SHARE: ALL INDIA
highly skilled professionals in the knowledge and Private Final Consumption Expenditure: Rs. 2,340,000 Crore (2006-07)
technical domains, nearly two lakh engineers

graduating every year; and yet experts believe Clothing 4%
Footwear 0.7%
that this number may fall short of the ensuing Consumer Durables 8.3%
demand in the coming years. Urban jobs are Personal Care Products &
reported to have increased by nearly 23 percent Food & Beverages 48.6%
Services 2.7%
in 2006. The government of India has only Medical & Health Care 5.6%
recently taken cognisance of this growing

demand of skilled manpower by announcing a Education 3.3%
doubling of the country’s premier technology Leisure & Entertainment 1.0%
and management institutes.
The last couple of years have seen an annual Miscellaneous
Transport 4.5%
increase of 15-20 percent in salaries of the Personal Goods &
Services n.e.c.
Gross Rent, Fuel &
employed, which has in effect reduced the chasm 2.5%
Power 18.8%
between the middle class and the affluent. It is
estimated that the great Indian middle class will As per the 2005-06 private final consumption
comprise 32-35 percent of the population by break-up, the highest head of household
2010. expenditure is on Food & Beverages: Rs.870,170
That the growth in consumption is not limited crore, a 8.4 percent growth rate over 2004-05,
just to the metros and large tier-II cities is when household F&B expenditures stood at
evident from the fact that more than one-third Rs.802,753 crore.
of the mall developments and a significant The fastest growing head of domestic household
number of the upcoming hypermarkets and large expenditures was the communication segment
department stores are happening in the tier-III (28.4 percent), with a spend of Rs.49,546 crore
cities. over previous year’s spend of Rs.38,601 crore.
Over the last couple of years, Retail and Real The other fast growing household expenditure
Estate are among the fastest growing sectors in heads are leisure and entertainment (18.4
the Indian economy. Global industry analysts percent growth over 2004-05), followed by
have time and again confirmed the country's spends made on consumer durables (16.3 percent
potential as one of the most attractive emerging growth rate) and clothing (16.1 percent growth).
retail markets of the world. The increased
consumer demand, improved sourcing options,
liberalisation of investment policies, and larger
availability of real estate, coupled with higher
disposable incomes and changing preferences of
Bakery counter at a Spencer's outlet from the RPG Group
consumers are together creating the foundation

for significant growth and revolution in the retail
and retail real estate sectors.
IMAGES F&R Research estimates reveal that the
Private Final Consumption Expenditure in India
(domestic market) for year 2006-07 at current
prices stand at Rs.2,340,000 crore. These
estimates put the growth rate at 11.8 percent
over the previous year in the backdrop of
inflationary pressures prevalent during the
period. Private consumption expenditure in
2004-05 was to the tune of Rs.1,890,619 crore
which increased by 10.7 percent to Rs.2,093,787
crore in 2005-06.
51
Growth In Private Final Consumption Expenditure In India (Domestic Market) At Current Prices
Current price Rs.Cr
Heads of Expenditure
2003-04 2004-05 Growth Rate 2005-06 Growth Rate
FOOD & BEVERAGES 760,434 802,753 5.6% 870,170 8.4%
Cereals, bread, pulses, sugar/gur, spices, oils/oilseeds, etc 312,879 322,730 3.1% 338,427 4.9%
Fruits & Vegetables 149,721 158,190 5.7% 168,741 6.7%
Milk & milk products 114,502 120,598 5.3% 132,958 10.2%
Meat, egg & fish 71,397 77,551 8.6% 83,416 7.6%
Tobacco, pan & intoxicants 36,507 32,082 -12.1% 37,022 15.4%
Coffee, Tea & cocoa 14,558 19,472 33.8% 22,392 15.0%
Beverages 28,501 36,084 26.6% 45,627 26.4%
Catering (Hotels, resturants, etc) 32,369 36,045 11.4% 40,810 13.2%
CLOTHING 79,372 88,548 11.6% 102,764 16.1%
FOOTWEAR 10,569 11,870 12.3% 11,877 0.1%
CONSUMER DURABLES 58,498 66,199 13.2% 76,985 16.3%
Home Appliances / Equipment & Services 37,176 43,744 17.7% 51,582 17.9%
Household Furniture, furnishings, utensils & services 21,322 22,455 5.3% 25,412 13.2%
COMMUNICATION 31,722 38,601 21.7% 49,546 28.4%
PERSONAL CARE PRODUCTS & SERVICES 50,071 53,924 7.7% 58,613 8.7%
MEDICAL & HEALTH CARE 103,209 119,972 16.2% 138,053 15.1%
EDUCATION 38,806 43,810 12.9% 49,919 13.9%
LEISURE & ENTERTAINMENT 29,360 37,669 28.3% 44,602 18.4%
TRANSPORT 253,510 292,814 15.5% 323,029 10.3%
Personal Transport, accessories, operation & maintenance 102,364 119,514 16.8% 126,457 5.8%
Public Transport services 151,146 173,299 14.7% 196,569 13.4%
GROSS RENT, FUEL & POWER 186,683 197,907 6.0% 209,833 6.0%
MICELLENEOUS PERSONAL GOODS & SERVICES n.e.c. 120,054 136,552 13.7% 157,467 15.3%
PRIVATE FINAL CONSUMPTION (DOMESTIC) 1,722,288 1,890,619 9.8% 2,093,787 10.7%
IMAGES F&R Research estimates based on CSO National Accounts Statistics 2007, Ministry of Statistics & Programme Implimentation, Govt of India
The growth rate of domestic household spends on leisure and Private Consumption expenditure is highest in the North zone
entertainment, however, came down from 2004-05, when the (more than 700,000 crore) and lowest in the West.
segment had clocked in the highest growth rate of 28.3
A realistic indication of consumption expenditure obtaining from
percent over spends made in 2003-04. Another significant
specific zones, states or cities is obtained from the average annual
expenditure segment is healthcare and medical expenses
per capita expenditure. The national average for Rural areas is
(Rs.138,053 crore, indicating a 15.1 percent growth over last
Rs.17,287 and for the urban centres it is Rs.Rs.29,652. Zone-wise,
year’s household medical expenses). Recent announcement by
average consumption is highest for rural areas in the South
Reliance industry to set up over a thousand heath care
(Rs.21,621) followed by the North (Rs.17,064), East (Rs.16,184)
facilities across the country is an aim towards providing
and is lowest in the West (Rs.14,959).
quality services in this segment.
For the urban centres, average per capita private consumption
This report analyses shopping centre developments in India
expenditure is highest in the West zone (Rs.30,734) with the
across four broad geographic zones. In view of that, a general
South zone slightly behind at Rs.30,238 followed by the North
overview of the level of private consumption expenditure
(Rs.29,398) and East (Rs.27,599) in the order.
across these zones is worth mention. In 2006 the population
of India is estimated at 1,121 million and the population is THE INDIAN RETAIL MARKET
highest in the North zone (342 million) followed by the East
(311 million), South (238 million) and the West zone (230 As per Images F&R Research estimates, the Indian Retail market is
million) in the order. In line with the population figures, estimated at Rs.10,98,000 crore (at constant prices) an is
52
Private Consumption Expenditure Across Major Zones

Population-2006 (million) Consumption Expenditure 2006-07 Av per capita
(INR million) Consumption Exp (INR/year)
Rural Urban Total Rural Urban Total Rural Urban
NORTH ZONE (Delhi, Rajasthan, Haryana, 248 94 342 4,236,272 2,766,750 7,003,022 17,064 29,398
Chandigarh, Punjab, HP, J&K, Uttranchal, UP)
WEST ZONE (Maharashtra, Gujarat, Goa, MP) 142 88 230 2,124,790 2,698,023 4,822,814 14,959 30,734
SOUTH ZONE (Andhra Pradesh, Karnataka, 153 85 238 3,313,561 2,558,019 5,871,579 21,621 30,238
Kerala, Tamil Nadu, Pondicherry)
EAST ZONE (Chhattisgarh, Jharkhand, Bihar, 252 59 311 4,079,240 1,623,345 5,702,585 16,184 27,599
Orissa, West Bengal, NE States)
ALL INDIA 796 325 1,121 13,753,864 9,646,136 23,400,000 17,287 29,652
F&R Research estimates based on NSS Report No. 509: Household Consumption of Various Goods and Services in India, 2004-05, Volume I & II and CSO National Accounts Statistics 2007, MoS&PI, Government
of India
projected to grow to Rs.1,308,000 The high paced growth of organised

crore by 2010. The organised retail retail will certainly weaken traditional
market, on the other hand, is retailing, but not necessarily in
estimated to reach Rs.66,500 crore absolute terms. The share of organised
in 2007, and as per the prevailing retailing will increase primarily due to
trends, it is likely to surpass an increase in the overall retail market.
Rs.200,000 crore by year 2010. Within organised retailing, the
presence of malls will provide a
The India Retail Report 2007 pegs
cushion for the traditional retailers to
the current Indian retail market size
register a foothold in the modern retail
(at 2006 current prices) at
environment. With more and more
Rs.12,00,000 crore, with the size of
malls opening up, there will also be an
the organised pie being Rs. 55,000
urgency to differentiate with regards
crore. About 4.6 percent of the total
to the tenant/retailer mix. Larger
Indian retail market stood organised
organised players will eventually opt
in 2006.
for standalone outlets for their
Food and grocery is the largest retail diversification and the traditional high
segment (Rs.7,43,900 crore) whereas street retailers are most likely to fill
Colaba Causeway, Mumbai

Fashion is the largest organised the space within the malls. This may
retail segment. Comprising clothing, bring about a win-win situation for all
textiles and fashion accessories, the concerned in this rapidly changing
organised fashion market in India is retail landscape.
estimated at Rs.21,400 crore.
PROJECTED GROWTH IN INDIAN RETAIL THE INDIAN RETAIL PIE 2006

(Value Rs.Cr. at 2003-04 Constant Prices) (Market Size Rs. 1,200,000 Crore at current prices)
0
00
0
8,
00
0
30
00
4,
0
1,
23
4,
250,000 1,400,000
00
0
16
1,
00
8,
Organised Retail (Value Rs.Cr.)
1,
09
6,
Food & Grocery 63%

50
0
1,200,000
03
00
1,
Indian Retail (Value Rs.Cr.)

0,
200,000
1,
0,
98
93
1,000,000
0
00
3,
150,000
00
800,000
20
,5
96
00
800,000
00
100,000
,5
00
0,
66
00
,5
14
00
800,000
,6
47
,0
35
50,000
28
Furnishings & Furniture 3% Catering (F&B) 5%

800,000
Mobilephones 2% Books, Music, Gifts 1%
0 0
2004 2005 2006 2007 2008 2009 2010 Consumer Electronics 4% Entertainment 3%
Pharmaceuticals 4% Clothing, Fashion 9%
Health & Beauty 0.5% Jewellery 5%
Organised Retail Indian Retail
Footwear 1%
Watches 0%
53
CONSUMER
DEMOGRAPHICS AND
CHANGING CONSUMPTION
DEMANDS INNOVATION IN
UPCOMING MALL
PROJECTS
BY ARVIND SINGHAL > Chairman, Technopak
I
ndia is at an exciting tipping point in its socio
economic progress that makes it the cynosure of
local and global investors. A plethora of reasons
drives this intense speculation over investing in the
‘India Boom’ – a rapidly growing economy propelled
by a de-ageing demographic profile and a confidence
rarely seen in the so-called developing nations.
These tectonic shifts in demography and economic
potential are rapidly moulding consumer expectations,
spending and aspirations.
With a healthy GDP which currently stands at
Rs.38,23,415 crore (US$930 billion: that is projected to
have a sustainable real GDP growth rate of eight percent
till 2020), India is the world’s fourth largest economy on
GDP (in PPP terms) and is expected to rank third by 2010
– just behind the US and China.
According to internal Technopak estimates, the Indian
retail market – one of India's fastest growing industries – is
expected to grow close to 12 percent p.a. in the coming
decade to almost double its size in next five years from
Rs.13,56,949 crore (US$330 billion) to Rs.23,80,309 crore
(US$579 billion) by 2011.
54
The prognoses for retail in India is heartening given some fairly

well-documented changes in the demographics of Emerging
India – a large, young working population with a median age of
24 years, increasing number of nuclear families in urban areas
(45 percent of urban families are nuclear!), a sizeable working-
women population and emerging opportunities in the services
sector are going to be the key growth drivers of the organised
retail sector. When you add to the above the fact that India is
also adding middle class homes faster than you can blink
(between 1995 and 2005, middle class homes grew from 45
lakh to 187 lakh and by 2010 this number may touch close to
330 lakh), the country seems ripe for a consumer-led retail
revolution.
So, it is no surprise that India has topped the year’s annual
Global Retail Development Index (GRDI) to win as the most
attractive market for retail investment.
HIGH PRIVATE CONSUMPTION AND ITS IMPACT
ON INDIA RETAIL
The high private consumption is one of the major factors for
the growing retail industry. Over 62 percent of the private
consumption share is towards the retail sector, of which 55
percent is the contribution from the rural areas, indicating the
increasing significance of retail presence in rural areas.
The Retail Market: Rural/Urban Split
Almost half of retail market in 2006 is in rural India; however
the share of urban market is increasing by almost five percent
every eight to 10 years; 53 percent of the urban population
contributes to 27 percent of the total retail market which
amounts to Rs.3,28,767 crore (US$80 billion), implying
reaching out to the top 141 cities to address this opportunity.
the rural population and 60 percent of the rural wealth
Retail Market: The Rural Split implying reaching out to almost 100,000+ villages to address
even 50 percent of this rural opportunity.
Rural India consists of 7,200 lakh consumers across 6,27,000
villages; 17 percent of these villages account for 50 percent of Food, Beverages and Tobacco account for 65 percent of the
% Split % Split
Urban 45% Rural 55%
GDP US$ 804 Bn
*Source: National Accounts statistics;
Monthly per capita expenditure & Technopak Analysis
Private Consumption Public spending & Gross
US $482 Bn (60%) Capital Formation 40% Retail Market: The Urban Split
% of % of Urban % of Total Cumulative
City Type
Population Market Market Market
Retail Non-Retail (Cumulative) (Cumulative) US $ Billion
US $300 Bn (62%) US $18 2 Bn (38%) Top 4 16% 20% 9% 27
Top 9 24% 30% 13% 40
Urban
US $135 Bn (45%) Top 62 43% 50% 22% 67
Top 141 53% 60% 27% 80
Rural
US $165 Bn (55%) Top 338 63% 70% 31% 94
Top 530 69% 75% 33% 100
Top 784 74% 78% 35% 104
Source: Central Statistical Organization (CS0) and Technopak Analysis
* Source: RK Swamy BBDO
55
Retail Market: The Share Of Categories
Market Size % Share Growth Rate Market Size % Share Growth Rate Market Size US % Share
$billion 2006 2006 b/w 2010-05 $billion 2010 2010 b/w 2015-10 $billion 2015 2015
Food, Beverages and Tobacco 195 65% 7.0% 256 60% 6% 342 54%
Personal Care 15 5% 11% 23 5% 9% 35 5%
Apparel 21 7% 11% 33 8% 9% 50 8%
Footwear 5 2% 11% 7 2% 9% 11 2%
Furnishings 4 1% 15% 7 2% 12% 12 2%
IT & Consumer Durables 14 5% 15% 24 6% 12% 43 7%
Furniture 9 3% 15% 16 4% 12% 28 4%
Jewellery & Watches 15 5% 12% 24 6% 9% 37 6%
Medical Care & Health Services 8 3% 12% 12 3% 12% 21 3%
Recreation 2 0.6% 17% 3 1% 15% 7 1%
Others 12 4% 18% 23 5% 18% 53 8%
300 100% 9% 427 100% 8.4% 637 100%
Above are indicative calculations only
Share is % share of Retail market. The share would be about 60% of the above numbers in case they are to be seen as % PFCE. For example Food, Beverages and Tobacco would be about 40% of the PFCE
retail market, but its share is expected to decrease in the next Hence it is important for all to track demographic and socio-
10 years as other categories like apparel, IT and consumer economic changes, evolving consumer needs and desires, and
durables are catching up fast. behavioural transformation as it takes place including buying
behaviour. It is also important to have multi-channel, pan-India
Shares shown above are percentage shares of the retail
strategy for those who are aspiring to hold leadership position in
market. The share would be about 60 percent of the above
the industry in the years to come.
numbers in case they are to be seen as percentage PFCE. For
example Food, Beverages and Tobacco would be about 40 Retail Sector Developments
percent of the PFCE.
The retail sector is transforming rapidly and within next five years
The Key Trends That Will Impact The Retail Sector the top seven retailers are expected to invest around Rs.65,743
crore (USD16 billion). Investments in the range of Rs.90,380
The three key trends have certain issues of concern associated
crore+ (US$22 billion) are expected in the next five years in retail
with them, for example the extent and likely impact of
and its supply chain alone. The size of modern retail is likely to
urbanisation. Some of the issues are listed as below:
touch Rs.2,45,000-3,00,000 crore (US$60-75 billion) by 2011-12;
Urbanisation implying about 15-18 percent share of modern retail. At least 25
lakh additional direct jobs are likely to be created in the next five
v How rapid is it going to be? years. Hyper-competition is expected to set in by 2008-9 as the
v What is the likely impact on consumption and its footprint of the top-six players starts significant overlapping in top
growth/trends? 20-30 towns. This indicates a significant impact on other retailers
and branded good players – creating new opportunities and
Changing Family Structures threats.
v What is the future family structure? In short, India is attempting to do in 10 years what took 25-30
v How is it going to impact shopping behaviour? years in other major markets in the world and shall bypass many
stages of ‘evolution’ of modern retail. India is likely to see
v How is it going to impact the spending power and hence emergence of several ‘innovative’ India specific retail business
consumption? models and retail formats in the coming years.
Demographic Changes India Consumers: The Largest Beneficiaries
v What would be the demographic structure of India in next There would be multiple benefits for the middle-class consumers
five, ten, 15 years? (and lower income consumers). These can be summed up as
v How is it going to impact shopping behaviour? reduction of prices in typical monthly 'basic needs' shopping bill
by at least 10 percent within next 24-30 months leading to
v How is it going to impact the spending power and hence generation of an equivalent amount of surplus disposable income.
consumption? It also implies improvement in quality of fresh/perishable products
56
Rapid Transformation Anticipated of distribution of mall space.

Estimated
Retailer Investment No. of Years And banish the thought that the malls are a metro phenomenon –
in US$ Billion Kochi, Visakhapatnam, Surat, Patna, Guwahati are some of the
R1 6.0+ Within next 5years cities where malls are coming up. Tier-II cities like Kochi and
Mysore are expected to see at least a million square feet of mall
R2 2.0+ Within next 5years
area added by 2010.
Malls make for a fascinating study on the subject of cultural
familiarisation and acclimatisation.
What started out as a generalised, western-mimicked formula for
success is today, extremely customised and localised for the Great
R7 1.0+ Within next 5years Indian Middle Class.
Next 30-40 Retailers 6.0+ Within next 5years
A mall used to be the bastion of the privileged class once upon a
Total 22+ time; in the span of 5 years it is the social networking site for the
vast middle classes.
and improved assortment, and reliability of availability. A trip to the mall is not just about shopping; it is about a basic
Tremendous Opportunities for Real Estate sociological need – reconnecting. It is about reconnecting with the
fast-disappearing concept of ‘family time’ or with friends or even
Additional consumption of almost Rs.5,00,000 crore (About reconnecting with oneself. A mall today is like a traditional Indian
US$127 billion) will require about 6,000-7,000 lakh sq.ft of thali – it has something for everybody in the family, making it the
additional retail space by 2011. Current projections on perfect destination for a family on a weekend or indeed, even on a
constructions are about 2,000 lakh sq.ft (or less), leaving a gap weekday evening.
of almost 4,000-5,000 lakh sq.ft. Investment of about US$10-
15 billion is needed to make up for this demand-supply gap, The air-conditioned comfort, music, gaming arcades,
and an additional investment of US$8-10 billion is needed in entertainment areas, food courts and all-under-one-roof
retail fit-outs and related equipment. merchandise ensure that every member of the shopping group is
indulged while the milling crowds obviate the need to converse.
However, this space is needed across more than 1,000 towns
and in major ‘rural hubs’ rather than clustered around top 40- The malls embrace diversity and it that lies their biggest strength.
50 cities only. The developments have to be planned keeping However, it is precisely this diversity that makes the task of
targeted consumers and the targeted ‘retailers and other
service providers’ in mind rather than first build based on
availability of land and hiring an architect, and then find who
could use the space. Major hypermarket format retail players
will probably work on the basis of taking up space in upcoming
malls as well as building own ‘big boxes’.
IMPLICATIONS FOR THE CURRENT RETAIL REAL
ESTATE SCENARIO
Despite this bright forecast for the future, there is a deep,
lurking sense of foreboding when profit making in the retail
space is discussed in close circles. The huge initial investments
required in this field render break-even prospects bleak. It is a
constant battle to consistently bring huge numbers of footfalls
into a retail outlet and an even greater challenge to maintain a
respectable average transaction value.
Wooing the consumer in the face of more distractions and
competition is becoming a priority for success.
While the number of new formats launched in the country’s
On the Gurgaon 'Mall Mile'
retail landscape has been mind-boggling, the most visible face

of this surge in modern retail has been the spectacular rise in
the number of shopping malls across the country. According to
internal Technopak estimates, the number of malls in the
country is expected to go up from 158 in 2005 to 600 in
2010. Delhi is expected to lead among all the metros in terms
57
consumer-delight so difficult given the number and The security services in a mall are still way below international
distinctiveness of the consumer segments to focus on. standards and do not address uniquely Indian issues such as two
adults monitoring two elders and three kids (!), women feeling
Every significant change in the demography of the country has unsafe in public spaces, huge ‘class’ friction in many of the mall
grave implications for service and product management in the heartlands causing the mall consumers to fear even the mall staff
malls. I have outlined only a few of the most critical challenges and the mall security.
for mall developers. Their response to these challenges will
determine their ability to successfully cash in on the ‘India A conundrum that strikes me every time I visit a mall is the
Boom’. expectation and hope that mall shoppers will shop to their heart’s
content but the absence of any designated place to leave the
When one throws together an assortment of demographic
nuggets, the cluster of necessities for a mall to accept is very
clear. Almost 55 percent of India’s GDP comes from the Unlike the West, Indian shopping
service class, the time spent in work-related pursuits groups are big and sometimes as big
(travelling to work and actual work hours) has grown sharply, as seven to eight members! Managing
the number of double income families has been on the rise these large groups inside the mall,
which has meant less together-time despite a higher
disposable income, steadily deteriorating infrastructure and providing each group with a
environmental conditions and most importantly, a vigorous decongested experience is critical.
pursuit of youthfulness to stay relevant in these changing Apart from the physical space to
times. comfortably browse, malls also need
Do malls mould their offering to match these new to provide 'people' parking spaces.
demographic and psycho-graphic realities of India?
INFRASTRUCTURE shopping bags. These shopping bags are carried along from one
store to another, deposited and collected from the baggage
One of the biggest challenges facing mall developers today is counter at each store. Why should a consumer shop for more than
the lack of infrastructural support for the millions of square is necessary under these circumstances?
feet being developed as well as the millions spent in creating
Unlike the West, Indian shopping groups are big and sometimes as
the right look and feel for the malls. Given the unavailability of
big as seven to eight members! Managing these large groups
land in prime areas, most malls dot the periphery of the city
inside the mall, providing each group with a decongested
limits and require considerable effort to access. In an
experience is critical. Apart from the physical space provided to
increasingly time-starved world, malls need to ensure that
comfortably browse, malls also need to provide parking spaces for
consumer time is spent inside the mall, shopping, rather than
people. These human parking lots will allow the crowd to thin out
commuting to and from the mall. Access to the mall is still a
visually, aid easier navigation within the malls and allow the older
problem with regards to parking – no amount of parking space
members of the group recouping time so that they return
seems enough! Simplifying the access to the malls is likely to
refreshed to the shopping trip.
pay rich dividends to mall owners by making the mall a more
frequently accessed shopping place rather than a once-a-week My favourite example here is Inorbit mall in Mumbai. The mall has
shopping destination. More than any other tenant the super well designed parking spaces positioned most thoughtfully at
and hypermarkets in the mall are likely to benefit from this various nooks and corners of the mall. The trick here though, is to
changed perspective with which shoppers visit the mall. ensure that these parking spaces are not right in front of the
stores – it takes away from the ‘buzz’ or vibrancy of the store.
Food court at the Inorbit Mall, Mumbai
Commercial Street, Bangalore
58
Ideally, these parking spaces are best positioned in of Indians travelling abroad is increasing by 25 percent
nooks and corners or near elevators or escalators which each year; just last year, 83 lakh people travelled abroad)
are natural decompression zones for consumers on and therefore access to premium brands is not an issue.
shopping trips. Being made to feel special, having their privacy guarded
zealously is more important.
POSITIONING FOR SIGNIFICANT NICHES
The money is there to be spent if the experience is part of
Malls today (with very few exceptions) have no the selling. Premium malls have a lot to learn about
defined positioning or reason to score over other malls. service from premium automobile or jewellery retailers or
It seems that developers put in the same concepts, the even the hospitality industry. A welcome drink, a cold or
same tenants, the same experience (or lack of it) with warm towel at strategic points in the mall, quick pedicures
the amount of space being the only differentiating or manicures/massages, valet to park/retrieve the cars,
variable between one mall and the other. For proof of more efficient shopping trolleys, trained and articulate
this, one only has to go to the Gurgaon mall road. No sales staff (minus the Body Odour)… the list can continue
less than 10 malls will sit cheek to cheek on this road endlessly.
but there is absolutely no reason to visit one over the
other except the ones that have better movies playing Just as the super premium malls are here to stay, so is
or available parking at a certain time of the day. another concept based on changing psychographics of
new India. The concept of the highway mall is
This lack of clear positioning has led to the malls appropriately being kick-started by the fountainhead of
becoming melting pots or socio economic levellers malls – Gurgaon. Other border areas such as Sonepat,
resulting in the upper end of the consuming class Badarpur etc. are also seeing heightened activity in this
experiencing a profound loss of ‘their space’. As the regard. The highway malls aim to capture two distinct
middle classes throng to the malls, the upper classes target segments – the frequent traveller (who works
try to find new spaces to spend their time and money. across the border) looking to maximise time by accessing
A long-felt need for an exclusive mall experience is a mall on the way home, and the long-distance, cross
now being realized as more and more mall developers country family travellers accessing the mall to rejuvenate,
focus on the premium mall concept. Atria, the unwind, recoup.
Millennium Mall in Worli, Mumbai is one such case in
point. Several more malls are slated to target this My favourite example of a theme mall is a combination of
audience in the key metros. contexts – a room crunch faced by frequent travellers in
key metros and a tenant and conversion crunch faced by
However what these malls need to do is to go beyond mall developers. The result – hotel rooms in malls that
just housing premium pr luxury brands and focus on satiate the huge demand for hotel rooms in India, both by
the ‘premium experience’. Most of the affluent class domestic as well as International travellers. The additional
today travel abroad on work or pleasure (the number facility in the mall is not as much of a burden for the
Haldirams, Kolkata
59
be most prevalent in these towns and a replicated

model will only pique curiosity but fail to translate
into desired revenues.
Developers will have to start understanding the
culture of shopping in these towns as well as the
relationship consumers share with existing trade in
these places. In our experience there is a high degree
Shoppers at MG Road, Bangalore

of variance in shopping group size, composition and
expectations. For example, there is an extremely
high degree of participation in shopping from the
older segment in Gujarat, consumers in Bhopal are
likely to visit their traditional outlets for apparel but
visit a mall for entertainment and leisure. Consumers
in Tamil Nadu and AP are likely to spend much more
on the movie experience while consumers in Delhi
are likely to spend on the eating out experience.
developer as there is no need to acquire fresh land Malls that are cognizant of these peculiarities are
for these rooms. Ansal API and Ambience Hospitality likely to allocate space more efficiently to tenants
Management are creating about 100 rooms each at and have a better offering to give the consumers of
two of their malls coming up in Greater Noida and that region.
Gurgaon.
COMMUNITY FOSTERING
In keeping with the de-ageing of the country,
affiliated needs such as health, looking good and Malls will either intentionally or otherwise have an
entertainment are becoming prime motivators for emphatic impact on the landscape. They are bound
shopping. Therefore, concepts that target these to upset traffic patterns, road carrying capacity,
needs exclusively are also likely to do very well. parking spaces in surrounding roads or residential
Gaming malls, health malls, beauty malls, jewellery areas and most importantly, since malls are typically
malls, sports and fitness malls will mushroom over planned on the outskirts of the city limits, there is
the Indian retail landscape and also have their also a displacement of the local ethos. Take for
dedicated clientele. But unless these malls find a way example, Gurgaon – what was once a village with an
to make visits to the mall regular rather than assortment of occupations saw a mall spring up
occasional, the money to be made here is likely to be which then gave rise to a plethora of high-rise
slim. These malls should focus on selling a mix of buildings and opulent complexes. Imagine the
products and services rather than focus exclusively imbalance caused by a village and a sprawling new-
on products. Services are consumed, experienced and age township existing side-by-side!
forgotten making them perfect to build habit and It is important that developers give something back
repeat visits. to the community they so easily become a part of --
whether in terms of employment opportunities or
LOCALISED MALLS infrastructural development or a partnership in ideas.
With the keen interest in tier-II and III towns for mall All said and done, if the estimate of 600 malls by
development, mall developers also need to start 2010 is even remotely true, the novelty value alone
thinking beyond replicating the International models will no longer suffice to target the new demographic
in theme. Local tastes and preferences are likely to Indian entity. Tenants too would be loathe to invest
in a mall that is just the same as the one down the
road! Developers will not only have to think about
real estate, restrictive regulations and retail teething
problems but also have to build and differentiate
their offering credibly and visibly from other malls to
survive in the long run.
This is the time to start building the knowledge
advantage required to build these distinctly and
innovatively positioned malls. India is rapidly
changing – is mall thinking keeping pace?!
Ladies day out at the Oxford Cha Bar, Kolkata

60
SECTION III
MALL DEVELOPMENT:
A PROCESS STUDY
SECTION III MALL DEVELOPMENT:
CHAPTER 1
Center One, Vashi, Mumbai
A PROCESS STUDY
SEC III CHAPTER 1 MALL DEVELOPMENT: A PROCESS STUDY
Center One, Vashi, Mumbai
MALL DESIGN &

PROJECT IMPLEMENTATION
A
s the modern shopping centre
phenomenon continues to impact India's
urban landscape, with about 500 malls
expected to be operational by year 2010,
the chances of over-supply of retail space
is also becoming a cause of worry for
most developers. What we find today is a proliferation of
stereotyped malls coming up in clusters, each offering
more or less similar products and services. The need of
the hour clearly is a concept and design differentiator.
It is the timeless appeal to an artless human emotion; and
only, human beings have made a fine art of it. Civilisations
have thrived on the pulse of the marketplace. Trade, wealth
and urbanisation… Be it the 5th-century-BC Greek agoras,
66
the ancient Sumerian public squares, or the Italian piazzas, they

fulfilled the equally important need of place and opportunity
for participation in community life.
Taking on from there, the ubiquitous bazaar has retained its
Young consumer at Pantaloons, Kolkata

identity and character, though the semblance in the modern
shopping-entertainment-lifestyle blocs is not always obvious.
But that can be misleading, especially if one considers a mature
market such as the United States, where the evolution of the
concept has actually come full circle. For, how else does one
see those community/lifestyle centres that diverge from the
ancient town/village squares only in terms of the sophistication
of products, service and design?
Nevertheless, even in terms of design, modern-day shopping
structures represent an inspired fusion of the strings of main-
street shopping and community-centric buzz. The result is
interesting – a pedestrian shopping environment sought to be design element to inspire a psychological situation wherein the
complemented by typically high-quality, creative architecture casual wanderer becomes a shopper – and putting the whole
that moves away from the mall cliché and largely mixes the experience together.
uses. Obviously, landscaping is a critical feature, be it the
There is nothing arbitrary about planning the design of a
ponds, brick walkways, pretty paving, park benches, sidewalk
shopping centre, with various aspects requiring careful
cafés, stepped gardens and green spaces.
consideration:
DESIGN DENOMINATORS n Feasibility of the site
Apart from matters aesthetic, design is also a function of n Catchments
practicality and astute planning. From the frontage to the
flooring, the lighting to the play of colours, the common space n Accessibility to the centre
to the parking lot, the visibility to the branding – the design is n Local competitor analysis
what defines, differentiates and works. And increasingly, the
aim is to touch near-precision point, for the chase, as they say, n Consumer study and
is both for market-share and mind-share. The idea is: attracting n Legal issues, among others
not only prospective occupants of space at the shopping centre,
but end-customers as well; attracting the right tenant mix, These are the criteria based on which the size of the proposed
commensurate with the positioning of the centre; using each centre and the constituents thereof can be determined
Brigade Road, Bangalore
Spencer’s Super, Kolkata
The idea is: attracting not only prospective occupants of space at the
shopping centre, but end-customers as well; attracting the right tenant mix,
commensurate with the positioning of the centre; using each design
element to inspire a psychological situation wherein the casual wanderer
becomes a shopper – and in general putting together the whole
experience of being present at and shopping at a mall.
67
optimally. Within the centre, the design plan must clearly lay
out the pattern for pedestrian and vehicular flow. To the extent
possible, these must be kept apart. The car-parking facilities
necessarily form a crucial concern of shopping-centre design.
SHOPPING CENTRE DESIGN AND DEVELOPMENT
IN INDIA
From just three malls in year 2000, the country is all set to
have over 500 malls by 2010; with most of them in different
stages of planning, design and construction. It is estimated that
roughly 300 million square feet of quality retail space will be
accumulated by 2011. This is almost reminiscent of what
happened in America in the late '80s and early '90s, though on
a very different scale.
As Chris LeTourneur, partner and CEO, Thomas Consultants
Inc., pointed out in the last edition of this publication: “While it
has taken shopping formats around the world centuries to
evolve and more specifically shopping malls have taken over 60
years to evolve, India will go through this change process in less
than 10 years… India stands to benefit greatly from the lessons
learnt elsewhere around the globe relating to the creation of
shopping centres.”
Developers in India have recognised that their challenge lies in
concocting a blend of learning from international experiences
along with local 'Made in India' solutions. There are literally
millions of square feet of new shopping centres being
constructed that will become operational in the next five years;
and which will have a profound impact on the direction that
organised retailing takes in India. Some of these centres will
survive, while others will be replaced. It is a hugely competitive
market out there for developers and retailers alike; but India
still has the benefit of learning from the experiences in
shopping centre design and development from the many other
countries around the globe who have already passed through
this cycle.
Eaton Centre, Middle East
Apart from the functional convenience, the novelty of the mall

concept continues to stand it in good stead in India, like it did
in the other countries. But what is happening here is, not
surprisingly, something in the likeness of a vision-blinding
downpour. The long-term prospects are behind a cloud, so to
say. And the fact is that the investments and stakes are too
high to not merit a re-looking at the way the winds are
blowing.
Leaving the cost calculations aside, how many of the planned
projects are actually underpinned by well-thought-out
Developers in India have planning, be it in the context of space, infrastructure, parking,
recognised that their challenge positioning, management, or design? At this stage, most
lies in concocting a blend of developers have been able to sell mall space prior to, and also
learning from international during, the construction phase to generate the requisite funds.
experiences along with local Often, 50 to 80 percent of the space is sold out even before the
construction is completed. This can turn out to be a classic
'Made in India' solutions. quicksand situation, and there may be reason to feel uneasy
about the success rates.
So, what factors will clinch the crown for the long-term
winners? For, finally, there are only so many numbers and
68
types of retail/entertainment/food merchants to occupy space

in the mall. There is no alternative but to plan well and create a Most international shopping centres
differentiator in the market. follow a themed storyline, which
Size Does Matter steers the end-user from one
With hypermarkets and other 'big box' retail formats having destination to the other and keeps
made their entry into the Indian consumer's psyche like never the interest sustained throughout the
before, the sizes of malls are ever-increasing. From the typically shopping experience. These areas
20,000 to 40,000 sq.ft formats of 2003-04, today a Big Bazaar, are visually appealing and pleasant.
a Hypercity (Mumbai) or a Total hypermarket (Bangalore) itself Technology – lighting, waterscapes,
commands over 1,00,000 sq.ft of floor area – forcing the total landscaping – is important too.
mall space to escalate to 2,00,000 sq.ft and beyond! The Great
India Place in Noida, and the upcoming AmbiMall in Gurgaon
are cases in point, where huge, sprawling shopping structures Sacred Spaces
have been constructed.
Strong anchors, mini anchors and all the different retail zones
Retail Mix in a shopping centre have a role to play. Each zone is classified
Many concur that ultimately it is the retail mix that defines the based upon the estimated footfalls, the profile of the targeted
environment that needs to be created and fortified through end-user, the product categories one is defining, and the brand
designing. In fact, the traditional shopping environment in India identity of the retailers. The zones are accordingly designed to
over a period of time has gradually evolved into a more obtain the desired ambience through creative use of lighting,
structured version of a shopping centre, with well-laid-out sound, colour and texture.
stores flanked by strong anchors and distinguished by a Most international shopping centres follow a themed storyline,
deliberately zoned environment for the ease of shopping which steers the end-user from one destination to the other
experience of the end-user. Entertainment areas with and keeps the interest sustained throughout the shopping
multiplexes and gaming spaces, along with F&B zones and food experience. These areas are usually well-lit and visually
courts are a necessity in planning a good mall today. appealing and pleasant. Here the signage, lighting effects,
Crystal Fountains, Al Kout, Kuwait
69
sound and environmental graphics play an important role.

Technology – lighting, waterscapes, landscaping,
visual/animated feature elements – plays an important role
too.
Vehicle parking, which can act as
Circulation a key element in making a
Circulation in the context of shopping centres should be success or a failure out of a
created to enable the space to conveniently accommodate shopping centre, is a definitive
movement of people around the mall both horizontally and constraint here in India. It is
vertically. Space within a store should be designed in a manner
in which a harmony, relationship and movement of traffic
emerging as one of the key
between different areas is maintained. Food courts in a mall factors in consumers' decisions
should be strategically located in such a manner that the on where to go shopping.
peripheral noise is avoided, but at the same time facilitates Convenience, accessibility,
maximum visibility. The obvious reason: to increase the number security and fee are
of footfalls (which may increase the number of conversions) in preponderant factors that play on
the shopping centre. Clear demarcation of spaces also acts as a
guide for a customer while strolling inside the store.
the shopper's mind while making
a mall visit.
Retailers today demand more column-free spaces for the
optimal utilisation of leased area and more height for the
appreciation of spaces in the store. The need of large lobbies
and circulation spaces such as atrium and lounges has increased
the loading of gross leasable area (GLA) over the super-built up
area in shopping malls. Most mall developers in India have been design.
traditionally charging 25-30 per cent as a loading factor on Parking
usable area. This is because the sanctioning authorities include
the area consumed by lobbies, lounges and atriums in the Vehicle parking, which can act as a key element in making a
calculation of total floor space index (FSI). Global standards, in success or a failure out of a shopping centre, is a definitive
contrast, suggest that five to 10 percent of the total built-up constraint here in India. It is emerging as one of the key factors
area is allowed free of FSI for such areas in shopping centre in consumers' decisions on where to go shopping. Convenience,
accessibility, security and fee are preponderant factors that
play on the shopper's mind while making a mall visit. As the
percentage of car ownership goes up in India, the upcoming
malls must plan to maintain the ratio of parking space to retail
space. Alongside, developers must adopt a professional and
methodical approach to managing parking amenities, using
technology to control traffic flow, delivering user-friendly
services, and improving security.
A good solution is to create space efficiencies by using less land
optimally, supported by technology. Multi-level parking garages
provide a very good alternative, besides also effectively placing
most vehicles close to the shopping action. Parking plazas atop
buildings can be considered, too.
The Aesthetics of Synergy
Signages at the MGF Metropolitan Mall, Gurgaon
In an ideal world, all shopping centres would be structured to

strike a balance so as to ensure uniformity for the mall; and at
the same time, to take care that each store retains its
individuality. And nothing less than the ideal would work in a
world that is never short of ideas and visionaries. The 'next big
idea' will always take over.
Among the leading retail companies in India, the shopping
centre concept is starting to attain more distinct outlines. They
know what they are, and ought to be, looking for. This calls for
a fine balancing act between hardcore practicalities and
sensibilities of the other kind. It is location, catchments, type of
tenant/brand mix and the infrastructural facilities within the
70
Lido Mall, Bangalore

shopping centre that make up the main can therefore be implemented quickly. offerings into narrower and deeper
criteria for final selection. In close demographic targets. Consumer profiling
At the end of the day, retailers, other
succession follow adequate space within today has become a social science
tenants and investors are an enlightened
and provision for parking facilities. This is replete with experts who can describe
audience. Whether one is an
the point wherefrom design begins to distinct shopping profiles with individual
investor/retailer, the ultimate focus is to
assert itself. aspirations and expectations!
encash investments. To make that
CONCLUSION happen it is very essential that the Regardless of whether a shopping centre
shopping mall should be so designed in India today fulfils all of the above-
Design as an important element is finally that it is able to bring home the mentioned design criteria, we need to
coming on its own, since retailers have revenues. This can only be executed recognise that the average shopping
realised that this is what underlines and when design formats are so evolved that time among urban Indian consumers is
binds the customer's gamut of they are able to cater to traffic getting shorter; and also that it's
experiences at the shopping centre. In mobilisation, create values for the brand, considered convenient only when the
particular, the consideration is for spatial and, most important, are synergistic in store has value-priced offerings.
allocation between different tenants, nature. When brands do not synergise,
space and layout of the store, floor plate, An important trend in shopping centres
the net worth of the architectural design
navigation offered to customers, store today is the growing percentage of F&B
will fail to deliver.
exteriors and fittings provided, and entertainment retailers, who are
accessibility for store staff, space for Now more than ever before market proving to be effective in extending the
merchandise, displays and signage. forces demand that we create a more shopping visit. Creating interior
dynamic and distinctive environment. environments that enhance these
Finally, mall developers in India need to The first reason being competition: big elements and promote an extended mall
be open to innovation as organised retail box and hypermarket retailers have visit is just as critical as the provisions of
develops and evolves by itself. There is captured mass-market commodity character, features and amenities that
scope aplenty as the industry itself is at purchases; and secondly because of the encourage more frequent trips.
a transformational stage and changes continued segmentation of retail
71
The Forum, Bangalore

Orchid City Centre, Mumbai
Crossriver Mall, Delhi NCR
DESIGNING INDIA'S
MALL POTENTIAL
BY ANUJ PURI > Chairman & Country Head > Jones Lang Lasalle Meghraj
R
etail in India is changing the way
consumers perceive and experience
shopping. The process of evolution
began with the traditional high street
and air-conditioned shopping
complexes of the pre-1990s era.
These eventually led to the growth of the present
day large shopping malls, multiplexes and
shopping centres. Such shopping establishments
are not limited to India's metro cities alone – tier-II
and III towns too are appearing on the retail map
with increasing prominence.
The increasing demand for new format retail stores
has put pressure on shopping centre architects and
designers to create lifestyle destinations that
match international standards in shopping
establishment design. Can we claim that India's
retail districts have attained a level of design and
ambience comparable with those in developed
countries? We are getting there, but the answer is
still a resounding 'no'. Rather, we are at a stage
where the retailers, developers and investors
72
Inorbit Mall food court, Mumbai
Shoppers’ Stop, Mumbai

Citi Mart, Kolkata
formats. These stores are generally

characterised by the large volume of space
that they occupy, and their capacity to
Space for various retail formats, such as high- attract customers from the immediate
end boutiques or jewellery stores, fashion catchments as well as beyond. Such stores,
outlets, supermarkets, stores for white goods, often called city centres or malls, are situated
electronics, entertainment etc., all have in out-of-town locations made sustainable
segregated occupiers. Such segregation of due to the robust infrastructure, which allows
spaces is currently observable in a few weekend trips to such locations for shopping
upcoming retail formats in India. and leisure. The interiors, exteriors and
ambience they create suggest a definite
strategy of the mall developers in image-
creation.
perceive the need for additional
innovations in mall design. We still have a The format's potential is gaining recognition
long way to go. in India, but how many family destinations or
Family Entertainment Centres (FECs) can we
The design process of any retail format is boast of? Not many. One of the main
largely dictated by the target consumer's reasons for this lack is of course the high real
culture and behavioural pattern. In other estate cost. However, there are some large
words, one cannot transplant one set of shopping centres coming up, and these have
design patterns from one place to made their mark in the highly competitive
another. However, international retail estate market in the country.
standards in designing and circulation of
spaces can and should inspire formats for ELEMENTS IN THE DESIGN
shopping centres in India. PROCESS
THE INTERNATIONAL Occupier Identity
BLUEPRINT Internationally, it is possible to identify
Let us consider the international best proper demarcation of the occupier mix.
practices observed in designing of retail There is a clear strategy for the placement of
occupiers within a mall. Space for various
73
magnet for attracting customers to the store (and eventually

to the mall). Hence, a proper understanding of the
requirement of anchor spaces is necessary before starting the
design process. These spaces should follow a path, which
connects the other activities of the mall.
Parking
This is a make-or-break design point for a shopping centre.
Global standards show that parking space is generally allotted
on the ground or on the higher number of floors, be it a
superstore, a discount store, a mall or a FEC. A perfect
example in this context would be the parking space allotted
for Warner Village (parking on higher floors) in the UK, or the
one for Wal-Marts (parking on ground floor) in the US.
Design is the differentiator
The need of large lobbies and

circulation spaces such as atrium and
lounges in shopping malls has
increased the loading of gross leasable
area over the super built-up area. Mall
developers in India have been
traditionally charging 25-30 percent as
a loading factor on usable area.
Parking is designed considering the flow of traffic during peak

hours. Developers in India, however, seem to be averse to
creating parking space at ground level. This can again be
attributed to the large ground area required, and the implied
Parking woes
increase in real estate cost. Parking in Indian malls is generally

allotted in the basement. As per municipal regulations, one
car per 1,000 sq.ft of area is sufficient, while the global norms
denote at least one car per 250 sq.ft of area.
retail formats, such as high-end boutiques or jewellery stores,
fashion outlets, supermarkets, stores for white goods, Indian developers are now learning that adequate parking is a
electronics, entertainment etc., all have segregated occupiers. critical component of the shopping experience, and that
Such segregation of spaces is currently observable in a few adequate parking space needs to be given to shoppers free of
upcoming retail formats in India. However, the flow and charge.
location of different spaces need to be viewed in the context Ratio of Super Built-Up to Carpet Area
of customer shopping and entertainment patterns.
The need of large lobbies and circulation spaces such as
Food courts should be strategically located in a manner that atrium and lounges in shopping malls has increased the
avoids noise but boosts visibility. The obvious intention loading of gross leasable area over the super built-up area.
behind such design strategy is to increase the number of Mall developers in India have been traditionally charging 25-
footfalls (which in turn may increase the number of 30 percent as a loading factor on usable area.
conversions) in a shopping centre. Clear demarcation of
spaces also acts as a guide for a customer while strolling This is because the sanctioning authorities in India include
inside the store. the area consumed by lobbies, lounges and atriums in the
calculation of total Floor Space Index (FSI). However, global
Anchor Spaces standards suggest that five to 10 percent of the total built-up
Mall designers in India understand the importance of anchor area be allowed free of FSI for such areas in the shopping
spaces. These are very evident in every shopping centre. Such centre design
anchor spaces are occupied by large retailers and act as a
74
Fabindia, Mumbai
Citi Mart, Kolkata

After understanding these design elements, should we then ape the West
in the creation of shopping centres for our country? We suggest that global
standards be adopted for the creation of large spaces in the local context
of shopping, eating and other habits of Indian consumers.
. possible, natural light through glass or canvas can be

used.
Other Spaces
Hoardings and Signages
Retailers use the volume of space available to them as a
medium of interaction with the end-users or customers. Hoardings of advertisements (one of the revenue
Most retailers (globally) love spaces with floor-to-floor sources for mall developers) and signages are design
height of about 16-20 feet. However, Indian developers, elements for shopping centres; and hence proper care
until recently, have been using a standard height of should be taken in placing these at appropriate places.
14 feet. This should be considered as a part of the overall design
process. Retail formats of the pre-1990s severely lacked
This has resulted in a lot of heartburn among the these essentials.
country's retailers. Retailers now demand more column-
free spaces for the optimal utilisation of leased area, Façade Treatment
and more height for the appreciation of spaces within Most Indian malls have a modern look with glass and
the store. aluco-bond façade treatments. In an attempt to create
an international image, the architectural vocabulary of
Circulation today's Indian malls denotes heavy Western influence.
In the context of shopping centres, circulation is the However, these spectacular façades have tempted mall
ability of the space to conveniently accommodate developers to load its cost on to the retailer. The
movement of people around the mall – both question that arises at this juncture is – is it applicable
horizontally as well as vertically. All the spaces in the to have such fascinating and expensive treatments for
store should be designed in such a manner that a façades in shopping centres? It of course depends
harmony, relationship and movement of traffic entirely on the design concept perceived by the
between all the different areas are maintained. designer. Probably, designers feel that to create an
inside-out image (which is in vogue at present) glass
Interiors and Ambience and aluminium are most suitable.
From the point of view of retailers, well-lit (either After understanding these design elements, should we
artificially or naturally) lobbies, atriums and store then ape the West in the creation of shopping centres
spaces as well as elegant and good flooring are of for our country? We suggest that global standards be
utmost importance to attract customers. Lighting and adopted for the creation of large spaces in the local
interiors should be in line with the themes and sub- context of shopping, eating and other habits of Indian
sections of the overall shopping centre. consumers.
For example, spaces for movie auditoria can have a A retail space is no longer a store – it is a stage. It is an
darker interior and coloured lights that focus on environment that tells a story, creates an image and
displays, while the sections for catering and children's sets a mood. Hence, the proper utilisation of design
stores should have more lively interiors. Wherever elements will definitely make a difference in creating
75
Gold Souk, Gurgaon
Fort Knox, Kolkata

DIFFERENTIATION
BUILDING SPECIALITY MALLS
BY NV SIVAKUMAR > Executive Director and Retail & Consumer Industry Leader
> PricewaterhouseCoopers
I
ndia's retail sector is burgeoning and presents
an exciting opportunity for retailers and for
consumers alike. Consumers are witnessing an
increase in modern trade formats, especially in
the number of malls which offer convenience,
atmosphere and ambience. Shopping malls
entered the Indian retail market in the latter half of
the 1990s. Compared to less than 30 operational
malls in 2003, IMAGES F&R Research estimates that
with over 600 malls being built, retail space will
exceed 40 million square feet with an average size of
1,000 square feet per brand.
76
It is important to understand the issue of design differentiation watch a movie at the multiplex, eat at the food court, use the
from three perspectives: entertainment zone or enjoy a family outing on a Sunday
morning.
n Building specialty malls
Studies suggest that:
n Attracting footfalls that are more targeted, niche-oriented
and therefore, more likely to spend than regular footfalls n Over 60 percent of visitors enter malls to watch a movie
(ie., visit a multiplex) or to eat (ie., visit a food court)
n Offering unique facilities to incentivise consumers to
spend at malls n Only about 30 percent enter a mall to shop!
With the proliferation of malls, it will become imperative, from
India will soon have over 50,000 retail outlets. However, with the perspective of the real estate developer and anchor and
approximately 300 national brands available currently, most of tenant stores, to differentiate themselves from other malls that
these malls will have a very similar tenant mix, with the same may be located just a few kilometres away. Developers and
brands available across almost all shopping centres. Given that tenants need to work together to develop strategies for
malls may offer the similar stores, not to mention a parallel incorporating marketing strategies, promotions and customer
high end 'look and feel', it is even more important to ensure a segmentation tactics to drive footfalls, increase expenditure per
differentiated shopping experience to consumers that can set footfall and further differentiate themselves with shoppers.
one mall apart from another.
A DIFFERENTIATED SHOPPING EXPERIENCE
FOCUS AREAS FOR DIFFERENTIATION
One way to offer a distinct shopping experience is to offer
Other malls are embarking upon differentiating themselves by
stores that fall under a specialty category such as gold and offering exclusive features and facilities such as:
jewellery, luxury products, home goods and décor, home
improvement, etc. Indeed some malls are being built or are n Entertainment and gaming facilities
already built which are already present in these categories. n A hotel-cum-shopping mall complex where hotel guests
Some potential categories that real estate developers are can frequent and shop in the mall
considering for specialty malls focus on children, women and
consumer durables. Malls that are differentiated in terms of n Safe recreational areas for children
their offerings appeal to customers' specific needs and provide n Large food courts which offer a variety of cuisine that
an outlet for dispensing against those needs! meets the needs of Indian consumers' changing palates
Specialty malls also tend to attract footfalls that are more n Water and theme parks that are attached to malls
likely to spend on purchases than regular footfalls, which are n Creating 'India's largest' which could imply creating India's
present in traditional malls. Consumers who come to specialty largest food court, having India's largest saree shop, India's
malls do so with a specific purpose and goal in mind; largest toy shop, etc., on mall premises
consumers that enter traditional malls may be doing so to
Mango store at Atria Mall, Mumbai
Total Mall, Bangalore
77
FUNDING
REAL ESTATE
DEVELOPMENT IN INDIA
I
ndia's commercial real estate stock is estimated
to be the fourth largest in Asia, following Japan,
China and South Korea. However, this still
represents a small fraction of the global
commercial real estate stock, which totals
roughly US$19 trillion (INR 781,000
billion/arawb).
Getting accurate and reliable data on overall real
estate investments, especially in the emerging
markets like India, is quite a difficult task and most
studies are based on broad estimations of the total
size and investment potential. In India, even the
institutional real estate market is just started
78
showing up. The investible stock in India

amounts to only about 27 percent of the
total stock that can be classified as
investment grade. In contrast, China's
investible stock is 35 percent of its total
investment grade stock and that of
Japan's is 65 percent.
With the Indian economy growing
strongly, the demand for office, retail and
logistics space is simultaneously set to
expand significantly in the next few
years. It is estimated that this growing
demand would effect an increase in
India's investible real estate stock by
US$18 billion (INR 64,056 crore) by year
2010. Even this is still a conservative
estimate as it can be expected that with
the maturing real estate market, even
greater institutional investment activities
will result.
The following are the most important
sources of financing the real estate
market in India:
n Private Debt the next few years, despite the RBI's securities. In the private equity category,
attempts at decelerating credit growth pension fund counts as the second
n Private Equity with a view to curbing inflation. largest investor, but its exposure to the
n Public Debt real estate sector is still very limited.
PRIVATE EQUITY Changes in the pension funds' asset
n Public Equity allocation strategy will largely be driven
Private investors also play an important
PRIVATE DEBT role in the Indian real estate investment by changes in regulation, but till such
market. At the end of 2005 private time, pension funds will continue to keep
Private debt is the most important source equity accounted for about 40 percent of their large positions in government
of financing real estate in India. It the country's real estate capital market. bonds and other approved (and more
accounts for nearly 60 percent of all This market segment is rapidly growing 'secure') instruments.
institutional real estate investments. as is evident from the fact that in 2005
Strong demand for commercial real This holds good for insurance companies
private property companies and as well, as they still regard real estate
estate lending in the last three years was individuals' holdings of real estate grew
boosted by steeply falling interest rates, a investment as risky. Regulation for
by 40 percent over the previous year. insurance companies' investment
vibrant real estate investment market
and a rise in corporate outsourcing The Indian pension fund system is still strategies also remains restrictive,
activity. Statistics available for the past poorly developed, and as such its explaining their small exposure to real
five years indicate that bank loans for exposure to real estate is still limited. estate. No major change in this can be
commercial real estate increased by more Regulation mandates that at least 60 expected in the near future unless the
than 500 percent during 2001 to 2006. percent of asset allocation is in regulatory bodies decide to ease the
This number is poised to grow further in government securities or other approved policy prescriptions.
With the Indian economy growing strongly, the demand for office, retail and
logistics space is simultaneously set to expand significantly in the next few
years. It is estimated that this growing demand would effect an increase in
India's investible real estate stock by US$18 billion (INR 64,056 crore) by
year 2010.
79
The Security Exchange Board of India (SEBI) approved the

formation Real Estate Funds (REF) in 2005. This has facilitated
the formation of real estate mutual funds, which are expected
to get operational in 2007. This will herald a new era abd
avenue of real estate investments for the common retail
investors. At present, REFs are only open to high net-worth
individuals (HNIs), institutional investors and global investors.
PUBLIC DEBT
The public debt market, which here only comprises outstanding
corporate bonds and Commercial Mortgage-Backed Securities
(CMBS), is in the very early stages of its development in India.
In the last few years there have been no CMBS issuances in the
Indian market, implying that this market is dominated by
Residential Mortgage Backed Securities (RMBS). These have
indeed played an important role in Indian securitisation in the
past six years, particularly because of the fast growing
residential sector and low cost of financing.
PUBLIC EQUITY
Neither Real Estate Investment Trusts (REITs) nor Real Estate
Mutual Funds (REMFs) exist in India, implying that the real
estate public markets are still limited. The only way to invest in
real estate in the public market is through listed property
alternatives, commercial bank lending seems to be the most
companies, but there are only a handful of these currently.
efficient way of raising capital in India. But both the private
Need For Real Estate Investment Mutual Funds equity and private debt markets are also set to grow significantly
over the coming years, profiting from further project
It is expected that REITs will be introduced in India this year.
developments and more foreign direct investment. In contrast,
The demand for REF is strong, as numerous private investors
the public markets are set to remain relatively small over the next
have already burned their fingers by putting their money in the
years, until the private markets increase in scale and the broader
wrong properties. It is not possible for individual investors to
capital markets undergo significant development.
verify all technical aspects of property and at times they also
have to take recourse to bank loans to meet the complete cost REAL ESTATE INVESTMENTS IN INDIA
of a unit. The sudden upswing in bank interest rates in 2007
has compelled many such investors to sell off their holding at a An active domestic commercial real estate investment market
loss. With the coming of real estate mutual funds these private has gradually emerged since the turn of this century, in response
investors will get a safe avenue for investing their surplus to growing demand for modern commercial space. The
savings. This could well be the catalyst for the future investment market has grown rapidly, especially since 2005, due
development of Real Estate Investment Mutual Funds, much on to perceptions of strong market fundamentals with good long-
the lines of what we see in the United States of America, term growth prospects, the emergence of specialist real estate
where REITs (Real Estate Investment Trusts) own most vehicles and the participation of foreign investors. India now faces
properties in the retail, commercial and residential domains. the prospect of cross-border real estate investors, with both
domestic and global capital seeking real estate investment
The creation of REITs will undoubtedly improve transparency opportunities here.
and liquidity on the real estate capital market. In India, the
introduction of Indian REITs and/or REMF in 2007 might
provide investors with a comfort zone to reduce the
transparency and liquidity risks. This will also provide a wider The creation of REITs will undoubtedly
range of choices for investors to engage in real estate improve transparency and liquidity on
investment considering the current limitation of the public the real estate capital market. In India,
property sectors. the introduction of Indian REITs and/or
CAPITAL FLOWS AND FUTURE PROSPECTS REMF in 2007 might provide investors
Although the Indian real estate capital market is still small, its
with a comfort zone to reduce the
growth momentum so far is remarkable, especially in the transparency and liquidity risks.
private equity and debt markets. Owing to a lack of
80
As discussed, the current investment market includes active Domestic Participants

participation from domestic real estate funds, institutions, high
net-worth individuals (HNIs) and local developers. Domestic The domestic equity route comprises four main groups --
debt remains a strong financing option, primarily in the form of dedicated real estate funds, institutional funds, high net worth
construction finance as well as lease rental discounting. Cross- individuals and developers:
border investment activity is currently dominated by players Dedicated Real Estate Funds: The last two years have seen the
Singapore and other Asian countries, and also by the US mobilisation of investible funds by several dedicated real estate
opportunity funds. A good number of European players are also funds, such as Anand Rathi Real Estate Opportunities Fund,
now looking at options to enter the Indian real estate market. Dewan Housing Realty Fund, Kshitij Fund, TCGRE, Reliance
Private Equity, etc. Historically, their focus has been on India's
tier-I cities (Delhi, Mumbai, Bangalore, Chennai and Kolkata), but
such funds are now increasingly seeking out opportunities in tier-
II cities, such as Hyderabad, Pune, Jaipur, Ahmedabad and the like.
Institutional Funds: Major financial institutions such as ICICI,
HDFC, IL&FS and Kotak Mahindra have all launched real estate
funds, either as joint ventures or sole investors. Most institutional
funds operate on a pan-Indian basis, and are increasingly looking
at opportunities in tier-III cities, in order to gain the 'first mover
advantage'.
High Net-Worth Individuals: India has a large community of
high net-worth individuals (HNIs) and family-run businesses,
which have substantial funds to invest in real estate. Significant
There are a number of cross-border

investors active in the market. Their
entry has largely been through the
development route or venture capital
funds, and their focus so far has been
on IT parks and residential townships.
level.
investment interest has also been witnessed from the cash

surplus non-resident Indians (NRIs), primarily from the USA. HNIs
are increasing their presence in residential, commercial and retail
space. In most cases they invest directly into real estate assets.
Domestic Developers: Domestic real estate development
companies have increasingly participated in land auctions and
have invested in buying land for development purposes. Most of
these companies participate with an equity partner/institutional
fund when bidding for land parcels. Some development
companies are now looking at a listing in the stock exchange as a
means of securing additional equity capital to fund their
ambitious growth plans.
Global Participants
There are a number of cross-border investors active in the
market. Their entry has largely been through the development
route or venture capital funds, and their focus so far has been on
IT parks and residential townships.
Foreign Developers: Developers from Singapore, such as
Ascendas, GIC, Keppel Land, Capita Land and Lee Kim Tah
Holdings are the most active group. Ascendas, one of Asia's
81
leading business space providers has been active in funds, are increasingly becoming the preferred entry
India since 1999, and owns IT parks in Bangalore and route for cross-border investors, particularly amongst
Hyderabad, and is building IT parks in both Chennai US investors. Tishman Speyer, Vornado Realty, GE
and Kolkata. Ascendas launched a US $350 million Capital, Warburg Pincus, Citibank, Apollo Real Estate
(INR 1,440 crore) India IT Parks Fund in 2005, with and Morgan Stanley are all active, mostly through JV
GE Capital subscribing US $63 million (INR 260 real estate funds. Tishman Speyer, for example,
crore). Most Asian development companies have formed a joint venture in April 2005 with ICICI
focused on tier-I cities, primarily in residential and Ventures, the private equity arm of ICICI bank. TSI
commercial assets. Venture Funds plans to invest close to US$1 billion
(INR 4,112 crore) over the next five years.
Other Asian developers include Emaar (based in
Dubai), which is developing integrated townships in TRENDS IN INDIAN REAL ESTATE
India's tier-I and II cities. In January 2006, it INVESTMENT
announced a US $4 billion (INR 16,450 crore) joint
venture with MGF Land (Emaar MGF), representing Several global and local factors have converged since
India's largest real estate FDI. 2005 to culminate in the unprecedented interest in
Indian real estate by global and domestic investment
Real Estate Funds: Real estate funds, including funds. But it has taken almost ten years for the Indian
private equity funds as well as dedicated real estate real estate market to evolve to its present stage, after
having completed a full cycle.
Ever since the correction of the late 1990s, the real
estate market has emerged from its phase of
consolidation; and since the early 2000s it has been on
a growth and expansion phase. In the years of
resurgence, the transformation of the Indian real
estate sector has been driven by consistent growth of
the economy and business, growing incomes and
aspirations as well as enthusiastic supply response. The
scale of transformation achieved till now has not been
insignificant considering that a few years back the
sector was insulated from foreign investment.
Trends in Real Estate Investment
The opening up of investment into real estate markets
has meant that real estate project financing can come
from various routes including – mezzanine financing,
private equity investment, private placement with
institutions/HNIs, funding through capital market
route either on Indian bourses or internationally (AIM
listings) and external commercial borrowings (ECB) in
case of integrated townships. Debt funding has also
turned a corner by being far more accessible for
developers. Along the way, domestic banks and
financial institutions also altered their view on
exposure to the real estate development sector with
funding institutions taking exposure to real estate
development and construction projects in a big way.
Moreover, the last couple of years have been a sort of
'golden age' for real estate and construction
companies listed on the major stock exchanges. The
need for developers to continually expand in a
competitive environment and acquire land tracts for
achieving bigger size, meant recourse to large fund
corpus at competitive rates. This led more and more
unlisted real estate companies to consider seeking
recourse to the capital markets through the initial
public offer (IPO) or rights issues. According to press
reports in 2006, real estate IPOs were the second
82
largest mobiliser of funds from the stock markets (INR limiting repatriation clauses.
3,993 crore) second only to energy companies.
The lukewarm response to the 2002 FDI policy did not
Apart from seeking recourse by listing on Indian stock go unnoticed by the policy makers and after
exchanges, real estate companies have found an considerable deliberations with the Industry, a far more
alternative funding route in the Alternative liberalised real estate FDI policy was unveiled in
Investment Market (AIM) of the London Stock February 2005.
Exchange. Listing on AIM gives companies access to
Through the second FDI policy the government decided
liquid global funds at close to international lending
to allow foreign investment up to 100 per cent under
rates, flexibility of listing companies abroad and
the automatic route in townships, housing, built-up
achieving an international profiling. Though the
infrastructure and construction/development projects.
number of Indian real estate companies listing on AIM
This policy significantly reduced the threshold norms of
is a handful as of now, it is by no means insignificant.
minimum area to be developed under each project to 10
In fact in future, this is expected to be an important
hectares in case of serviced housing plots or 4,50,000
source of funds for Indian development companies
sq.ft in case of construction-development projects.
and real estate funds.
This new policy significantly liberalised foreign
Policy Enablers investments in the real estate sector in India, as a result
On the policy front, the government has initiated of which we find high activity in real estate sector
several reforms in the real estate sector. For opening leading to high appreciation in real estate costs across
the door for the foreign investments, the Foreign the urban centres. Foreign real estate funds and
Direct Investment (FDI) in Real Estate policy draft was developers were quick to respond to the new
announced in 2002, which would permit FDI up to 100 opportunity in the Indian real estate arena.
per cent for development of integrated townships, Real Estate Funds in India
including housing, commercial premises, hotels,
resorts, city and regional level urban infrastructure. According to Jones Lang LaSalle Meghraj, there seem to
be anywhere between 100 to 120, India specific real
This policy sought to attract foreign direct investment
estate funds (global and domestic) in various stages of
into integrated townships with the basic threshold of
operation:
investment set at a minimum of 100 acres. Although
the policy was a bold step considering the time when n It is quite an uphill task to arrive at a broad figure for
it was announced, the policy turned out to be quite the investment that is in the pipeline. Reports indicate
restrictive given the high super threshold of FDI flows in real estate have been in the range of
investment, the stringent delivery norms and the US$7-10 billion (approximately INR 30-40 thousand
83
crore) since the policy the outset and could change over mood, being confident that the real
announcement. Given the the years. Also the indicative estate sector will remain stable over
number of funds operational and figure stated would be the typical the next couple of years.
others that are planning to enter size per fund and not per principal
In terms of overall investment
the country, it is quite possible investor
attractiveness, the ranking of cities
that all this figure taken together
n The real estate funds are not just according to Jones Lang LaSalle
could be as much as US$15
restricted to the traditional large Meghraj is as follows:
billion (INR 60,000 crore)
metropolitan cities, when it
n Chennai, Delhi & NCR, Mumbai,
n It is possible to further classify a comes to sourcing investment
Bangalore and Hyderabad in the
subset of all the above- opportunities. Despite the fact
tier-I category, and
mentioned funds as 'active', that these funds have been on
which could include funds that ground for just over an year, n Pune, Kolkata, Chandigarh,
have operations on ground in there are instances of real estate Ahmedabad and Indore in the
India and are actively sourcing funds seeking opportunities even tier-II category
investment transactions. It is in smaller metro cities and towns
It is largely felt that there is a
estimated that anywhere (classified as tier-II and III), which
definite scarcity of ready
between 50-60 percent of the is indicative of the availability of
'investment grade' product as of
total number of funds stated opportunities in smaller towns
now, as a result of which real estate
previously can be segmented in and the flexibility of funds to
funds have had to devote longer
this category consider the same
time in screening and evaluation of
n Based on available data from In line with the strong macro deals. Unrealistic valuation
primary and secondary sources, economic indicators in the Indian expectations, regulatory hurdles,
on a ballpark basis, the indicative economy, the industry seems quite lack of clarity in land titles,
average corpus per fund ranges upbeat, expecting the GDP growth developer's credibility and
between US$250-300 million rate to be in the range of 8-10 transparency issues are the main
(INR 1,000-1,250 crore). It is percent by 2009. Regarding the concerns that continue to create
important to note here that there future growth potential of the bottlenecks that lead to distortions
are quite a few proprietary funds, Indian real estate market, fund in the deal making process.
whose corpus is not defined at houses in India are on an upbeat
Kshitij's Cosmos Mall, Bangalore
84
LEGAL
AND REGULATORY
ASPECTS OF REAL ESTATE
DEVELOPMENT IN INDIA
A
s almost every form of
modern business
activity is guided by
legal processes to
ensure the smooth
conduct of operations,
the business of retail real estate
development too is guided by such
laws and regulations. Here we discuss
some of the most prominent acts and
regulations relating to the
commercial real estate market in
India.
85
Laws/Regulations Governing Retail Industry

The Standards of Weights and Measures Act, 1976
The Prevention of Food Adulteration Act, 1954
The Trademarks Act, 1999
The Employees' States Insurance Act, 1948
The Employees' Provident Funds Act, 1952
The Contract Labour (Regulation and Abolition) Act, 1970
Other Central Regulations/Acts
n Restriction on sale of common salt (Rule 44h).

n Restriction on use and sale of artificial sweeteners (Rule 47).
All-India: the standards of weights and measures n Prohibition on sale of permitted food colours (Rule 48a).
act, 1976 n Prohibition on sale of permitted food additives (Rule 48c).
The Act is applicable to the whole of India: The Trademarks Act, 1999
n Enacted to establish certain standards with regard to weight Each retail brand has a unique image and as such retailers also
and measures, regulate inter-state trade or commerce for have to comply with regulations relating to The Trademarks Act,
goods sold or distributed by weight, measures or number 1999. Some of the provisions are as follows:
and matters incidental thereto.
n Application for registration of trademark has to be filed in the
n Verify and stamp, the weights, measures, balances, etc., office Registrar of Trademarks within whose territorial
once in a year.
n With regard to retail sales, retailers have to comply with the
Standards of Weights and Measures (Packaged
Commodities) Rules, 1977.
n Under the Standards of Weights and Measures (Packaged
Commodities) Rules, 1977, the packages for retail sale shall
contain the following details: Name of the commodity, Net
Contents, Maximum Retail Price, Date of
Manufacture/Packing, Name and Full Address of the
Manufacturer or Packer.
The Prevention of Food Adulteration Act, 1954
The Act is applicable to the whole of India and aims at making
provisions for the prevention of adulteration of food. The main
prohibitions under the Act are as follows:
n Prohibition on the Manufacture, Sale, etc. of certain food
articles
n Prohibition on use of certain expressions while labelling of
edible oils and fats (Rule 37 D).
n Prohibition on sale of certain admixtures (Rule 44)
n Prohibition on use of acetylene gas (Rule 44 Aa).
Prohibition on sale of food articles coated with mineral oil,
(Rule 44 AAA and Appendix B).
n Prohibition on sale of admixtures of ghee or butter
(Rule 46).
n Restriction on sale of Kangra tea (Rule 44e).
n Conditions for sale of flavoured tea (Rule 44g).
86
FEE PRESCRIBED OFENCE FEE PRESCRIBED PENALTY B. Register of employees - Form No.7
Non-standard weights or Imprisonment upto six months, or fine C. Return of Contributions - Form No.6
measures, or numeration. upto Rs.1,000 or both. In case of second
or subsequent offence, imprisonment D. Accident register - Form No.15
of upto two years and also fine.
E. Inspection Book & First Aid Book
Quotation, etc in non-standard Fine upto rs. 2000/-. Incase of second or
weights and measures Subsequent offence, imprisonment for a The Employees' Provident Funds Act, 1952
Term upto 3 years and also fine.
Main provisions:
Sale, etc of un-verified Fine upto Rs.10,000. In case of second n Applicable to every retail establishment employing 20 or more
weights and measures or subsequent offence, imprisonment
upto seven years and also fine. employees.
n Retailer has to pay contributions on or before 15th of every
Sale etc. of packaged goods Fine upto Rs.5,000. In case of second or
not conforming to provisions subsequent offence, imprisonment upto month.
of sec. 39 five years and also fine. n Compulsory to pay contribution in respect of employees
Contravention of any other Fine upto Rs.2,000
earning less than Rs.6,500 per month including basic salary
provision of the act and dearness allowance.
n Forms required to be maintained/submitted:
jurisdiction the retailer's establishment is situated. A. Declaration of all the employees (Form No. 2)
n Every application for registration of a trademark shall bear a B. Employees qualifying for membership of the fund etc.
representation of the mark in the specified place provided in (Form No.5 and 10)
the form. Ten additional representations of the mark have
to be submitted along with the application. C. Consolidated annual contribution statement (Form No. 6A
and 3A)
n After the acceptance of the application, the application has
to be advertised in the Trademarks Journal. D. Inspection book
n Registration of the trademark shall be valid for a period of
seven years, but it may be renewed from time to time.
The Employees' States Insurance Act, 1948
n Applicable to establishments employing 10 or more
employees earning salaries less than Rs.6,500 per month.
n Contributions should be remitted on or before the twenty-
first of every month.
n Records to be maintained:
A. Declaration of all employees with post card-sized family
photos (two copies)on Form No.1
PRESCRIBED FEE STRUCTURE

No of Employees Fee Prescribed
Nil Rs. 10.00
Does not exceed 5 Rs. 50.00
Exceeds 5 but does not exceed 10 Rs. 100.00
Does not exceed 20 Rs. 200.00
Exceeds 50 and but does not exceed 100 Rs. 1,000.00
101 and above Rs. 2000.00
87
The Contract Labour (Regulation and

Abolition) Act, 1970
The Act requires the retailer to be registered as a
principal employer. All part time/contract employees
are eligible for Provident Fund and Employees' State
Insurance benefits. The provisions of the Contract
Labour (Regulation and Abolition) (Karnataka) Rules,
1974, requires every principle employer to maintain in
respect of each establishment a register of contractors
as specified in Form XII. The contractor too has to
maintain in respect of each registered establishment a
register of workmen employed in Form XIII.
Other registers to be maintained under the Karnataka
rules are as follows:
n Notice of opening by principal employer - Form
No. XXVI
n Employment Card
n Notice of Commencement of Work by Contractor
to be issued within 15 days of Commencement of
Work to Assistant Labour Commissioner - Form n Register of Wages - Form No. XVII
VI-A n Wage Slip - Form No. XIX
n Service Certificate - Form No. XV n Register of Deduction - Form No. XX
n Muster Roll - Form No. XVI n Register of Fines - Form No. XXI
n Register of Advance - Form No. XXII
n Register of O. T - Form No. XXIII
Other Central Regulations/Acts
Besides, the retailers also have to comply with the
provisions relating to The Income Tax Act, 1961, The
Customs Act 1962, and the rules and guidelines that are
issued there under from time to time. Under the Income
Tax Act, the retailers are subject to taxation on the
income earned in accordance with the rates of taxes as
specified in the Finance Acts. In case, the retailers stocks
imported merchandise, it has to comply with the
provisions of the Customs Act, 1962 with regard to
payment of duties as per the rates prevailing at the time.
Further, retailers also has to comply with the provisions of
the Companies Act, 1956, Foreign Exchange Management
Act, 1999 and various other statutes and legislations from
time-to-time.
Legal & Regulatory Aspects Relating To Real
Estate Market
The real estate market in India is still at an infancy level,
characterised by a large number of small players. The last
few years saw the emergence of big players and the entry
of corporate houses in the real estate domain. In most of
the states of India, development authorities control supply
of urban land. This sector is still in the grip of certain
restrictive legislations thus limiting investment and proper
organization of the sector.
88
The laws governing real estate in India are over a

century old. Though quite a few of these regulations
form the basis of laws and necessary amendments are
happening in the space, still the current legislative
framework is in need of a major overhaul to make the
laws and regulations more relevant to present day
requirements. A number of Central and State laws
govern the real estate sector in India. The more
prominent of these are listed below:
Central Laws Governing Real Estate
The Central Acts and laws that form the basis of future
laws and provides the foundation are as follows:
n The Indian Contract Act, 1872
n The Transfer of Property Act,1882
n The Registration Act,1908
n The Specific Relief Act, 1963
n The Land Acquisition Act,1894
n The Indian Evidence Act,1872 As such the real estate sector in the country
n The Land Reforms Act,1964 comes within the purview of various related
Acts and Regulations. Recently, a number
n The Stamp Act,1956 of Acts have been enacted which bring the
n The Urban Land (Ceiling & Regulation) Act, 1976 real estate sector within its purview – such
n The Urban Land (Ceiling and Regulation) Repeal Act, as The Consumer Protection Act, 1986, and
1999 The Environment Protection Act, 1986.
Besides, the above-mentioned legislations, a number of
other related laws also regulate the real estate market
one way or another affect real estate transactions. As
in India. There are also certain enactments that may in
such, the real estate sector in the country comes
within the purview of various related Acts and
Regulations. Recently, a number of Acts have been
enacted with certain provisions or definitions bringing
real estate within its purview – such The Consumer
Protection Act, 1986, and The Environment Protection
Act, 1986.
Again, certain amendments in existing laws or repeal
of Acts have also brought about certain relaxations and
boosted the growth of the sector. An example that can
be cited in this case is that of The Urban Land (Ceiling
and Regulation) Repeal Act, 1999. But quite a few
state governments are yet to adopted the The Urban
Land Repeal Act, such as Andhra Pradesh in South
India.
The real estate sector is also faced with other issues –
such as taxes, monopoly of urban land, titles and
records of evidence, land reforms, municipal laws and
zoning laws – that impediment growth. Lengthy
compliance procedures and non-transparent
transactions too have hindered prospects. The sector is
in currently in need of redressal of issues relating to
various aspects – be it legislative or policy reforms.
89
SECTION III
Chapter-II
MALL DEVELOPMENT:
A PROCESS STUDY
SECTION III CHAPTER II ANCHORS IN MALLS
Landmark, Mumbai
ANCHORS IN MALLS
BY ANSHUMAN MAGAZINE > Managing Director, CB Richard Ellis South Asia
I
ndia has experienced a rapid rise in organised
retail in the last 10 years, evolving from a
country with neighbourhood (kirana) stores to
having its metros dotted with glitzy showcase
'Malls'. From a time in early 1990s when a
15,000 sq.ft store left many skeptical about its
survival to a time when a million square feet mall
with several large stores draws merely a passing
look, India has come a long way.
Driven by changing lifestyles, strong income
growth, improved quality consciousness and
favourable demographic patterns, Indian retail is
expanding at a rapid pace, leading foreign and
domestic retail brands to expand/register their
presence in India. For these retailers/brands the
fastest way to list their presence in the consumer
mind is to be in a 'mall', in a big way.
94
Shoppers' Stop, Mumbai
Haldiram's Kolkata
HOW ARE ANCHORS SELECTED? most cases anchors occupy between 40 and 60 percent of the
space in a mall. In physical configuration, typically anchor
Many of these retailers/brands have arrived in India or have tenants (if there is more than one in a mall) are located as far
expanded their footprint as anchor presence in various malls. In as possible from one another to maximise the amount of traffic
most malls, these anchors are the drivers of foot fall and act as from one to another, benefiting the smaller tenants.
magnets for consumers to come and other stores to locate in
the mall. How are anchors selected? Is it a self-selection TYPE OF ANCHORS
process by the retailers/brands or is it a result of the desire of India has come a long way in its retail journey, and so has the
mall developers to position their asset, or is it the presence of nature of anchors in its malls. A decade ago, one would never
target consumers? have imagined a hotel or an F&B chain to act as an anchor in a
It is in reality a combination of choices made by the retailers, retail development. These days, a hypermarket, a department
the developers and the consumers. store, a lifestyle store, a hotel, a multiplex, a food court, a
family entertainment centre, and a health club can
In many instances, multi-brand retail companies enter into independently or together act as anchors. However, the
strategic tie ups with developers who roll out a long term plan concept of an anchor is still evolving in India. We are yet to see
to develop malls in various cities. In each of these future malls, an IKEA, or a Carrefour. But we are not far behind.
a brand(s) of these companies will act as anchor(s). In general,
such tie ups occur between large developers with pan-India CONCLUSION
presence and large companies with multi-brand presence in the
retail segment. Emerging markets are attracting major brands from across the
world and India, being a leader, is not immune to the
On other occasions, a mall developer may desire to position an phenomenon. Retailers in India are most aggressive in Asia in
asset towards a particular tenant mix. The selection of an expanding their businesses. Their preferred means of expansion
anchor tenant(s) for such an asset will be in accordance to the is to increase the number of outlets in a city, and also expand
desired positioning and the presence of a target catchments to other regions.
population. In such cases we may witness a particular
brand/store as an anchor or a bevy of brands belonging to the As India ties itself inextricably to the global market, the forms
same stable acting as anchors. and formats of global retail are likely to make their imprint on
India in the future. Moreover, with the expected opening up FDI
In other instances, an anchor may wish to be present in a mall in multi-brand retailing, the interest of foreign retailers would
by virtue of its location and the catchments area. be more focused on India. The franchise and cash and carry
route would give way to direct participation by retailers
THE PROCESS increasing the nature and scope of future anchors.
Typically, an anchor enters as a tenant at a design board stage Future malls would be larger, with more anchor tenants, which
and consequently receives a number of discounts from the mall will mean that less and less malls would cater to niche
developer. An anchor typically pays 30-50 percent discounted segments. Malls would be catering to the general population
rentals, receives higher floor efficiency than other smaller and less at targeted clients. We would expect to see more
tenants, enjoys landlord improvements (viz., improved interiors, 'Power Centres', 'Regional Destination Malls' and 'Discount
escalators within the store, dedicated service elevators, Malls' in the future, replicating the western format. Would our
commercial signage, and special area for advertisements and children be able to shop in a Plaza with an IKEA, a CostCo, a
promotions). Wal-Mart Super Mart and hundreds of other smaller stores in
More often, as an anchor, it drives the design of the mall and in 2020? Maybe…
95
SRS Mall, Delhi NCR

CASE STUDY:
THE MULTIPLEX STORY
F
or once, the business of entertainment
retail and the entrepreneurial skills behind
Indian showbiz has become just as
exciting as thriller movie plots and on-
screen histrionic talents. There are as
many mushrooming multiplexes as there are malls
– and more are joining the brigade with old-style
single-screen theatres being converted into three
and four-screen cineplexes by big movie exhibition
retail chains. What's more, the retail boom has
even managed to affect the movie-making
industry by engendering a whole new breed of
'multiplex cinemas' that urban Indian audiences
are lapping up.
96
there has been a growth in almost all segments of leisure and

entertainment. According to IMAGES F&R Research estimates
based on CSO National Accounts Statistics 2006 (Statement-
14), consumer spend on leisure and entertainment grew 24.2
percent in 2004-05 over the previous financial year spend of
Rs.29,360 crore.
The total entertainment retail market in India is currently
estimated at Rs.35,000 crore, out of which the share of the
organised segment is just about four percent – at Rs.1,450
crore. Currently this organised segment has seen a growth of
14.3 per cent over last year, with a year-on-year growth of over
44 per cent in the last two years.
That movies are the biggest entertainment avenue for India's The Indian entertainment industry is further expected to grow
billions is a no-brainer. And that the best development to have to more than Rs.58,800 crore by 2010. The multiplex industry,
happened to the Indian entertainment business in years has for its part, is expected to grow at over 44 percent a year to
been the growth of multiplexes is also a known fact. But having about Rs.90 crore by 2008, while the Indian film industry
said that it also remains a fact that in India, there are only 12 (currently worth about Rs.8,000 crore or US$ 2 billion) is
screens per 10 lakh population compared to 117 screens per 10 expected to grow to Rs.17,400 crore (US$4.3 billion) by 2011.
lakh in the US and more than 40 screens for European nations. The Indian film industry continues to be the largest in the
The multiplex business is clearly a fledgling industry at the world in terms of the number of films produced. The
moment with huge potential. encouraging growth in the number of multiplexes has also
With the increasing acceptance of organised retailing in urban enabled moviegoers, especially in urban India, to add a new
India, there has been a growing demand for quality retail space dimension to their movie viewing experience. However, the
from large F&G retailers, fashion apparel chains as well as from overall number of screens in the country remained
multiplex operators. As a result, multiplex growth in the approximately the same since multiplexes have only managed
country has been proportional to mall growth. According to to compensate for the closure of several single screen theatres
IMAGES F&R Research, currently India has about 200 across the country.
operational malls, which is expected to rise to 600 by 2010-11.
Within the next three years, therefore, the number of movie
exhibition screens, seats and audience
capacity are also expected to grow Growth of Entertainment segment
simultaneously.
(Value Rs.Crore at 2003-04 prices)
But what is interesting to note at this stage is
that even though multiplex space supply is 32800
Tota l segment si ze i n Rs. crore
35000 1700
Organi sed si ze i n Rs. C rore
almost at par with retail space supply, the

28700
cinema exhibition business is only about a 30000 1500
fifth of the total retail business in India. This is 25000
an indicator of the fact that either multiplexes 25000
1350 1300
at present are in excess of the expected 20000
market size, or that multiplex business needs 1100
to explore virgin territories other than that of 15000
the over-supplied metros. 950
900
10000
LEISURE & ENTERTAINMENT MARKET
700
SIZE 5000 650
Riding the economic growth and rising 0 500
affluence levels that India has been witnessing Year 2004 2005 2006
in the last few years, the Indian entertainment
industry has been growing at a rapid pace. Total segment Organised segment
From books and music to gifts and movies,
97
Adlabs Cinemas converted into a three-screen multiplex, will now spread across
Adlabs Cinemas, owned by the Anil Dhirubhai Ambani Group India's fast growing, prosperous small towns. Adlabs plans to
(ADAG), was launched in 2000 with the opening of the world's come up with an investment of about Rs.100 crore in
largest IMAX dome theatre and a four-screen multiplex in Chhattisgarh, for instance, to develop four-screen multiplexes
Wadala, Mumbai. Adlabs operated four multiplexes (three in at Raipur, Bhilai, Bilaspur, Korba, Raigarh, Ambikapur and
Mumbai and one in Nasik), with a total of 12 screens and an Rajnandgaon.
audience capacity is 4,385 seats in 2005-06. Revenues stood at ADAG's ultimate grand plan is to utilise Reliance Infocomm's
Rs.34 crore in the last fiscal, with an average transaction value existing fibre optic network to digitally screen movies from a
of Rs.130. central location across Adlabs Cinemas' vast movie hall
Today Adlabs Cinemas operates approximately 80 screens network. This strategy might also help in bringing down current
across India. The company is currently on a massive tie-up multiplex ticket prices – at least in small town India. At its
operation with multiplexes and single-screen cinema halls, as
well as greenfield sites across the country, especially in Gujarat. ADAG's ultimate grand plan is to utilise
Currently some 350-odd acquisitions, long term leases and
management contracts (with single-screen theatres) have been
Reliance Infocomm's existing fibre optic
targeted in the first phase of expansions. Most of these new network to digitally screen movies from a
alliances are in tier-II cities like Indore, Meerut, Allahabad and central location across Adlabs Cinemas'
Belgaum.
vast movie hall network. This strategy
Around 700 movie halls will be targeted over the next few
years, most of which will be converted either into multiplexes might also help in bringing down current
or into prime single-screen destinations like the company's multiplex ticket prices – at least in small
Metro Adlabs in Mumbai. What started with the Mehul Theatre
in Jamnagar, Gujarat (an Anil Ambani stronghold), which was town India.
INOX
98
Recent Progress in Global D-cinema Systems

• The agreement by major Hollywood studios on
a single digital standard for world-wide
distribution The company eventually plans to create a franchisee model for
• The development of business models that theatres in tier-II and III locations, where existing theatre
owners will manage the theatres under PSTL's branding, with a
appropriately share the cost between the minimum assured quality. PSTL will manage the entire
studios and the exhibitors according to the content, without any fixed cost exposure. By 2012, PSTL plans
benefits each derive from the process to operate 2,000 screens in India.
• The availability of systems that can deliver PVR Cinemas Ltd
picture quality, reliability and security Credited with spearheading the multiplex revolution in the
standards better than 35 mm film. country in 1997, PVR Cinemas Ltd has now established more
than 82 screens at 21 complexes. The total audience capacity
of PVR is 21,316 seats at present. PVR was the first movie
current rate of expansion and acquisitions, Adlabs Cinemas will exhibition company to introduce computerised ticketing. It was
easily emerge as the largest player in the organised also the first to accept credit cards in India for the purchase of
entertainment retail segment in India. movie tickets; the first to offer cinema tickets over the internet
Pyramid Saimira Theatre Ltd with an online payment gateway; as well as the first to receive
institutional funding in the cinema industry – from ICICI
Pyramid Saimira Theatre Ltd (PSTL) is a movie theatre chain Venture. It has currently entered into a joint venture with Ram
with a presence in malls, multiplexes and standalone theatres. Gopal Verma's K Sera Sera for distribution rights of movies in
PSTL has been acquiring theatres on long-term lease or on select cities.
ownership basis. The operations of the company are centred in
South India, with a retail presence in cities like Chennai, PVR Cinemas Ltd has recently forayed into the distribution of
Madurai, Salem and Tirunelveli. The chain currently operates Hollywood film titles through its subsidiary, PVR Pictures. PVR
325. The company plans to tie-up with 120 single-screen has also gone for a new brand, PVR Talkies, for its presence in
theatres in metros and 235 theatres in tier-II and III cities. PSTL tier-II and III locations. The company plans to operate 208
has already tied-up with existing movie halls and malls in screens in five years' time.
Punjab, Himachal Pradesh, Haryana and Rajasthan, for Fun Multiplex Pvt Ltd
conversion into digital-friendly theatre formats.
Fun Multiplex Pvt Ltd, part of E-City Ventures, is represented in
Unlike Reliance, PSTL is involved in setting up an integrated the multiplex industry by its Fun Republic and Fun Junction
Network Operating Center (NOC) which will convert 35 mm formats, apart from leased theatres. The company currently
films into digital or d-cinema, and transmit these films via a operates 95 screens across 25 cineplexes in 10 cities
satellite medium to various theatres across India in a secured (Ahmedabad, Mumbai, Chandigarh, Delhi, Ghaziabad, Jaipur,
encryption mode.
Multiplex Players
Operator Multiplexes Current Seats Projection in
Screens 5 years (screens)
ADLABS CINEMAS 22 80 NA 225
CINEMAX 11 36 10,366 141
DT CINEMAS 3 6 1,800 NA
E-CITY VENTURES 25 95 12, 818 1,500
INOX LEISURE LTD 15 54 16,700 165
M2K CINEMAS 2 5 NA NA
PVR LTD 21 82 21,316 208
PRASAD IMAX 2 5 2,190 NA
PYRAMID SAIMIRA 290 325 2,25,000 2,000
SHRINGAR 7 30 9,051 235
WAVES CINEMAS 3 13 4,350 200
99
the chain of Fame Cinemas, the company gave Mumbai its first
five-screen multiplex and its first IMAX theatre. It today has a
total of 30 screens in seven complexes. By 2009 the chain
targets a sprawling presence with approximately 52,000 seats.
M2K Cinemas
M2K Cinemas from the M2K Group initially started off with a
multiplex at Rohini, Delhi. Its second outlet was also at Delhi's
Pitampura area. At present M2K Cinemas operates five screens
at two multiplexes. The company plans to add 500 multiplexes
by 2010.
UFO Movies Digital Cinema Solutions
UFO Movies Digital Cinema Solutions is a global end-to-end
Digital Cinema System equipped with advanced features such
as real time satellite delivery, Smart Card-based licensing and
high-end management information systems. UFO Movies
delivers digitally mastered, high-quality movie images through
satellite directly to cinema halls.
At the recently concluded IIFA awards in the UK, UFO Movies
received the 'Innovation in Indian Cinema Award'. The largest
digital cinema chain in the world, it has plans to digitise 2,000
screens by FY 2007-08. At present UFO Movies has digitised
Agra, Lucknow, Panipat and Gulbarga). more than 750 screens in India and has plans of digitising many
Fun Multiplex plans on running a total of 150 screens by end- more.
2008, with plans of operating another 300 screens by FY 2011 D-CINEMA: THE NEW TECHNOLOGY
across 23 cities in India. The company also aims to bring 1,500
cinema screens under its fold by 2011 (including digital, single Digital cinema, or d-cinema, involves the production, delivery
screen refurbishments as well as multiplex formats). and projection of feature films, trailers, advertisements and
other audio/visual programmes to theatres, using digital
INOX Leisure Ltd
INOX Leisure Ltd is the entertainment venture
of the INOX Group, a subsidiary of Gujarat
Flurochemicals Ltd. INOX pioneered the
concept of regional film screening in India; while
INOX, Pune, was the first multiplex in the
country to introduce the concept of a Preview
Club.
The multiplex chain is currently running 54
screens at 15 multiplexes in India. The multiplex
chain has a total audience capacity of 16,700
seats at present, and plans to operate 165
screens by 2012. Its merger with CCPL (89
Cinemas) has given INOX access to an
PVR Cinemas, Mulund, Mumbai
additional eight multiplexes in West Bengal and

Assam.
Shringar Films Pvt Ltd
Shringar Films Pvt Ltd was founded in 1975,
with the distribution of Bollywood films as the
company's core area of operation. Operating
100
because in the same ratio the distributor's shares go up

(probably the producer's too).
Worldwide digital cinema is considered to be the next big thing
in the entertainment revolution. Currently this format is at an
evolutionary stage, and once it stabilises, the digital cinema
distribution may be expected to be on the way forward. It
offers several benefits to the producers and exhibitors such as
Cinemax, Nashik
control over piracy, the biggest threat to the entertainment

industry. It also offers ease of software distribution by
providing digital content to any part of the country through
satellite or otherwise.
technology. The d-cinema system uses a 'store-and-
forward' model to distribute cinema that has been
digitised, compressed, encrypted and delivered to
theatres using either physical media distribution or
through electronic transmission methods (such as
satellite or fibre-optic cables).
The number of screens around the world capable of
Cinemax Red Lounge, Eternity Mall, Thane

digitally projecting movies is more than 4,000 at present;
and according to industry forecasts, there will be more
than 17,000 d-cinema screens in the world by 2010.
Right now North America is the leading region for d-
cinema screens, followed by Asia and Europe.
Some of the major advantages of d-cinema over 35 mm
prints include:
• Elimination of print costs and hence, widespread
release of all movies at no extra cost
• End-to-end protection of content against all forms of
piracy with encryption technology RETAIL BOOM TRANSFORMING ENTERTAINMENT
• Good AV quality at every run of the movie A recent ACNielsen study conducted to analyse the
entertainment consumption pattern in India showed that
It is felt that digital cinema is very probably the panacea for all multiplexes are clearly a SEC A hub, with a high student
the ills faced by the film industry, such as low revenues, piracy, patronage. The study also revealed that 60 percent of mall (and
logistics, picture and sound quality. multiplex) visitors owned plastic money, while 81 percent
In India, however, movie exhibition companies have begun their visited malls to watch movies. Other industry studies have also
own Made-in-India experiments. E-City Entertainment, for shown that malls and multiplexes are mutually beneficial to
instance, uses a model that combines the use of the 35 mm each other. While the average Indian consumer's movie mania,
prints as well as digital programming. coupled with star visits and movie campaigns benefit malls
with footfalls, brand promotion campaigns at malls, food court
The E-City digital business model takes theatres on lease or and supermarket retailers also attract footfalls that ensure
revenue sharing. The company is also into a commission quality viewer back-up for the anchor multiplex in a mall.
structure or service fee structure for theatre owners, and
eventually leads to retrofitting which is where value addition Mall management is critical for the success of mall multiplexes
takes place for theatre owners. The cinema exhibition company since most multiplexes are located on the top-most floor; and a
has targeted centres with collections greater than mall consumer's retail experience starts at arrival. While
Rs.1 lakh/week on an average. And later when these single standalone multiplexes are more in control of their audience's
screen theatres are converted into a three-screen multiplex, the experience, on the other hand additional facilities and services
average collection per month raises from the current Rs.4 lakh at malls entice customers to visit multiplexes.
to Rs.12 lakh. This actually delivers value to the distributor, Does this spell death for single screens? It is true that mall
101
hardly have any other

entertainment options, these
chains hold huge retail potentials
at these locations.
PVR ticket counter at MGF Metropolitan Mall, Gurgaon
Many in the industry feel that

small towns with their share of
box office collections will soon
drive the film exhibition space.
Currently about 65 percent of
total box office collections in India
come from tier-II and III centres,
with indications that this figure
will soon rise to as high as 70
percent by 2012.
Transforming Creativity
The rise in multiplexes has also
provided a fillip to low budget and
experimental films – now termed
multiplexes score over standalone entities, because of their
as 'multiplex' films – that are released in these smaller sized
food courts, multi-cuisine restaurants, quick-buy counters and
auditoriums and have their own niche audiences among India's
gaming zones that provide quality family entertainment.
urban movie-goers. So much so that the new 'multiplex' form
Moreover, once digitisation becomes the industry norm,
of the movie business has changed movie scripts, production,
exhibitors will have to shift to modern exhibition formats.
budgets, distribution practices and film promos too.
But for the moment it would do the industry good to keep in
Independent and experimental filmmakers agree that their kind
mind the fact that multiplexes constitute just about one
of cinema would never have had a chance of being screened at
percent of the country's total number of cinema halls, and four
the larger, 1,000-seater single-screens of yore. But for
to five percent of the total screen space.
multiplexes with their higher-priced tickets and smaller
Industry experts believe that the multiplex industry in India is capacities, movies like Mr and Mrs Iyer, Bheja Fry, Life in a
currently at an inflection point. Movie watching is the most Metro, etc. would never have seen the light of day ten years
popular entertainment option for Indians and India boasts of ago. Multiplexes help ensure a faster ROI for producers, besides
the largest film industry in the world. Yet, out of 12,000 the larger choices and quick turnarounds have also helped in an
screens in India, only 300-odd are currently operated by increased film output.
multiplexes.
INDUSTRY CHALLENGES
Government encouragement to multiplex operators in the form
of entertainment tax exemption has also given a fillip to the The modern cinema exhibition business is an infrastructure
multiplex industry. Keeping all these in mind, the multiplex business and requires huge investments. Apart from real estate
market may be expected to continue to grow rapidly in India, costs and taxes, high-end cinema screening equipment are not
with multiplex screens growing to around 2,000 screens in the manufactured in India. What is, therefore, required is a
next five years. reduction in customs duty and a tax holiday, especially for the
digital cinema industry, along the same lines granted to the
Moving into Tier-II Locations multiplex industry. Although this year's Budget brought down
Having begun to experience over-supply in urban areas, cinema the duty on digital cinema equipment, the levying of additional
exhibition companies are beginning to venture beyond metros customs duty and countervailing duty has almost nullified the
into tier-II and III cities and towns, such as Lucknow, Indore, impact.
Nasik, Aurangabad, Kanpur and Amritsar to name a few. Ticket Pricing
Major multiplex players like PVR Cinemas, Adlabs Cinemas, In small towns too the retail boom has been driving the
Inox Leisures, Shringar Cinemas, Fun Multiplex and Pyramid multiplex industry. Across India multiplexes occupy the top
Saimira have arrived at small towns like Darjeeling, Pimpri, floor of malls as the anchor tenant, ensuring footfalls. But the
Latur, Agra and Visakhapatnam. Given that India's small towns similarity stops there, since multiplexes are forced by the
102
Ticket counter at a PVR Talkies outlet
economic profiles of such locations to cut costs in the form of the industry needs to look at locations beyond the top 20-30
no-frills exhibition spaces, and of course lower ticket prices too cities. There is potential to locate multiplexes in about 700
– PVR Talkies being a case in point. locations in India at present, with an unfragmented core
catchment of about five lakh people. Typically most
Not only tickets, but F&B costs are also lower in small town
multiplexes today are located in at high-end spaces. So once
India. While the F&B costs in metros fetch 20-25 percent of
rentals go up, CAM charges escalate and the industry's tax
the revenue, it is 15-20 percent in non-metros. Since F&B
holiday comes to an end – the business will be forced to do a
margins of multiplex operators are as high as 60-65 percent,
re-think.
lower revenues from that segment delays the business from
breaking even in tier-II and III towns and cities. Right now, despite mercurial real estate costs, the industry has
not really been affected because most multiplex owners have
Location, location, location
already tied-up with developers for at least the next couple of
There is a clear indication, as mentioned earlier, of an years; and being anchor tenants, they end up getting special
oversupply of multiplexes in metropilitan centres. Gurgaon's rates too.
famed 'Mall Mile' being just such a case in point. Multiplexes
The important point to keep in focus, however, is that single-
are largely a weekend-driven business and excess capacities
screen theatres remain the choice of the majority in semi-
could mean cannibalisation within the industry, leading to as
urban and rural India. The lower economic segment of urban
low as 30 percent occupancy at multiplex auditoria.
India too prefers the ticket prices of single-screens to the over-
There is a need to venture into smaller markets therefore; and priced multiplex ones.
103
Bangalore Central
BUILDING A MALL
AS A BRAND BY PANDRANG ROW > Partner & Chief Brand Communication Officer,
Vertebrand Management Consulting
I
n Field of Dreams, Kevin Costner's character,
an impoverished farmer, is pushed by some
supernatural force to build a baseball diamond
in the middle of his fields. Despite the fact
that his farm is in the middle of nowhere, a
voice tells him, “Build it and they will come.” At
the end of the movie we see a long queue of cars
approaching the field.
Most mall builders today seem to have that same
somewhat untenable belief, “Build it and they will
come.” The scenario is predictable: a builder finds a
nice plot of land near a good neighborhood, a
college or some 'electronic city' and assumes that
the location is perfect for a mall. The conviction is
based almost entirely on gut feel and a vague idea
that there are lots of youngsters from
colleges/BPOs/IT companies in the area who are
104
So all around your mall

are five others all of
which are all things to
all people.
And you'll find you've
built it, but . . . they're
not coming.
And there's a reason
for that. Your mall is
not a brand.
Crossword, Kolkata
BRANDING A MALL
Building a mall brand
cannot begin after
you've found some
land and built a swank,
A mall brand is actually an experience. steel, concrete and glass structure.
Every time a consumer walks into the It must begin well before that.
mall her visit reinforces and strengthens To begin with you must accept one immutable fact: a mall is
the brand – and everything about the not a building it is a product.
mall affects that experience; the shops, And a product will never be accepted or purchased by a
customer regularly unless and until it's a brand.
the ambience, the parking availability, the
What is a brand?
loudspeaker system, the movies, the
food court . . . everything. It's the most valuable piece of real estate in the world: a part of
your consumer's mind.
To amplify on that: a brand is that portion of a person's mind,
generally 'well-paid' and will therefore have cash to spend. which justifies using a product repeatedly, paying a premium
There are certain set architectural patterns for all malls, for it and attributing to it qualities over and above those of
generally from the USA, so a developer only has to choose one another product in the same category.
and then the engineering team gets on the job. Then, within a How Can a Mall Become a Brand?
reasonable amount of time a steel and concrete monolith rises.
A mall has several qualities that make it different from any
Simultaneously, the developer's marketing team is on the job. other brand. To begin with it is an immovable product, but it is
So offers are sent for space to the usual suspects: Nike, Levis, also a highly perishable product. So, if you have no visitors on a
Reebok, McDonald's, Subway, Westside, Shoppers Stop, Barista day, the day's dead and gone.
. . . And before long a mall opens. It will have a beautifully
decorated foyer in glass and marble, many glittering stores, Further, a mall brand is actually an experience. Every time a
with the smells of various delicious foods floating through the consumer walks into the mall her visit reinforces and
air. strengthens the brand – and everything about the mall affects
that experience; the shops, the ambience, the parking
It will be a mall that's all things to all people, so it can be availability, the loudspeaker system, the movies, the food court
expected to pull in the crowds and generate revenues for all the . . . everything.
mall's tenants.
In short, a mall as a product and a brand is the sum of many,
Unfortunately, there are five builders all of whom have had the many parts.
same idea and have bought property in the vicinity. So there
are five malls clustered around a small locality. All the malls You may have well-trained personnel manning the enquiry
have the same or similar brands one may have Reebok, the counters and the security at your mall.
other Nike – all the malls have a food court. However, if the sales people in one of the shops in your mall
105
are less than polite, your entire mall brand gets affected. Do you want a movie theatre in your mall at all? (See the box
for the dangers of movie theatres).
Everything has to work in a mall – the air-conditioning, the
food court, the escalators, the elevators, the parking You might find that a great location for highly prestigious mall
arrangements, the public address system, even the stocking brand might not be able to attract any customers for a middle-
pattern in the stores . . . everything. market mall brand.
And a mall brand has to work from day one because the In sum, you have to identify your mall brand's value
financial clock starts ticking then. propositions.
To make that happen you must treat it the way you would do Identifying Your Mall's Value Propositions
any brand. There are decisions that need to be taken. Will your mall brand
have a functional proposition? Will it be the place to go to for
cheaper stuff, more expensive stuff, sports equipment, food or
diamonds and gold?
Will it possess an emotional value proposition? Will visiting
your mall make people feel warmer, happier, more practical,
more sensible, more sophisticated or more down-to-earth?
Will it have a self-expressive proposition? Will I become a
Shipra Mall, Delhi NCR
THE HIDDEN DANGERS OF MOVIE THEATRES

A small research conducted by some management
students on the behalf of Vertebrand revealed that
the average expenditure at premium mall in
Bangalore was only Rs.200. This meant that most
DESIGNING A MALL BRAND people came to watch a movie and possibly grab a
bite at the food court. A good percentage just came to
The first step would be to identify your customers and your hang out and only a small percentage actually went
catchment area. What kind of people do you think the mall and shopped at the expensive stores in the mall.
should attract? And where are they going to be coming from? A movie theatre may be a good way to attract crowds
Once you've made sure of the catchment area around your to a mall, but it is also a hugely dangerous feature.
mall and identified your target customers, the next step is to If you have a movie theatre in your mall, people come
design your brand that will attract those customers to your to there and occupy your parking area for two or three
mall in preference to any others. hours at a time, generating no revenue for your
It's all about decisions that can only come from understanding tenants. In fact, they are creating no revenue for the
mall beyond the Rs.250 for the movie tickets and the
your consumers.
Rs.50 parking fee.
Do your preferred customers like large, expansive, impersonal Rs.300 for three hours spent at the mall devastating.
public spaces? Or small, intimate, personalised areas?
Further, moviegoers will prevent possible shoppers
Are they gourmets? Gourmands? Or greedy? from coming into your mall. It must be remembered
Do they have cars? Motorcycles? Or do they use public that there is generally no parking in the
transport? neighborhoods around a mall and if all your parking is
occupied by moviegoers, shoppers the revenue
Are they the 'Marks & Spencer' type? Or the 'Shoppers' Stop' generators will not be able to come even if they
type? Or the 'Big Bazaar' type? wanted to.
What will they do once they come to the mall? Hang out? So the question you need to answer is, should you
Hang out and then watch a movie? Hang out, watch a movie have a few, high-revenue customers or many low or
and then go to the food court? no-revenue customers?
Hang out and shop?
106
smarter person, a more discriminating person, a more chrome and glass? Should the décor include beanbags and
knowledgeable person or a more sensible person by visiting the balloons? Or should it consist of champagne glasses and
mall? leather armchairs?
These are all decisions that must be taken. In short, you must Then, because every experience of the brand will communicate
first design your brand. its values, you need to make sure the building is, in turn,
populated by brands that communicate the right message by
WHAT COMES NEXT
their very existence.
It is only once the brand decisions are made that you should
You cannot have a Cartier in a mall that's targeting parents
brief your architect, your interior designer and the landscape
with children.
people. Now the design of the mall will be focused; now the
building – a product – can be designed in a way that is You cannot have a McDonald's cheek-and-jowl with Omega,
consonant with your brand's values and your customers' Rolex, Dior and Rolls-Royce . . . not because you physically
aspirations and needs. cannot, but because brand logic goes against the idea.
So, now that you know what kind of target audience you're Undoubtedly, once the brand managers see what kind of mall
targeting, you can tell your architect how you want your mall brand you are trying to create, they will be able to decide
designed. For example you may want a drive-in portico so that whether or not they want to be in your mall. And if you've
a customer can either be dropped off by her chauffeur, or leave created an appropriate brand which will match the target
her car for valet parking. Alternatively you may want a place audience and catchment area of your mall, you won't need to
where youngsters are comfortable, so you'll have more place hunt for brands they will instantly see the relevance of being in
for parking two-wheelers. your mall.
Then, when your customer enters, what will she see? Again, Bringing People Into Your Mall
your brand identity dictates that.
With any brand and particularly a mall brand, even if you've
Should your customers be greeted by wood and plush been careful to build it to match your target audience and
carpeting? Should they step into an atmosphere of gleaming peopled it with stores that bolster the imagery that will appeal
107
What you would do to attract the crowds

would depend on the kind of crowd you
plan to attract.
One target audience might demand a
grand magic show by some high-end
magician who makes the entire mall
disappear and re-appear. Another group of
people might be more entertained by a
very sophisticated cocktail party held on
the construction site. Yet another class of
society might be sophisticated enough to
warrant staging a Shakespearean play in
Hyderabad Central
the atrium. Another group might only be
enthused by a group of VJs from Channel V
or MTV while another group might merit a
fashion show and so on.
to your target audience, the 'build Marketing Existing Malls
it and they will come' philosophy Of course malls that have
does not work. You still need to already been built still require
publicise the brand. marketing support. And the
Too often a large hoarding stating process is more or less the
that a mall is coming up behind it same.
is thought to be sufficient, when First, identify your catchment
in fact, it is not.
Cosmos Mall, Bangalore
area and therefore your target

If the mall is targeted at a audience.
particular target audience, there is Then figure out what kind of
obviously a good reason to value proposition your mall
address that audience with brand can offer them. Finally,
carefully designed marketing publicise that value proposition.
activities.
The activities you would use to publicise the value proposition
When a new casino is being built in Las Vegas – where every would naturally be quite different. However, the same
casino is a brand – high-rollers and high-end customers are principles would apply. However it's important to understand
kept informed throughout the process. that the promotional activities undertaken inside the mall
They are given sneak previews, they are invited for events when should be calculated to add depth and dimension to the mall
the casino is still a building site, multi-media presentations are brand – not merely to the brand advertised.
handed out and lavish brochures and mailers are created before For example, one mall in Bangalore consistently has
the casino is even built. This goes on until the point when promotional activities in the atrium. These activities involve
everybody is dying for an invitation to the exclusive soft loud amplified voices, dancing, consumer contests, bad singing
launch. and huge crowds watching on every floor.
Most of all, the casino is hyped as the most lavish, the most The question is, does the mall want to be seen as a constant,
extravagant, the most incredible casino in Las Vegas – at least unrelenting mela? Does the mela help the stores in the same
until the next one comes up. mall to sell product? Has anybody analysed whether these
The idea is the same one every mall owner must have – to have promotional activities actually help the rent-paying tenants of
a crowd walk n on the first day. Even if it is just to see what the the mall?
hype was all about. A good customer retention and management campaign for the
For a mall, pretty much the same process would be ideal. Pre- mall could be part of its activities. A mall's parking attendants
launch hype followed by an exclusive soft launch to which could hand out membership invitations to anybody who uses a
everybody is dying to be invited and finally the grand launch bill to defray her parking ticket – that way you know you're
itself. developing a relationship with a person who has spent a
reasonably large sum of money in your mall.
108
SECTION IV
MALL
MANAGEMENT
SECTION IV MALL MANAGEMENT
GOOD MANAGEMENT
STARTS AT THE TOP
BY ALAN A ALEXANDER > Presient > Alexander Consultants Arizona, USA
T
here is a lot of discussion in the shopping
centre industry as to the duties and
obligations of the effective shopping centre
manager. However, in order for the
manager to be effective, the shopping
centre owner has to set the table with a well
developed and leased shopping centre, state of the
art facilities, clearly stated goals, and clear policies
and procedures to provide the proper environment.
The management demands of a shopping centre are
substantially beyond those of an office building or an
apartment complex. These responsibilities are best
handled by a professional shopping centre manager;
either an experienced staff person or an outside third
party consultant with experience in the operation of
shopping centres. The less experience the owner has
in shopping centre management and/or ownership,
the greater the need for an experienced manager. A
background in office building or apartment
management is not sufficient for a full charge
shopping centre manager, especially in the super
charged environment of the Indian shopping centre
market.
118
SHOPPING CENTRE CATEGORIES

There is often a question as to the differences between
managing a very high-end shopping centre and one that is Exhibit A
aimed more at the middle to lower end of the economic
spectrum. Generally, day-to day management is the same for Center
both with a few exceptions. High-end centres most often have Ownership
much higher level of finishes, fewer kiosks, less banners and
fewer amusements for children. In the high-end centre the
atmosphere is generally very serene, it may have substantial
artwork, and a very high level of cleanliness and maintenance. Financial Center Leasing
Additionally, restaurants and food operations are more high- Functions Manager Director
end and there are more personal services provided.
High-end centres will almost always have valet parking, where
a middle market centre may or may not offer that service. Accounting Contract
High-end centres will often have concierge services as do many Marketing
middle centres, but in the high-end centres they will often
provide buying assistance, registration for gifts for weddings
and showers, package carryout, tickets to major entertainment
events and even in one case, transportation to and from the Lease Contract
mall upon request. High-end merchants are quite willing to pay Administration Maintenance
higher rents and service charges, provided they are able to
generate sufficient volumes to support those costs. It is
incumbent upon the owner to be sure that there are sufficient
trained personnel to meet the needs of the shopping centre.
Contract
Security
Small Centre Organisation
The least complicated staffing is generally found in smaller
shopping centres. (See Exhibit A) This approach to
Leadenhall Market, London
119
Exhibit B
management is most often off site,
involves multiple smaller centres, and Center
most often operates from the owner's Ownership
main office. Most often the
maintenance, security and marketing Center Leasing
functions are handled by contract Manager Director
services. Accounting is most often done
in the home office as is lease
administration.
Administrative
Assistant
The manager reports direct to the owner
or the asset manager depending on the Financial Marketing Accounting Maintenance Security
structure of ownership. The manager, in Manager Manager Manager Manager Manager
this case, is responsible for all aspects of
the centre's operation and has little staff
support for any of his or her activities. Reports to Advertising Accounts Maintenance Security
This is truly a 'hands on' manager. Owners & Promotion Payable Personnel Personnel
Mall Organisation
Lease Display Accounts Contractor Retailer
A larger property, or mall, will have a Administration Manager Receivable Oversight Coordination
full-time on site staff. (See Exhibit B)
Generally, everything but leasing will be Tenant
under the general manager's control. Sales Analysis
Most often monies will be collected on
site, but in some larger companies rents
will be sent directly to the home office. the main office in the form of very technology to facilitate the efficient
The manager will have an experienced experienced personnel in the areas of operation of the shopping centre. Those
staff to take care of the various modules marketing, security, administration and tools will include computer programmes
of management, including security, maintenance to provide advice and to provide the oversight and control the
marketing, maintenance and fiscal services to all of the shopping centres in maintenance of the shopping centre.
responsibilities – such as reports to the portfolio. Such programmes as 'Aware Manager'
owners and lease administration. provide the management with a
With the proper staff in place the
Multiple Mall Organisation comprehensive maintenance
attention can then be turned to those
management system.
In the ownership of multiple centres we factors that create the proper
see a slightly more sophisticated environment for successful centre The system will include work order or
management model. (See Exhibit C) The management. service request servicing with follow up
on site operation is very similar to the capability. The programme sets up
major mall management, but there is
FACTORS FOR SUCCESSFUL preventative maintenance schedules and
most often an extra layer of expertise in SHOPPING CENTRE issues reminders as the dates approach.
MANAGEMENT Scheduling and purchasing are also
modules within the system, as is the
There is an expectation that the tracking of insurance certificates and all
owner/developer will have chosen a correspondence relative to the
good location for the shopping centre maintenance function.
and that the centre will be well designed
and well constructed. The developer/ Administration Programme
Bluewater Shopping Centre, Dartford
owner will be expected to create a good An effective administration programme

tenant mix, provide professional will include lease summaries for all of
management and promote the centre in the leases within the shopping centre, to
order to generate maximum appeal to include all lease changes and/or options
the centre's customers. during the lease term. Any early
Technology Tools termination dates will be flagged and a
reminder issued. The comprehensive
The astute developer/owner will provide accounting and lease administration
all of the most up-to-date tools and package should have interface modules
120
Exhibit C
Center
Ownership
Outside Marketing Center Leasing Security Maintenance

CPA Consultant Manager Director Director Director
Administrative
Assistant
Financial Marketing Accounting Maintenance Security

Manager Manager Manager Manager Manager
Reports to Advertising Accounts Maintenance Security

Owners and Promotion Payable Personnel Personnel
Lease Display Accounts Contractor Retailer

Administration Manager Receivable Oversight Coordination
Tenant
Sales Analysis
the common areas and electronic logs

for tracking security information.
It is much easier to prevent security problems than it is Mall Security
to correct them after the fact. Security can be anything
from officers in blazers and slacks with a radio as their Most large shopping centres today start
with a strong security presence. One can
main tool to full military uniforms with mace or guns as argue that this gives the feeling that
their main tools. there is a problem, but the truth is that a
strong security presence will almost
assure that there will not be problems. It
is much easier to prevent security
for accounts payable and receivable, the tracking of tenant sales. A problems than it is to correct them after
check writing and vendor maintenance comprehensive utility package is a must the fact. Security can be anything from
files. A state-of the-art system will have for all larger shopping centres. Utilities, officers in blazers and slacks with a radio
a module for the writing of the monthly including air conditioning most often as their main tool to full military
management reports and a spread sheet account for a very large percentage of uniforms with mace or guns as their
programme for the preparation of the the operating expenses and a good main tools. This will depend on the
budgets and follow up accounting oversight programme will control the nature of the society, the trade area of
reports. usage to optimise the system. State-of- the shopping centre and the nature of
the-art equipment should be provided to the risks involved. Because of past
Utility Management problems, some shopping centres in
maximise security effectiveness which
Spreadsheet programmes are very may well include any needed site Istanbul have metal detectors at the
effective in the setting up and tracking vehicles for patrolling the parking lots, entrances. It would not be their first
of budgets, common area allocations and two way radios, television monitoring of choice, but the situation demands they
provide that level of protection.
121
Cafe in Shopping Gallery at Caesar's Palace, Las Vegas Luohu Commercial City Shopping Mall, Guangzhou
ROLE OF THE MALL MANAGER the liability and the perceptions are critical to the
success of the shopping centre.
The centre owner is obligated to operate the
shopping centre in an effective manner and that is Cost Management
accomplished through the manager. The manager will The manager will be expected to maintain the
be expected to interface with the owner/developer, property, at all times in first class condition, but at an
lenders, tenants, customers, contractors, city officials, effective cost. One may argue that these expenses
insurance providers and centre personnel. This is no are passed along to the tenants and therefore is not
small task as the ability to communicate well with that critical, but the astute tenant is looking at his or
this diverse group of people is difficult and her occupancy costs at each location and may well
demanding. not lease a new store or renew a lease where the
Value Enhancement expenses are out of line with the competition.
The effective manager's main job is Value Maintenance
Enhancement. There are any numbers of ways this Each customer coming into the property will expect
can be accomplished. The astute manager will spend first class cleanliness and state of repair. The manager
a large amount of his or her time visiting with the will be expected to maintain the property in a safe
merchants to see how they are doing and what is and secure manner. If there is a perception that the
working for them and what is not. Along with being centre has a high level of crime, rowdy teenagers, or
fully aware of the tenant's sales figures, this puts the that there are an inordinate amount of car thefts or
manager in a position to advise the owners of which accidents on the property, customers are likely to go
tenants are doing well, and why, and which ones are elsewhere. Additionally, the manager will constantly
not doing well. This will help the owner in making inspect the property to be sure that it is receiving the
leasing decisions. proper maintenance to minimise or avoid major
The manager will negotiate for optimum service repairs.
contracts and make decisions as to when it is best to Accounting
use contract services and when it is best to provide
the services through an on site staff. This decision can The manager will be expected to provide accurate
be very critical when it comes to security services as and timely accounting to both the owners and the
The manager will negotiate for optimum service contracts and make
decisions as to when it is best to use contract services and when it is best
to provide the services through an on site staff. This decision can be very
critical when it comes to security services as the liability and the
perceptions are critical to the success of the shopping centre.
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Kringlan Shopping Mall, Reykjavik Galleria dell'Industria Subalpina, Turin Shopping Mall, Petronas Towers, Kuala Lampur
tenants. This includes the timely centre. Sponsors come in all shapes CONCLUSION
collection of monies owed to the and sizes. The local automobile
shopping centre. Money has a time dealership may want to advertise in The centre owners have the ultimate
value and if collections are allowed the mall and in one centre they responsibility for these activities, but
to build up, the owner is losing the provided the security vehicles at a they are best handled by an
cash flow and the added value that deep discount. Sponsors often experienced shopping centre
those funds would represent. subsidise the centre's handout professional. The owners
Additionally, the manager is not directories. Printing companies have requirements are set forth in the
doing any tenant a favour by letting been sponsors for the centre operating policies and procedures,
them get behind on the rent and newsletter. Art and crafts the owners goals and the limitations
charges. Nothing will destroy associations often provide on the managers responsibility and
confidence in the manager more advertising and on site shows for the authority. These must all be clearly
quickly than inaccurate or late benefit of the centre. Christmas conveyed to the centre manager.
accounting. Owners use the decorations have been provided by a The manager should be given
accounting and management reports major supplier and a major motion authority commensurate with the
to make decisions and if they are late picture provided a very elaborate and responsibility to get the job done,
or inaccurate, those decisions may be costly centre wide promotion in at but should also be subject to
flawed. least one case. The possibilities for frequent reviews and to objective
sponsorships are endless for a major evaluations against the set standards.
Marketing
mall. The owners should not interface with
The manager will be expected to tenants to the degree that it renders
Tenant Programme
provide effective and timely the manager ineffective. Decisions
marketing programmes, evidenced An effective temporary tenant beyond the manager's authority
by growing sales for the centre as a programme is essential for the good must be presented to the owners and
whole. Marketing is one of the more management of any larger shopping the owners must provide timely
difficult aspects of management to centre. This includes vacant spaces decisions or the tenants will feel no
measure and evaluate, but the being utilised until they are leased to one cares, especially the manager.
manager must be aware of the a permanent tenant as well as kiosks,
competition, the sales within his or wall shops and cart vendors. The There is no one more concerned with
her centre and make a reasoned income from this source alone can the long-term welfare of the
decision as to the expenditure of make a major contribution to the shopping centre than is the owner.
marketing dollars. By talking with financial success of any shopping However, the typical owner is a very
merchants after each marketing centre. The manager will be expected busy executive creating new projects
event, the manager should get a to enforce the lease provisions and making major decisions. The
good idea as to what is working in equally among all of the tenants in day-to-day management is best left
that market and what is not and the centre. If this gets out of hand to a shopping centre professional in
tailoring future programmes in the where some merchants feel they are the area of management, with strong
direction of past successes. not getting a fair deal, they are likely ownership support and with realistic
to move when the lease expires. limitations and continuous
Sponsorships are also a great source evaluation. Stated in terms of an old
Turnover is expensive for a shopping
of income and local merchant business axiom: 'trust, but verify'.
centre, especially when it is caused
support. The manager should be
by poor management.
working in the community and
contacting potential sponsors for the
123
Madrid Xanadu in Spain
EXPORTING INTERNATIONAL
MANAGEMENT PRINCIPLES TO
AN EMERGING MARKET
BY PHILIP EVANTS > Head of Retail, Greece > Cushman & Wakefield
I
had the opportunity to visit India earlier this
year and spent some time in Mumbai,
Bangalore and New Delhi and was staggered by
the shear number of opportunities for retail
development. Clearly, the shopping centre
development is spread across the country and
probably in more than 200 cities and towns. There
are approximately 1,200 shopping centres either
under construction or planned to be open and
trading before 2010-11. However, some of the
centres are by developers who are merely looking at
immediate development opportunity and as a result
they may not have given adequate thought to the
design of the centres. The net result will be that a
124
number of these shopping centres may fail to live up to their basic design eliminates the integration of the two and both
promise to provide consistent footfall and conversions to function in isolation without supporting each other. The centre
support retailers. fails to derive benefit from the presence of an anchor and the
anchor fails to benefit from the mall footfall. The anchor tenant
There is hundreds of million of square feet of retail real estate would fail to perform their role as an anchor.
under development currently; and for the best to succeed, there
is a need to operate these centres professionally. The need to The design of the centre should be unique and something
give each one of them an identity, make them stand out with previously unseen by the consumer, giving the centre its own
their own brand values and individual personalities in order to identity. Many of us, those who have travelled around the
provide unique reasons for customers to visit. There lies a need world and seen one boring centre after another, it is those that
to look into and apply the science of 'Mall Management'. are unique that inspire us and command a better recall.
The mall management process broadly deals with design and It has to provide a platform for retailers to trade to their
development consultancy, marketing of the mall, finance and optimum and a design that encourages them to be innovative
administration, operations and tenant relationship or co- in their approach to shop-fitting, with cutting edge designs.
ordination. While the title of the article sounds rather It should be an amalgam of shopping and leisure, where the
grandiose, I hope the message will become clear: by potential customers can come and feel entertained and above
international management principles, I do, of course, mean all else, it must be a powerful brand in its own right with clear
Western European, i.e., those methods that have been tried and brand values. Everyone should know what it stands for. For
tested and are what international investors have come to example, Xanadu in Madrid; Spain has been very successful in
expect. I hope you will forgive me for describing India as an this regard.
emerging market, but, in terms of retail space, we are far
behind even Central European countries and now that the
market is opening up to international investors, we need to
ensure that our new schemes are set-up and managed in
accordance with these principles.
So what is it that developers can do to take better advantage of
this situation?
n Getting the Basics Right: in terms of design and
management set-up. Design, not only to provide great
customer experience but much more in terms of
operational efficiencies.
n Transparency: An open book policy with the retailers and
the way in which we administer the service charge. A
better operations-oriented design would also bring
efficiency in operational costs.
n Efficiency: How we maximise the income and returns from
our shopping centres.
But in order to churn profits, we have to get the basics right, so
let's start at the beginning with 'Design Consultancy'.
THE ARCHITECT'S BASIC DESIGN
Is it reality or Fantasy Island? Has he understood the brief or is
he on his own ego trip? Signature buildings and designs are
good, but they have to be capable of operating. They have to
be in sync with the retailers demand and requirements. In an
emerging market like India the consumers' preferences will
Galleria Vittorio Emanuele II, Milan
change much faster and hence the design has to provide

flexibility and opportunity to adapt to economic changes and
remain successful for the longer term.
On a project that I am involved with elsewhere in Europe, the
architect had actually designed such that the anchor tenant
would have the only entrance to their store straight off the car
park and no entrance through the mall. In such a scenario, the
125
Parking Lot at Fishergate Shopping Center, Preston

As mentioned earlier, the anchor tenant needs to be put in the The public or common areas need to be designed with
right place, with its identity determined and the deal done -- it operation and functionality in mind. Many a times the
needs to perform its role as an anchor tenant attracting not infrastructure is not designed to support the operations of a
just the consumers to the centre but supporting their centre. A centre attracting a million and a half customers a
circulation within the centre. The selection of the anchor week and employing a couple of thousand workers and sales
tenant is one of the most critical elements of mall leasing as staff would need equal amount of activity behind the scenes to
the positioning of the anchor tenant helps in the overall keep such large operations intact. In such a mall the movement
positioning of the mall and attracting other like-minded of goods and general customer care takes a beating and the
tenants into the centre. maintenance costs for the upkeep of the common area
increases. The customers, who should not notice operational
SHOPPING CENTRE OPERATIONAL BUDGETING issues, become aware of these nuisances and become
We need to prepare a Common Area Maintenance (CAM) or distracted instead of focusing on retail.
service charge budget, a realistic estimate of what it will cost to The grandness of the building which attracts more and more
operate the centre. This should not just be a fixed percentage customers also needs to be maintained to keep it fresh forever.
of rents because if it costs more, the landlord will be out of The materials and the finishes need to be easily cleaned and
pocket and if it costs less the tenant is out of pocket and the stand the test of time; the centre should continue to look new,
landlord makes a profit – certainly not the best way to manage well after the opening date. The design should provide for
a shopping centre. mechanical upkeep of the common areas. This means, a
There should be a properly calculated CAM matrix apportioning thorough planning in terms of equipments required for the
the costs across all units using a weighted formula based on upkeep, their movement and their storage with in the shopping
floor area; more about CAM later on. centre.
126
One would need signage that are fit for purpose, clear and
concise and direct customers around the centre; as well as
lighting that is imaginative and adds to the overall experience;
remember we are trying to create a theatre of shopping.
The servicing and refuse regimes need to be designed so it
happens seamlessly but behind the scenes, deliveries should
not stretch across the mall during trading hours - not only is
this unsightly, it also introduces huge Health & Safety issues.
The goods movement through the common areas would also
lead to breakage and wear tear of finishes in the common
areas.
The operation and location of both the Food Court and Car
Park requires early consideration. Will the Food Court be
leased to individual tenants or one operator? Will there be a
separate CAM? Who will clean it and remove dirty trays, and
Ocean Terminal Shopping Centre, Edinburgh

so on? The customer movement in the Food Court, the
operator movement in the food court, the gas supply, garbage
disposal, dish washing, treatment of the wet areas, air change
and air-conditioning, etc., have to be given special
consideration. Material selection for flooring, furniture, etc.,
impacts on the future running cost of the centre.
The car park is often the customers first and last impression of
the centre, if it's covered it needs to be bright, giving the
impression of space and security. The car park design should
enhance the vehicle movement, ease out the peak traffic load
and provide excellent signage support for customers to easily
find their way back to their cars. The charging policy also
needs to be determined, if it's not free, one needs to decide
whether it will be pay on exit, pay on foot or pay on display.
Such issues need to be considered and signed off at an early
stage. The customer should not spend long hours trying to find
a parking bay, to pay for the charges or to find entry and exit
Parking Lot at Outlet Shopping Center, Fort Myers

points. Time spent in parking by the customer is opportunity
lost for the retailer.
Of course, we all want our projects to be successful, these are
some useful pointers to assist in that success:
Team Set-Up and Structure
Empower your teams. Set-up a proper structure from day one
with separate teams responsible for issues such as Marketing,
Finance, Operations, Tenant Coordination and insist that each
of these Team Leaders reports to a weekly Board meeting on
progress that is being made. The Board meetings also have to
make decisions and push the client into doing so. Consultants
are appointed to deliver projects, not make friends and
occasionally we need to bully the client into making a decision
because the worst decision is deciding not to make one!
This type of structure not only forces people to take and The car park is often the
accept responsibility, it also gives the project momentum, customers first and last
removing disillusionment as I mentioned earlier.
impression of the centre, if it's
Operationally one needs to set out the critical path. Critical covered it needs to be bright,
path is a schedule of absolutely everything that needs to be giving the impression of space
done working back from the opening date on a time-line. It
then clearly identifies those issues that are behind schedule
and security.
127
Escalators in Festival Walk Mall, Hong Kong

and the Board can agree on the action centre will be associated with and prepared for the opening.
that needs to be taken to bring things defining what the brand values will be.
I now want to turn our attention to
back on track. A budget should be earmarked for the
two important issues that we need to
marketing of the mall and its launch.
The shopping centre budget needs to consider once our shopping centre has
The budget needs to be discussed with
be market tested and finalised as the commenced operations: transparency
the tenants and their participation and
leasing team needs this information. It and efficiency.
financial commitments agreed upon
should be accurate, not just a wild
well in advance. This can be a one- Transparency and Efficiency
presumption. Service providers and
time commitment or proportioned
service levels need to be defined, Transparency in relation to the way in
over a longer period. One should get
negotiated and contracts need to be which we manage a shopping centre,
the tenants to commit in advance to
placed for cleaning, security etc, staff as I referred earlier to an open book
the opening campaign and spend this
employed and trained and equipment policy; this is particularly so in relation
money wisely; the landlord also needs
purchased. to how we operate the service charge
to make a significant contribution.
or CAM, Common Area Maintenance
With the opening date approaching,
And finally, one needs to get the costs.
one needs to think about the
contractor out of the building and off-
marketing campaign, both from a In the UK they have recently re-
site. This requires a management
business-to-business perspective, i.e., written the service charge Code of
strategy for taking ownership of the
leasing and a business to customer Good Practice which will come into
building in a structured way so staff
angle, building up public awareness force next June. Cushman & Wakefield
can be trained, the centre cleaned and
and developing the brand that the exported this code to mainland Europe
128
in 2004 and used it as a modus operandi at the centres we One should prepare an annual business plan which should
manage. include aspects like Asset Enhancement Initiatives – who is
trading well and needs more space, who is trading badly and
Why? Because it removes a huge area of potential conflict needs to be replaced, is the building built to its maximum
between the landlord and tenant. Conflicts generally tend to potential in terms of building permits and are there
result in the rent of service charge not being paid. adjoining ownerships that can be bought in. Is the
The code suggests a number of things which include: commercial use right and allowing the centre to trade to its
maximum potential, is the balance between retail and leisure
The CAM or service charge is not there for the landlord to right?
make a profit from, but at the same time, he should not be
making a loss. What is spent should be recovered and what The property needs to be kept in a 'clean' state at all times if
is spent should be legitimate shopping centre expenditure. It it is to be attractive to international investors. By clean I
should be budgeted in advance, at the beginning of the year mean:
and the budget presented to the retailers, expenditure
should be tracked during the year and re-forecast. If there is
likely to be a significant overspend, this should be notified to A well-managed centre will attract
the retailers early on. It should be a known cost that retailers greater footfall and better
can budget for, not a cost that fluctuates from month to revenues for retailers and many
month and is permanently disputed by the tenants. new opportunities for third party
It must be cash neutral to the owner's income stream and income that can be generated
held in an entirely separate bank account and used only for through other means.
shopping centre purposes. Any interest earned from that
account should be credited back into the shopping centre.
The yearly expenditure should be audited within three
months of the year-end and expenditure reported to the
tenants, any overspend should be made up by the retailers
and any under-spend refunded. It is a clear and concise
policy like this that removes conflict, misunderstanding and
a lack of trust in the relationship between owner and tenant.
There is a cost to manage the entire centre, at times this is
charged as a percentage of the CAM, which may not be the
right process. Management fees should be fixed or expressed
as a percent of the rent, not dependant on the CAM charge,
otherwise there is no desire to keep costs down.
The success of a shopping centre is also dependant on how
efficiently the administration of the centre is managed. How
quickly the rent and CAM costs are collected, keeping bad
debts to a minimum and taking serious action against non or
late payers.
A well-managed centre will attract greater footfall and
better revenues for retailers and many new opportunities for
third party income that can be generated through other
means. By this I mean mall income or commercialisation.
This subject commands an entire article in itself, as the ways
of generating additional income are endless; but some of the
general ways are sponsorships, signage, events, car park
tickets, children rides, kiosks, etc.
Each scheme should have a clearly defined
commercialisation strategy with income targets. However,
at all times the shopping centre brand must be protected
and developers should resist the temptation of covering the
entire frontage of the scheme in tenant's signage for
additional income as this dilutes the shopping centre's own
brand and at the same time, looks unappealing.
129
Identifying Validation Designing in line with

development through positioning to provide
opportunity market research distinguish identity
Negotiations Identify the tenants Design Audit

and closure in line with from operations
of transactions Project positioning perspective
Setting up Handover to tenants,

management team prepare promotion Launch
to manage Launch plan for Launch
Identify economic Achieve Higher Transparent and

changes and prepare Capital Value for the Efficient operations
for re-positioning development "Customer Delight"
Source: Cushman & Wakefield Research
n Are all permits in place? accordance with their lease But to create something that will.”
n Is the shopping centre audited terms, are all leases signed?
regularly and properly budgeted? Shopping centre development
n Are there signed contracts for all
encompasses a huge array of skills,
n Is every tenant trading in of the services provided by
development consultancy, design,
suppliers?
management set-up, leasing,
n Are asset audits done marketing and asset and financial
periodically? management. All of these disciplines
are intrinsically linked; our failure to
n Have risk management initiatives
bring them all together, or to engage
and up-grading of the same been
consultants who can, puts the entire
undertaken?
project at risk.
It is this 'Bible' or package of
Shopping centre development is not a
information that will be released to
real estate development; it is creation
any purchaser and a failure to ensure
of a business. This needs to be run like
it is 'clean' will hit your bottom line
a business and not like a real estate
and come off any agreed purchase
asset.
price.
Fireworks on Fremont Street, Las Vegas
EFFECTIVE MALL So what is the end result?

MANAGEMENT Either we achieve our goal and create
something that will live forever or at
Having spent a lot of time recently in
least something from which we can
Poland, I came across this proverb
make a lot of money!
which struck a chord with me:
“We all die.

The intention therefore is not to live
forever,
130
ARE INDIAN
MALLS SAFE?
BY AMIT BAGARIA AND SUSMITA DASGUPTA > Asipac Projects
L
et's consider the Great Indian Mall Mania – up to 600 malls are likely to be up and
running in India by the end of 2009. What shocks us is that more than 90% of the
current and planned malls in India fall way short of international standards,
especially in terms of design, specifications, safety and security.
And what does that lead too? With lack of proper safety standards and measures, malls in
India have already started witnessing a number of accidents, some even resulting in deaths
or severe injuries to children and adults alike.
A series of accidents at a popular Bangalore mall has forced the state government and the
city authorities to rethink on mall safety standards to be implemented by all existing and
upcoming malls in the city. Even the mall in question has started adopting some measures,
but the question remains, “Why do we always take corrective actions and not preventive
ones?” When all Indian mall developers are too keen to make a lot of “mall” from this
business, why do they just copy and paste the swanky and glitzy finishes from developed
markets, instead of also copying public safety and hygiene standards?
Is it because, in India, there are no strict guidelines or proper safety norms? Or, is it
131
because there isn't anyone to monitor any standards? Or

simply because we just don't care. After all, with a population
A series of accidents at a popular
of 1130 million, how does it matter if 1130 were to lose their Bangalore mall has forced the state
life? Just copying the international safety standards will not government and the city authorities
serve the purpose, because most developed markets with to rethink on mall safety standards
successful mall stories, such as USA, Canada, Australia, South to be implemented by all existing
Africa or Dubai, have little or no experience of handling such and upcoming malls in the city.
large numbers of visitors as what Indian malls witness,
especially on weekends.
Managing such large crowds needs an altogether different
approach, especially when it comes to safety and/or security. Bangalore, NCR, Mumbai, Hyderabad, Chennai, Pune, Kolkata,
In India, parents' lovingly let their children move up and down Jaipur and Nagpur, over the past two years, shows that the
in an escalator, for the sheer fun of it and even enjoy the sight following are the nine most potentially dangerous areas,
with ultimate parental satisfaction; pedestrians simply walk especially in the Indian context:
aimlessly in the parking areas, being blissfully oblivious of
1. Pedestrian vs. Vehicular movement, inside and outside mall
where the pedestrian walkways are (if there are any), or where
buildings.
the driveways are. The need of the hour demands that we put
in place very strict safety guidelines. It is high time that we 2. Lifts
start working towards creating our own safety norms for malls,
3. Escalators
taking the necessary inputs from international standards and
experience. 4. Parking Areas
Asipac's extensive research on the subject, carried out across 5. Fire Safety
Forum Mall, Bangalore
132
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6. Health & Hygiene specially in Food Preparation & Service mall abroad, in India, don't be surprised, if you see lifts with 272
Areas kg and 408 kg capacities. Another very typical Indian problem
7. Railings & similar fixtures around atriums and cut-outs with the usage of an elevator in a mall is overloading, in fact, it
has been observed that sometimes it is the passengers
8. Public Restrooms and other common facilities themselves who actually insist that more people be allowed
9. Children Play Areas and other Entertainment Zones inside, especially if they are part of a big group.
In the recent case in the popular Bangalore mall, where an
LIFTS elevator crash landed three floors down after moving up to the
Lifts, or elevators, are supposed to be very safe. The global first floor from the lower basement, officials from the
safety record of elevators, of moving millions of passengers Karnataka Fire and Emergency Services department, who
every day, with an extremely low rate of untoward incidents, is inspected the elevator which stalled trapping 13 people (with
unsurpassed by any other mechanical transportation system, an estimated total weight of 925 kgs), found that this particular
although fatalities due to malfunctions have been known to lift had the capacity to carry only eight persons with only 544
occur on occasions. In the US, elevators are considered safe, as kg weight capacity.
per the Elevator Escalator Safety Foundation, USA. Of the 120 Under such circumstances, why cannot we have automated
billion people who ride in 600,000 elevators across USA each safety measures which ensure that the lift will not operate if it
year, less than 10,000 people wind up in a hospital emergency is overloaded. According to an elevator industry expert, there is
room because of elevator-related accidents. a possibility of the doors' alignment shifting due to prolonged
Elevator capacities in public buildings are usually proportional usage. A short circuit could also affect the lift doors. “If the
to the floor areas. Globally, passenger elevators generally used power goes off, the doors will not open. Moreover, if the doors
in malls have capacities ranging from 750 kgs (10 pax) to are open, the lift is not supposed to move,'' he maintains.
2,700 kgs (36 pax). This is based on the fact that the average Therefore, regular maintenance of lifts is a must. In a high use
weight of a person has increased over the years, while building such as a mall, it should be once every two weeks.
rationalizing the same with the number of persons that an Checking door and circuits should be taken up, apart from
elevator should carry. In India, capacities range from 272 kgs to lubrication. The safety edge between the car door and the
1768 kgs, with an average of only 68 kgs per passenger. landing door should also be checked regularly. In addition, a
While it is very rare to find an elevator of less than 750 kg in a maintenance schedule for the elevators, displayed with dates,
133
results and with a properly authorized contemporary elevators, in order to save 2. Always stand straight. Keep your
person's signature, hung prominently costs. To overcome this, their should be hands, feet and clothing away from
inside each elevator, will also be a good a law that elevators in malls and other any moving parts.
idea. public buildings should have a minimum
3. Do not drag your feet off the
750 kg capacity, and should have latest
For elevators in any mall in India, escalator steps.
safety approvals in USA, Japan and EU.
especially where such elevators are
4. When you reach the bottom or the
unmanned, besides the general controls After all, if we can follow this for vehicle
top of the escalator, exit
that a typical modern passenger emission standards, why not for
immediately. Do not stop or play.
elevator should have, the following elevators. And if the new five-star
could be provided as a standard: hotels can install the latest generation OTHER CONSIDERATIONS
elevators, why not mall
n An elevator telephone, which can Design and layout considerations
developers/owners?
be used (in addition to the alarm)
by trapped passengers to call for ESCALATORS A number of factors affect escalator
help. While several elevators do design, including physical requirements,
have this, our surveys show that "Going to a shopping mall is like a location, traffic patterns, safety
most are either disconnected or family outing, but there are senior considerations, and aesthetic
don't work. citizens who are apprehensive about preferences. Foremost, physical factors
using escalators. But they crowd around like the vertical and horizontal distance
n A fireman's key switch, which them and prevent other people from to be spanned, must be considered.
places the elevator in a special using them..," observes a mall These and other factors will determine
operating mode designed to aid frequenter. Indians are not used to the pitch of the escalator and its actual
firefighters. using escalators. So, the question is how length.
n A medical emergency key switch, do we train them on it? We begin here
The ability of the building infrastructure
which places the elevator in a with these basics:
to support the heavy components is also
special operating mode designed to 1. Hold on to the handrails to keep a critical physical concern. Location is
aid medical personnel. your balance. Do not ride or lean important because escalators should be
It is common knowledge that more than on the handrail or play while on the situated where they can be easily seen
80 percent of the elevators sold in India escalator. Do not sit on the by the general public. In department
belong to the 1980s genre. Mall escalator steps. stores, customers should be able to view
developers do not opt for modern, merchandise easily.
134
Furthermore, up and down escalator

traffic should be physically separated
and should not lead into confined
spaces. Traffic patterns must also be
anticipated in escalator design. In some
buildings, the objective is simply to
move people from one floor to another,
but in others, there may be a more
specific requirement, such as funneling
visitors towards an exit or an exhibit.
The number of passengers is important
because escalators are designed to carry
a certain maximum number of people.
For example, a single-width escalator,
traveling at about 1.5 feet (0.45 m) per
second, can move an estimated 170
persons per a five-minute period.
Nirmal Lifestyle, Mumbai

The carrying capacity of an escalator
system must match the expected peak
traffic demand, presuming that
passengers ride single-file. This is crucial
for applications in which there are
sudden increases in the number of
riders. For example, escalators used in
train stations must be designed to cater KEY SAFETY FEATURES end of the escalator, a large red
for the peak traffic flow discharged from DEVELOPED OVER TIME button can be pressed to stop the
a train, without causing excessive escalator. A transparent plastic
bunching at the escalator entrance. To enhance passenger safety, newer guardplate (usually alarmed) often
models of escalators are being equipped covers the button, to avoid the
It is preferred that staircases be located with one or more of the following safety button being pressed accidentally,
adjacent to the escalator if the escalator features, which should be implemented or for fun by children and casual
is the primary means of transport in India without any further delay: vandals. Restarting requires turning
between floors. It may also be
Anti-slide Devices: These are raised a key.
necessary to provide an elevator lift n
adjacent to an escalator for wheelchairs circular objects that often stud the n Extended Balustrades: Allows riders
and disabled persons. escalator balustrade. They are to grasp the handrail before setting
sometimes informally called foot on an escalator, to ease
"hockey pucks" due to their customer comfort and
appearance. Their purpose is to stability/equilibrium.
prevent objects (and people) from
precipitously sliding down the n Flat Steps: The first two or three
otherwise smooth metallic surface. steps at either end of the escalator
are flat, like a moving walkway. This
n Combplate Impact Switches: Will gives the passenger extra time to
stop the escalator if a foreign orient him/herself when boarding,
object gets caught between the and more level time to maintain
steps and the combplate on either balance when exiting. Longer
end. escalators, especially those used to
n Deflector Brush: A long continuous enter a subterranean metro station,
brush made of stiff bristles runs up often have four or more flat steps.
the sides of the escalator just above n Handrail Inlet Switches: Located at
the step level. This helps keep loose the bottom and top of the unit.
garments and curious hands away These sensors guard the opening
from the dangerous gap between where the handrail enters and exits
the moving stairs and the side the escalator. If something gets
panel. caught between the handrail and
n Emergency Stop button: At each the opening, a hard fault is
135
Sizes and Typical Use time, if no person is detected, the

escalator will automatically stop.
STANDARD ESCALATOR STEP WIDTHS n Step Demarcation Lights: A
fluorescent or LED light,
Width (between traditionally colored green, is
Size Single-step capacity Applications located inside the escalator
Balustrade Panels)
mechanism under the steps at the
boarding point. The resulting
One passenger, with An older design, extremely rare illumination between the steps
Tiny 400 mm 16 in feet together today improves the passengers' awareness
of the step divisions.
Low-volume sites, upper levels n Step Demarcation Lines: The front
Small 600 mm 24 in One passenger of dept stores, used when space and/or sides of the steps are
is limited colored a bright yellow as a
warning. Earlier models had the
One passenger + Shopping malls, department yellow color painted on; many
Medium 800 mm 32 in one package/luggage. stores, small airports newer steps are designed to take
yellow plastic inserts.
Two passengers Mainstay of metro systems,
Large 1000 mm 40 in one may walk past large airports, train stations,
another some retail usage Safe Riding
While some escalator accidents are
caused by a mechanical failure, most
generated in the controller and the be optical or a physical switch. No can be avoided by following some
escalator shuts down. matter the type of device, the simple safety precautions. Some
missing step detector will turn off suggestions for safe riding include:
n Handrail Speed Sensors: Located
the escalator when no step is found
somewhere inside of the escalator n Always step out at the end of the
when one is expected.
unit. These sensors are usually stairs to prevent from falling.
optical, they are positioned to n Raised Edges: The sides of the steps
sense how fast the handrail is are raised slightly to discourage n Check for loose garments such as
going. In case of a drive chain/belt standing too close to the edge. long dresses, dupattas, etc. Also,
breaking, in order to protect the loose shoelaces are particularly
n Safety Instructions: Posted on the notorious for getting caught in
drive and people on the escalator, if
balustrades at either end. Formerly, escalators.
the sensor notices a speed
the only warning usually given was
difference between the handrail n Children under the age of seven
'PLEASE HOLD YOURSELF' or some
and the steps it will sound an should be accompanied by an adult
variation thereof (and, in models
alarm, wait for a couple of seconds, when riding. Adults should hold a
that used now-rare smooth step
then stop the escalator. A hard fault child's hand.
risers, had such a message right on
is generated inside the controller,
the step face). Now, a series of n Do not use the escalator when
and therefore must be serviced by
instructions are given (see below). transporting any large package or
authorised personnel.
n Sensor Switch: Placed at the when pushing a device with wheels,
n Level Step Switches: Switches such as baby strollers and shopping
starting end of the escalator, the
usually located at the top and carts. Also, the escalator should not
Sensor Switch will automatically
bottom of the unit near the track be used by someone with a walker
start the escalator if a person is
hold-downs. These switches will or on crutches.
near the entry point. After some
detect an unlevel step before it
approaches the combplate. This is
to stop the escalator before the
unlevel step crashes into the
combplate, possibly preventing
injury to a passenger. While some escalator accidents are caused by a
mechanical failure, most can be avoided by following
n Missing Step Detectors: Located in some simple safety precautions.
various places (according to brand
of escalator), this sensor can either
136
Level step switches switches usually

located at the top and bottom of the unit
near the track hold-downs. These
switches will detect an unlevel step
before it approaches the combplate.
n Do not use the escalator if it is not in motion. ("Escalator

steps are not the correct height for normal walking and
should not be used in that manner. The risk of tripping and
falling is greatly increased.").
n Face forward.
n Hold the handrail.
n Do not ride barefoot.
n Keep footwear away from side panels.
n Keep walking after exiting the escalator to prevent a pile-
up.
n Stand to one side to allow others to pass you on wider
escalators.
PARKING SPACES / LOTS
Most global building codes for malls require that there be
1.5 sq.ft of parking space for every foot of rentable retail space.
Another ratio is five car parking spaces (CPS) per 1,000 sq.ft of
retail space, which needs 1.7 sq.ft of parking space for every
foot of retail space. In India, there is usually only one to 1.2 CPS
pedestrian pathway, this is absent in India. Even ramp widths in
per 1,000 sq.ft of retail space, which is a fourth or fifth of what
Indian malls are sometimes inadequate. The popular mall in
is required.
Bangalore, where five to six lift or escalator related incidents
Due to this, developers provide less than adequate length/width have already taken place in just two years, arguably has the
in the slots and also compromise on driveway widths. Thus, worst multi-level car park in the world we need to check
reversing cars could easily lead to accidents, some which could whether the Guiness Book of World Records will list this
be quite serious or even fatal. category. This is even more shocking when one realises that this
mall itself, built on a prime government (public) land, was
Also, while many mall parking lots abroad have a well defined
actually meant to be by product for subsidising the
construction of a public parking lot.
Lighting at Parking Lots
Lighting, either too little, too much, or the wrong kind, is often
a problem in parking lots. In open lots, it is difficult to
effectively light the whole area, especially since weather
conditions may change. In closed lots, because the ceilings are
low, the light does not get dispersed evenly, and corners usually
remain in darkness.
1. Use lighting that will not create glare, or blind drivers.
2. Consider using halide lights rather than the more common
sodium lights. Halide lights show true colour much better
than sodium lights do.
3. Lighting should be uniform. Passing from high to low
intensity lighting area may be difficult on drivers.
137
4. Using bright colours on the walls places at malls where pedestrians could entering, check that no one is
that reflect light can increase the be walking about) should be restricted hiding in the back seat.
brightness further. Brightly coloured to a maximum of 10 kmph.
Most crime in malls happens in the
walls frequently invite graffiti, so it
Crime at Mall Parking Lots parking lots, simply because there are
is important to use surfaces not
many appealing targets and few people
suitable for graffiti, or pain that can As parking areas fill up, shoppers are
around to keep an eye on things. Parking
be easily washed. often forced to park far from mall exits,
lots that are open air tend to be safer
sometimes in poorly lit areas. Park as
5. In level lots, natural light should be than underground or covered ones.
close to entrances and exits as you can.
used to the greatest extent. Open air parking lots provide for more
No one wants to circle the lot for an
natural surveillance, as other people
Access Control in Parking Lots hour waiting for a good spot to open up,
entering and exiting the mall are able to
but give it a shot, at least for a few
1. Make enough entry points to the observe the activity in the parking lot,
minutes.
main mall so as to keep shortest while this is not the case with multistory
possible distance from any parking n If forced to the far reaches of a lot, closed parking. First impressions count.
slot, so that a visitor does not or even beyond the lot, seek a spot For most customers, the parking lot is
actually have to walk a long that's well-lit or near a well- their first encounter with a mall. Does it
distance in the parking lot to enter traveled driveway. give a friendly, safe and secure
the main mall impression, or one that is foreboding,
n Stow your purchases in the trunk.
dangerous and dark?
2. Pedestrians should not be allowed When you're weighed down with
into the parking facilities, and lots packages, you may be tempted to Elevators and stairs should never be
should not be used as pedestrian throw them in the back seat and placed in the back of the lot, but
entrances or exits to the mall. return to the mall to continue centrally instead. Access to and from
shopping. If your purchases are in them should be open and not
3. Only shoppers with parking ticket
plain view, you may return to find intimidating. Stairs should be kept open,
or pass should be able to enter the
your car windows smashed and rather than enclosed by walls, so that
parking lot from the mall.
your things stolen. person using the stairs can be seen from
4. Proper signage and systems to lead the outside. This will not just prevent
n Save your most expensive
the visitors to the right parking lots offenders form using stairs as escape
purchases for last, so you can head
routes or hiding spots, but will also
Speed Limit straight home.
prevent them from attacking shoppers
The speed limit for cars and bi-wheelers n Have your keys ready when you there. Elevators should be equipped
within parking lots (and even other approach your vehicle. Before with cameras, well lit, and if possible, be
Most global building codes for malls require that there be 1.5 square feet
of parking space for every foot of rentable retail space. Another ratio is 5
car parking spaces (CPS) per 1000 square feet of retail space, which
needs 1.7 square feet of parking space for every foot of retail space. In
India, there is usually only 1 to 1.2 CPS per 1000 square feet of retail
space, which is a fourth or fifth of what is required.
138
EXAMPLES OF TYPICAL PARKING LAYOUTS

Building Entrance
Entrance Entrance
or Exit or Exit
Entrance Entrance
or Exit or Exit
6.0m
6.0m
4.5m
5.4m
6.0m
6.0m
5.6m 3.0m 9.5m 3.0m 5.6m
450 Parking 700 Parking

5.5m
17.0m
6.0m
5.5m
5.5m 5.4m 9.5m 5.4m 5.5m
900 and 450Mixed Parking 0

90 Square Parking
139
Lighting, either too little, too much, or the wrong kind, is often a problem in
parking lots. In open lots, it is difficult to effectively light the whole area,
especially since weather conditions may change. In closed lots, because
the ceilings are low, the light does not get dispersed evenly, and corners
usually remain in darkness.
made of glass or other translucent should be left between parking spots, in mall, where customers can pick up
material, in order to prevent it from order to reduce vehicular crowding and and use them to remind themselves
being used for illegal purposes or as increase visibility. of where they have parked. This can
attack spots. actually be very cheap to do,
SIGNAGE because individual retail or F&B
Covered parking lots should be designed
How many times have you found outlets at the mall could put their
with open sides and low walls, so people
yourself in a multi-level parking lot, ads on the map, and cover the
passing by can easily see what is going
hopelessly looking for your car, thinking, whole expense, and perhaps even
on inside. Inside the parking lot, walls
“Was it on the 3rd or 5th level, was it F create profit for the mall.
should be avoided whenever possible, in
order to prevent the obstruction of the or D row?? People lost in parking lots 3. Colours can be further used to mark
view of the lot. All traffic should be are at greater risk of being attacked. parking rows, with stripes on the
directed in one direction, both for Making it easy for everyone to find their walls, or on the floor.
pedestrians and vehicles. This will way quickly and efficiently gives a
feeling of safety and also removes the 4. Arrows should be clear, both on the
increase number of people moving
opportunity for offenders to attack. floor and on the wall, in order to
around certain areas of the lot. There
direct both car and pedestrian
should be no dead ends. All parking 1. While numbers and letters should traffic.
spots should be placed around the ramp be easy to remember, people
that is used to get around the lot. frequently get confused and forget 5. Have clear directions showing the
them. Some malls have started location of guard booths, elevators
For open lots, bushes and trees should
marking the levels with fruit or and stairs, as well as maps of the
be trimmed so as not to obstruct views.
animals. Instead of 'First', 'Second' mall in the parking lot.
Constructing parking area behind the
mall should be avoided. Parking in front and so on, there are 'Strawberry', FIRE SAFETY
of the mall entrances both makes it 'Orange', or 'Lion', 'Horse', or 'Dog'.
more convenient for customers, and also These seem to be much easier to A fire hazard can be caused because of
increases the natural surveillance remember, and if the walls are multiple sources of origin electrical
because of the pedestrian traffic. Avoid appropriately decorated too, add to wiring, cooking at food courts or
parking spots close to the emergency or the bright feeling in the lot. restaurants, carpeting at multiplexes,
other exits, which may be used by smoking, etc. Yes, even though we have
2. It is possible to make maps of the
offenders. Since space is not as big fire safety rules as per the National
parking lot and place them by the
problem for open lots, more space Building Code, and we have seen those
elevators or the entrance into the
140
fire extinguishers hanging on the walls or

lying in some corner in malls, we are not
sure whether:
1. The fire safety systems are in working
order.
2. The fire extinguishers are refilled as
necessary.
3. The sprinkler system works.
4. There is regular maintenance.
5. Security personnel are trained to use
these.
6. There is a Fire Safety Officer in the
mall.
7. Whether the security personnel and
other staff members are adequately such a situation? Maybe we need fire exits
trained on how to act in a fire in multiple directions on each floor.
emergency situation. Train All Staff About the Mall's Fire and
8. Does anyone care? Life Safety Systems
Regular unannounced mock fire drills need Does everyone know what and where the
to be part of any fire safety system in a fire and life safety systems are, and how
public building. So that the public is aware they work? Which of the following does
of what to do and staff are always on their your mall have and what is their importance
guard, apart from being adequately trained in a fire...smoke detectors, manual pull
practically. And also so that the fire fighting alarms, elevators, stairwells, fire doors,
crew at the fire services department alarm system, sprinklers, etc.?
become familiar with these public buildings. Have Regular Discussions on Fire Safety
But, how many times have we ever seen a
mock drill being conducted? Let's start with Discuss hazards particular to the facility.
this. And let's engage the visitors as well. What can one identify and what precautions
should be taken? Have staff from different
Unless, we want to wait for another tragedy areas identify hazards common to their
like the Upahar cinema in Delhi or the work area (kitchen, bar, security,
school in Tamil Nadu. After all, like we said management, etc.)
before, what's 1,130 fatalities in a country
of 1,130 million. Hold Fire Drills
Also, let us put clear signage on each floor Hold drills at regular and non-scheduled
showing where the Fire Exits are. But, with times in order for staff to practice the
the crowds, how do we avoid a stampede in emergency response plan and to evaluate
how well they understand their
Elevators and stairs should never be placed in the back of the lot, but centrally instead.
Access to and from them should be open and not intimidating. Stairs should be kept
open, rather than enclosed by walls, so that person using the stairs can be seen from
the outside. This will not just prevent offenders form using stairs as escape routes or
hiding spots, but will also prevent them from attacking shoppers there.
141
responsibilities in such real life situations. Everyone

should have the opportunity to physically run through
the procedures. Studies indicate that, unless adults Regular unannounced mock fire drills need to
actually practice safety behaviors, they very well may be part of any fire safety system in a public
not be able to perform them correctly when the need building. So that the public is aware of what to
arises. do and staff are always on their guard, apart
Gradually increase the realism of your fire drill. "Hide" from being adequately trained practically.
employees in the building to see if they are located or
missed. Post a sign in one of the exits indicating it is
blocked by smoke. Evaluate every fire drill. Did
everyone respond correctly and appropriately to the mall has a gap between the escalator handrail and the
drill? Are there staff concerns that need to be floor railings… Even the balcony railings of the mall
addressed regarding the evacuation procedures? These built in the usual mezzanine style where floors don't
are questions fire drills can help answer. run wall to wall have huge gaps, more than a foot high
Such mock drills will also help in meeting challenges of and about a foot and a half wide. Some of these gaps,
similar natural or man-made hazards of earthquake, big enough for very young children to slip through, are
bomb blast etc. covered by glass sheets but many are open.”
The Hindu, on July 3, 2007, quoted a retired town
RAILING & SIMILAR FIXTURES planner, who said that “Such safety lacunae in buildings
The Telegraph, reporting on the death of a six-year-old were mainly because of absence of appropriate
boy in a Bangalore mall, who slipped four floors down knowledge about the delicate issues of engineering and
through the gap where the handrail ends, observed that architecture, among the town planners, who approve
this incident “May have shed light on a possible lethal the building plan. Also to blame is the failure of
flaw in shoppers' havens, though it isn't clear if every constant inspections during construction of such
buildings and before issuing NOC. Even post-
142
construction inspections were not adequate.” lack of available sinks, soap dispensers or dryers.
Such accidents are also an eye-opener for parents
A Modern Washroom Should Have The
who let their children run about the malls while
Following Features:
they shop in peace.
n There should be a chemical-lined dispenser
PUBLIC RESTROOMS bin in each of the ladies' WCs for the proper
In a study by Kimberly-Clark Professional, 39 - disposal of used sanitary pads.
percent of survey respondents in USA feared n Door-less entry (labyrinth entrance): It
picking up germs in a public restroom more than prevents the spread of disease that might
any other place. Nothing can be truer than this in otherwise occur when coming in contact
the Indian context! with a door. Door-less entry provides visual
Foul odors, lack of supplies and puddles on the privacy while simultaneously offering a
floors can all be signs of improper maintenance. measure of security by allowing the passage
of sound.
Odor that comes from public restrooms can be
caused by urine in tile grouting. If the floors n Sensor operated fixtures prevent the spread
aren't properly cleaned daily (or more depending of disease by allowing the users to
on the traffic) then the uric acid salts will not be circumvent the need to touch common
removed with regular cleansers. These salts surfaces. Sensor operated fixtures also help
provide a food source for bacteria whose conserve water by limiting the amount used
digestive processes give off the foul odor. per flush, and require less routine
maintenance.
A lack of supplies (toilet paper, hand drying
towels or soap) can also increase the unhygienic n In the Indian context, where we are not
conditions of a restroom. Overly crowded habituated in the use of toilet paper, a
restrooms can suffer from a lack of supplies or a health faucet (bum washer spray) is an
absolute must.
143
Another good idea to implement in both men's and ladies'

restrooms would be to get a countertop changing area to increase
safety while changing an infant's diapers right next to a faucet for
the mother/father to utilise in cleaning up without having to let go
of the squirming baby.
Restrooms in malls tend to be hidden in remote spots, in order to
discourage use by non-shoppers and keep visible and central areas
for business and retail. However, this strategy frequently
encourages crime. Hidden restrooms are perfect spots for robbers,
because they are away from the view of other customers. Further,
they may become areas for people to gather, and in some cases
even use drugs.
Last, but not the least, it is high time for

us Indians to realise and understand
that, although providing safety and
security is an integral responsibility of
mall developers, owners and managers,
as well as the retailers who operate in
the malls, it is also our individual
responsibility to take ownership of our
own actions.
OTHER POTENTIAL ACCIDENT AREAS

Children Play Areas
Children's play areas should always be at the ground floor level,
and must be enclosed properly. The interiors of these areas should
not have any things with sharp edges.
Food Court
Don't plan a food court in the basement of any mall. Have proper
fire safety systems and garbage disposal systems. Ensure regular
food-grade disinfectant use to prevent bacteria.
Electrical Wiring
Good quality electrical wiring should be used, within fire rated
conduits.
Before signing up, we want to add something which may not
directly concern safety, but is bound to go a long way in indirectly
ensuring better malls in India. Something that Asipac has been
advocating for the last three years – a definition for different types
of malls, which can be an Indian adaptation of ISCS's following
definitions:
Last, but not the least, it is high time for us Indians to realise and
understand that, although providing safety and security is an
integral responsibility of mall developers, owners and managers, as
well as the retailers who operate in the malls, it is also our
individual responsibility to take ownership of our own actions.
Jai Hind. Mera Bharat Mahaan.
144
BUILDING A MALL
BY SHILPA MALIK > General Manager > Select Infrastructure Pvt Ltd
I
t has been three years since I put together my thoughts in the
first edition of the IMAGES Malls in India publication; it was
then an anxious expression of the nature of order and chaos
around the frantic activity in retail and creation of formal
shopping environments in India.
Well, the order has given way to two of the most critical
developments of the last couple of years in the Indian retail industry
interest from large Indian corporate houses such as Reliance, Bharti
and opening of the FDI (though there is still a lot to be desired on
the FDI front). And the chaos has transformed into every land
owner, investor and practically every domestic or international
private equity fund scouting for investment opportunities in retail!
The buzz around the Indian retail Industry can now hardly be
contained within the neighborhood kirana store or our geographical
boundaries for that matter.
This third edition of the Malls in India research series, put together
by IMAGES F&R Research, has tried to capture this essence by
collating expert views and conducting intensive research.
146
In the last three years I have had an interesting tryst with

an opportunity to live 'my experiments with truth' in
creating malls, during the making of over a million square
feet of a development called Select Citywalk.
Clearly, it has been established that Indian consumer is
ready to experience the flavour of organised retailing and
the 'Call of the Mall' has and shall prove to be irresistible for
Inorbit Mall, Mumbai

him.
Now that the urban Indian consumer has been declared to
be ready for matrimony with organised retailing experience,
and is largely synonymous with adjectives such as rising
disposable incomes, changing aspirations and lifestyles etc,
it is interesting to note the number of grooms that are in Indian developer have been increasing, particularly over the
queue to attract her attention: department stores, past few years high land cost (which in turn have increased
discounters, hypermarkets, not to mention the mother of all pressure on occupancy costs for retailers), complexity of
in the wings – Wal Mart – a plethora of brands and interface with government regulatory bodies for clearances,
retailers, mass, premium, super premium, luxury, niche, a largely unorganized construction industry and inadequate
speciality stores, category killers, Indian, international, access infrastructure to name a few.
organised, semi organised, decades of learning curve has
been compressed into a bundle of choices and hurled at the Amongst the successful handful of centres (such as The
Indian consumer at one time! It is like launching the mobile Forum in Bangalore or Inorbit Mall in Mumbai to name a
phone with all the models Nokia has ever come up in its few), the trends have been promising there are more leased
lifetime, displayed on the shelf, at a time when all one has models in the pipeline today than a couple of years ago, a
ever used is an MTNL land line phone! focus on a planned mix, relevance of scale, influx of
professionals, increasing reliance on international
In this environment, it shall certainly be a challenge for the architectural and planning expertise etc.
brands and retailers to attract the consumer. She is
maturing faster than expected, is more informed and Clearly as we go forward, malls shall have clear cut
educated, willing to spend, but also getting demanding. categorisation in terms of positioning – mass, premium,
Several formats and retailers who have seen there plans go luxury etc.; and function – neighborhood centres, lifestyle
awry bear testimony to her caprice. At the same time she centres etc. Consistency of approach, strict adherence to
has an open mind and is still evaluating the retailers and leasing strategy throughout the development phase, a
shopping centres. strong consumer focus and integration of all disciplines of
development such as planning and design, leasing and
Meanwhile the learning curve for the shopping centre tenant mix, legal frameworks, etc., shall become imperative
industry has been rather interesting and steep, while over to developing good quality shopping centers which are
80 million sq.ft of 'organised shopping centre' space having driven by retailer performance.
come up over the last three years, a mere handful of
centers have been made a significant market impact. As the spread of the organised retail activity spreads
According to IMAGES F&R Research estimates, the total beyond the top eight to 10 cities to almost over 50 cities in
supply of shopping centre by 2011 is roughly projected to the country, organised shopping centre development shall
be more than 300 million sq.ft. follow, or probably lead with an intense fervour.
While few of the centres never took off the drawing board, This book articulates learning from the past few years of
others which have been built have not been able to attract industry experience, presents expert views on various
retailers and consumers, some are already being related subjects, highlights key challenges, profiles mall
repositioned and in absence of appropriate development developments and tracks shopping center space supply. The
approach many are expected to follow the same course. industry estimates that over 300 million sq.ft of space will
The adage of 'location is everything' has been taken too come up by 2011 and that the US$270 billion Indian retail
literally by several property owners who have turned industry will grow by leaps and bounds over the next five
shopping center developers overnight and created products years!
without any focus on fundamentals. In fact , there shall With over a decade of learning behind, the shopping centre
probably never be a better time to reemphasise the industry has to now mature. The time for making the quick
importance of the basics of shopping centre development buck is over, its time to get down to serious business of
– catchment quality, positioning, tenant mix, zoning, retail shopping centre development and set benchmarks.
planning, infrastructure provision, professional management
and of course location. Equally, the challenges for the
147
SECTION V MALL SPACE IN INDIA
Unitech's Great India Place
MALL SPACE IN INDIA

A Demand & Supply Analysis
An IMAGES F&R Research Analysis
T
he Supply of Mall Space, especially in a fast
developing economy like India, will
necessarily be subject to cyclical ups and
downs even as the economy and
businesses come to grips with the complex
market forces relating to demand for retail space and
the project costs that very often tend to go out of
bounds. Images set itself to the task of monitoring
this very special market segment way back in 2004
when, after a 126 percent growth in supply of mall
space 8.4 million sq.ft of mall space had suddenly
come up and there were few takers. Sections of the
media felt the mall boom had gone bust. This is
when Images compiled the views of global experts on
the subject in the first edition of the Shopping
Centres & Malls in India Book – the developers had to
informed on the correct way forward.
150
Since then, the industry has come a long way, mall projects under progress, this growth will
albeit in a very short span of time. The 126 further accelerate to 85 percent in 2008, which
percent growth in mall activity in 2004 was just will ensure availability of more than 154 million
the start-up of the engine following which sq.ft of quality retail space in 2009. The market
growth rate climbed down to 99 percent in 2005 will be at a mature height by year 2010 with
and further fell to 61 percent in 2006. All this nearly 205 sq.ft of mall space. Even modest
while the solid foundation of the Indian Shopping growth thereafter should be able to push the
Centre industry was being laid, mall space had mall space supply in the country to a level
increased from 8.4 million sq.ft in 2005 to 16.7 beyond 350 million sq.ft by 2015, with more
million sq.ft in 2006. In the second edition of the than 750 malls operational by then.
Malls in India 2005 research publication we
By all counts, this is the big time for the retail
projected a growth of 97.4 percent in 2005 and
real estate industry. All indicators look positive.
61.7 percent in 2007 with 32.7 million sq.ft and
54.3 million sq.ft of mall space for the two years The Indian economy is speeding ahead at the
respectively. Today, when we take stock of the rate of about nine percent per annum, foreign
situation, we find that the clock is back by one exchange reserves are getting close to the US
year, mainly because several announced projects $200 billion mark, growth in private consumption
did not take off. expenditure is restlessly trying to surpass the
GDP growth rate and organised retailing is
The earlier projection of 87.8 million sq.ft of mall
growing at over 40 percent per annum.
space by year 2007 is now likely to be achieved
Permission to FDI in the real estate sector has
in year 2008 when there will be more than 290
provided a further boost to the mall and
operational malls. The positive side of the picture
shopping centre industry. Till March 2007
is that the growth rate was projected to be
US$23.9 billion FDI had flown in to the 17 major
around 62 percent in 2007, which will now be in
Indian cities. Real estate accounts for nearly half
the vicinity of 76 percent. Based on the status of
of the inflow.
151
Distribution of Mall Space Kolkata is the only major city in the East and that too has had the
awakening call to modern services sector quite late. But once
The West zone has had the maximum number of mall awake, this urban giant will for sure extract its pound of flesh –
developments thus far and its share in overall supply of mall that primarily explains the East zone's rising share in supply of
space is a dominating 44 percent of the 47.4 million sq.ft of mall space. In the South, Chennai too has a similar story as far as
space to be available in 2007. The North zone accounts for modern retail is concerned. Having pioneered the mall concept in
35 percent followed by 14 percent share to the East and the country in 1999 (Spencer's Plaza) the city saw no further
remaining seven percent in the Eastern zone. This share matrix developments on this front till March 2006 when the Chennai City
will drastically change in the next four years. By 2011, out of a Centre mall came up. Now, several mega projects are under
total supply of 236 million sq.ft of mall space, the share of execution. Several mall projects have been initiated in Bangalore
North zone will increase to 39 percent, the South and East too and Hyderabad as well, besides a lot of activity in the tier-III cities
will increase their share to 24 percent and nine percent like Mysore and Koch – that's for the rising share of the South,
respectively. The share of West zone will be reduced greatly to where there is no dearth of young high income customers from
28 percent, but this reduction in no way implies a slow down the IT and ITES sectors to flock the malls.
in mall activity in Mumbai or the other parts of the region. It is
a relatively lower activity as compared to the other regions. The thrust in mall activity from the North does not originate
entirely from the Delhi NCR – it is the tier-III and smaller cities
like Ludhiana, Jaipur, Lucknow and Sonepat that are plush with
high income/high net-worth consumers and mall developers are
exploiting the potential.
Besides the commonly listed tier-II and tier-III cities like Indore,
Nagpur, Ahmedabad, Pune, Mysore, Kochi, Hyderabad, Sonepat,
Lucknow, Ludhiana and Jaipur, there are numerous smaller cities
where beautiful modern malls are coming up and the cumulative
impact is such that these non-extinct urban centres that
accounted for only 3.57 lakh sq.ft of mall space in 2004 will boast
of 4.7 crore sq.ft of mall space three years from now as compared
to 3.35 crore sq.ft mall space in the NCR at the time. This
development is very much in line with what the 2005 Shopping
Centres & Malls in India book had predicted.
Knight Frank Research indicates that the far-reaching effects of
positive macro trends in changing the consumer preferences and
shifting mindsets towards organised retailing experience. Besides
new malls, close to 35 hypermarkets, 325 large department stores
and over 10,000 new outlets are also under development. Growth
in rural population and increase in agricultural incomes also offers
152
considerable scope for innovative retail

formats. The depth of the Indian market
and the variations of the consumer
profile portend a bright future for the
sustained growth of the Indian retail
sector.
Knight Frank Research also indicates that
the demand for branded products and
popularity of organised formats can once
again be attributed to positive macro
economic growth being experienced in
India presently. Increase in spending
power has led to demand and the
willingness to pay for new-age retailing
experience. Developers and retailers alike
are keen to cash on this and have
unveiled expansive growth plans across
cities.
Organised retailing in small-town India is
growing at 50-60 percent a year
compared to the 35-40 percent growth in
the major cities of India. About 200
tier-III cities with a population of less
AVERAGE MALL SPACE PER UNIT OF LAND AREA

Pune 1.50
Greater Mumbai 1.79
Sonepat 1.92
West-Other Centres 2.02
Delhi & NCR 2.05
East-Other centres 2.08
Kolkata 2.24
Bangalore 2.44
Lucknow 2.48
North-Other Centres 2.48
Nagpur 2.61
Mysore 2.70
Indore 2.84
Ahmedabad 2.96
Jaipur 3.17
Kochi 3.53
Ludhiana 3.65
Chennai 3.67
South-Other Centres 3.74
Hyderabad 4.65
The Metropolis, Gurgaon
153
than two million, and another 500 rural towns have the Bangalore (29.9 lakh sq.ft), DLF Bangalore (36 lakh sq.ft), DLF
potential to become prominent rural hubs, where organised Hyderabad (26.5 lakh sq.ft) and a project by Kshitij Investment in
retailing can effectively set base – each of these 700 centres Chennai (23 lakh sq.ft).
will on an average be catering to about 1000 villages! A
Prominent among the 10 mega mall projects in the West zone are
revolution indeed.
DLF's mall in Lower Parel, Mumbai (26.15 lakh sq.ft), Prozone
Western cities in particular have more open space outside the Golden Mall in Aurangabad (21.7 lakh sq.ft) and the Mumbai-Kurla
construction or restrict the number of levels as is evident from Mall project by Kshitij (26 lakh sq.ft). There are 10 such mega mall
the finding that on an average only 1.5 units of mall space projects identified in the North zone, which include the Mall of
correspond to one unit of land area in the case of malls in India at Gurgaon by DLF Retail Developers (55.23 lakh sq.ft).
Pune. Mumbai, Sonepat, Delhi NCR also more of land as
Clearly, each of these mega malls will be a definite shopping and
against centres like Hyderbad (1 : 4.65) and Chennai (1 : 3.67)
fun destination for enthusiastic Indian consumers in the years
that extract maximum mall space from the land used.
ahead. Happy malling all the way!
Malls in Ludhiana (1 : 0.42), Bangalore (1 : 0.48), and Hyerabad
(1 : 0.53) have more free movement space within the mall as
evident from the average GLA per unit of built up floor space.
In contrast, there is less movement space inside the malls in
Sonepat (1 : 0.94), Mysore (1 : 0.89), Indore, Jaipur, and Pune.
THE COMING OF THE MEGA MALLS
This study also identifies 36 mega mall projects, each of these
having a built up floor space of more than 10 lakh (one
million) sq.ft. The South zone accounts for 15 of these
projects, the prominent ones being the Shobha Global Mall in
AVERAGE G.L.A. PER UNIT OF MAL SPACE

Ludhiana 0.42
Bangalore 0.48
Hyderabad 0.53
Ahmedabad 0.60
Chennai 0.63
Greater Mumbai 0.65
Lucknow 0.65
West-Other Centres 0.66
Nagpur 0.66
Kolkata 0.67
South-Other Centres 0.67
Delhi & NCR 0.67
East-Other centres 0.69
Kochi 0.76
North-Other Centres 0.77
Pune 0.78
Jaipur 0.82
Indore 0.85
Mysore 0.89
Sonepat 0.94
The coming of the mega malls: Great India Place
154
155
EAST INDIA
STATES OF EAST INDIA
Chhattisgarh, Jharkhand, Bihar, Orissa, West Bengal
and the NE States of
Arunachal Pradesh, Assam, Tripura, Mizoram, Manipur, Nagaland and Sikkim
EAST ZONE
Av per capita Consumption
Population-2006 (million) Consumption Expenditure 2006-07 (INR million) Exp (INR/year)
252 59 311 4,079,240 1,623,345 5,702,585 16,184 27,599
State Largest City Per Capita Ndp Avg Growth Share of Share of
Largest
State population Population As Share Of Rate Of Per Industry Sector Services
City
in lakh ('03 '000 ('01) Indian Mean Index Capita NDP % In NDP In NDP
Food, BeveraArunachal Pradesh 11 Itanagar 35.0 81.3 -0.11 2.6 60.5
Assam 277 Guwahati 809.9 55.3 0.75 17.0 49.4
Bihar 868 Patna 1,366.4 31.4 1.98 4.1 61.1
Chhattisgarh 217 Raipur 605.7 63.9 1.39 28.1 50.1
Jharkhand 28 Ranchi 847.1 70.9 3.05 29.8 50.5
Manipur 25 Imphal 221.5 74.2 3.08 8.7 62.1
Meghalaya 24 Shillong 132.9 88.3 4.11 8.4 66.3
Mizoram 9 Aizawl 228.3 n.v. n.v. 0.4 73.3
Nagaland 21 Kohima 78.6 108.6 3.12 0.2 66.4
Orissa 378 Bhubaneswar 648.0 54.5 2.42 13.7 49.4
Sikkim 6 Gangtok 29.2 104.4 5.09 7.3 71.2
Tripura 33 Agartala 190.0 95.4 8.02 4.4 68.9
West Bengal 828 Kolkata 4,572.9 99.4 5.51 13.3 58.7
Source: Census of India 2001, RBI Citypopulation.db, DB Research
ASSAM
A ssam is a state rich in

natural resources like
natural oil, natural gas,
coal, rubber, tea and minerals like
granite, limestone and kaolin. The
ECONOMIC FACT FILE
Capital:
Area:
Population:
Dispur
78,438 sq.km
28.9 million (2006)
gateway to the northeastern part Literacy: 63.3%
of the country, Assam is the National Highway Length: 2,034 km
largest economy of the region. It
Rail Length: 2,435 km
is primarily an agrarian economy
with more than 70 percent of its International Airport: Guwahati
population engaged in agriculture Domestic Airports: Guwahati, Tezpur, Jorhat, Dibrugarh,
and allied activities. Assam is Silchar and North Lakhimpur
known for the tea and petroleum Key Industries: Power and energy
sectors. Tea
Agro-based Industry
307
CHHATTISGARH
T he newly created state of

Chhattisgarh was created
out of the south-eastern
districts of undivided Madhya
Pradesh on November 2000. The
ECONOMIC FACT FILE
Capital:
Area:
Population:
Literacy:
Raipur
1,35,191 sq.km
22.8 million (2006)
65%
state is rich in minerals and NSDP: US$3.3 billion

NSDP Growth: 2% (10 years)
natural resources, with reserves of
Per Capita Income: US$264
coal, iron ore, bauxite and
National Highway Length: 1,827 km
limestone. The key economic
sectors are cement, mining, steel,
Domestic Airport: Raipur
aluminium and power.
Key Industries: Cement, Mining, Iron and steel, Aluminium
Industries with growth potential: Power, Infrastructure
• Large mineral resources for
DOING BUSINESS IN CHATTISGARH
development of cement, steel,
Department Agnecy Timelines
aluminium and electricity
Industries/Land District Investment Land Transfer:
generation revenue Promotion Committee Government revenue land -
45 working days from date of
• Electricity surplus state application
• Low land and labour costs Through private negotiations -

30 working days
Any clearances from local

government/statutory
requirements of state
government - 7 days
Infrastructure- District Investment 45 working days or 75 working

Electricity/Water Promotion Committee days from the identification of
the site, whichever is earlier
Central District Investment Recommendations to Central

Government Promotion Committee Government, if required - 45
working days or 75 working
days from the identification of
the site, whichever is earlier
Source: PwC research
308
JHARKHAND
O ne of the country's newest

states, Jharkhand was
carved out of the eastern
region of erstwhile Bihar. The state
ECONOMIC FACT FILE
Capital:
Area:
Population:
Ranchi
79,714 sq.km
29.6 million (2006)
accounts for about 40 percent of Literacy: 54.1%
India's mineral deposits and is the National Highway Length: 5,805 km

Domestic Airport: Ranchi
sole producer of coking coal, uranium
Key Industries: Mining and Mining-based Industries
and pyrite. Jharkhand also ranks as Agro-based Industry
the first in the production of coal, Industries with growth potential: Forest-based Industry
mica, kyanite and copper in India. Food Processing Industry Tourism
• Strong mineral resource base, COST OF SETTING UP BUSINESS IN JHARKHAND

together with industrial Manufacturing
Land (US$/hectare) 69,541
infrastructure Labour Cost (US$/man year worked) 2,090
• Focus areas include mining and Services

Occupation Costs 13.2
geology (US$/sq ft/year)
Jharkhand Fact Box Employee Cost (US$/man year)

Software Developers 5,784
Team Leads 13,522
• Resource-rich state with Architects 18,965
waterfalls, rivers, huge coal Project Managers 29,856
beds etc. Common Heads
Cost of Capital 10.25
• Immense potential for both (Prime lending rate, per cent) 11.00
Electricity (US$/1000 KWh) 68.9
hydel and thermal power
Source: Indiastat, Jharkhand state
projects
• Large reservoir of technical
institutes offering trained
industrial manpower
309
ORISSA
L ocated on India's East

coast, Orissa is rich in
mineral resources, such as
coal, iron-ore and bauxite. The
state is poised to emerge as the
ECONOMIC FACT FILE
Capital:
Area:
Population:
Literacy:
Bhubaneswar
1,55,707 sq.km
39.1 million (2006)
63.6%
metals, mining and a Human Development Index: 0.404

NSDP: US$4.9 billion
manufacturing hub of the
NSDP Growth: 4.8%
country. The major industrial
clusters in the state are the
Jajpur region, the Baspani-Berbil
region and the Talcher region.
Domestic Airport: Bhubaneswar
Key Industries: Mining, Iron and steel, Aluminium
Industries with growth potential: Power, IT and ITES, Tourism, Infrastructure
• Proximity to China and South DOING BUSINESS IN ORISSA

East Asia Procedure Timelines
Building permission 10 days
• Large mineral resources,
particularly coal (25% of Power connection 7 days
India's total), iron-ore (25%) Allotment of land 21 days

and bauxite (50%)
Water connection 21 days
• First state in the country to Sanction of loan from IPICOL 30 days
restructure and privatise the
Pollution clearance 10 - 60 days (based on type
electricity sector of industry)
• Major investment announced Source: PwC research
by global and Indian investors

in steel and aluminium
industry
• Potential to become a major
coal-based electricity
generation region
• Potential to develop tourism
and IT/ITES industries
310
WEST BENGAL
W est Bengal lies in the

mineral-rich eastern
region of India and has
rich reserves of coal, limestone,
dolomite and granite. The state is the
ECONOMIC FACT FILE
Capital:
Area:
Population:
Literacy:
Kolkata
89,000 sq.km
85.76 million (2006)
68.6%
commercial and business hub for Human Development Index: 0.472 (All India Rank 8th)
eastern and north-eastern regions of
NSDP Growth: 8% (10 years)
the country. Apart from Kolkata, the
main commercial and financial centre
of the East zone, other important
centres of the state include: the
International Airport: Kolkata
Haldia region, the Asansol-Durgapur Domestic Airport: Bagdogra
region, the Falta SEZ and eight Agri- Key Industries: Petroleum and petrochemicals, Iron and steel
Export Zones. Agro-based, Leather
Industries with growth potential: IT and ITES, Tourism
· Third largest economy in India

DOING BUSINESS IN WEST BENGAL
· State with surplus electricity Department Timelines
generation capacity Environment • No objection Certificate from Pollution Control Board - 15 days
· Largest producer of vegetables Industries • Permission from Chief Inspector of Factories - 7 days
and fruits, second largest Health and Fire • Health Licence - 3 days
producer of tea and paper in • Fire Licence - 7 days
India Power • Electrical Connections - 36 days
· Proximity to mineral resources Revenue • Land - 75-90 days
and international markets WBIDC • Allotment of land - 30-45 days

through ports Source: Govt of West Bengal
· Largest talent pool and low

cost of operations
311
MALL DEVELOPMENTS IN THE EAST
T he East Zone had its first mall in 2002 with

The City Centre from Bengal Ambuja Metro
Development Ltd. Located in Salt Lake, this
super structure was built on a 2.18 lakh land area
80
70
EAST ZONE: Growth in Mall Space
1574616000
14000
with 4.5 lakh square feet of mall space, out of 60 11907 12000
which three lakh square feet was the gross 50

9463
47 10000
Numbers
'000 sq.ft
leasable area. In the next two years, by 2004, 40
39
8000
32
there were four more malls operational in the East, 30 6000
a total of three in Kolkata (Forum, Metropolis and 20 14 3384 4000
Fort Knox) and one each in Bhubaneshwar (Forum 10 5 6

8
2000
1 1009 1059 1244
Mart by developer Susam Properties) and 0
450
0
Guwahati (Hub by developer Mridul Properties). 2002 2004 2005 2006 2007 E 2008* 2009* 2010**
Malling activity has picked up since then and by Number of Malls Total Mall Space ('000 sq.ft)
the end of this year there will be a total of 14

malls operational in the East, of which nine are The average ratio of land area to mall space for
located in Kolkata and five in the other major Kolkata is as 1 : 2.24, while for the other urban
urban centres. Together, these 14 malls will offer centres it is 1 : 2.08 ; which is indicative of higher
11.91 million square feet of quality retail space. land prices in Kolkata, and therefore lesser open
Going by the under-construction projects and space. In the case of the prevailing average ratio of
those that have been announced, there will be a mall space to GLA, Kolkata malls have more
total of 47 malls operational in the East by year movement space (1 : 0.67) as compared to the
2010, of which 25 will be in Kolkata and 22 in the other centres where for every one square feet of
other major urban centres. Besides Kolkata, mall space there is slightly larger GLA (1 : 0.69).
maximum activity on this front is happening in
Asansol, Guwahati, Raipur and Siliguri.
Kolkata 2002 2004 2005 2006 2007 E 2008* 2009* 2010**

Number of Malls 1 3 3 4 9 19 21 25
Total Mall Space ('000 sq.ft) 450 778 778 858 2638 5491 6423 7977
Total Land Area ('000 sq.ft) 218 347 347 383 1177 2451 2867 3561
Total GLA ('000 sq.ft) 300 522 522 576 1771 3687 4312 5356
Other centres
Number of Malls 2 3 4 5 13 18 22
Total Mall Space ('000 sq.ft) 231 281 386 746 3972 5484 7769
Total Land Area ('000 sq.ft) 111 135 186 359 1911 2639 3739
Total GLA ('000 sq.ft) 159 193 265 513 2730 3769 5340
East Zone
Number of Malls 1 5 6 8 14 32 39 47
Total Mall Space ('000 sq.ft) 450 1009 1059 1244 3384 9463 11907 15746
Total Land Area ('000 sq.ft) 218 458 482 569 1536 4363 5506 7299
Total GLA ('000 sq.ft) 300 681 715 841 2284 6417 8082 10695
E: estimated * under-construction ** announced
312
Mall Projects - East Zone
Total Total Gross
City Developer Land Area Mall Space Leasable Operational
Mall Name Location Status
(sq.ft) (sq.ft) Area (sq.ft) From
Kolkata Aster Group Ozone Mall VIP Road 43,000 150,000 145,000 Construction 2008-Aug
Kolkata Aster Group Ozone Mall Madhyagram,Sodepur 74,000 200,000 Planned 2010
Jessore Rd Xng
Kolkata Avani Projects & Infrastructure Ltd Avani Europa Jessore Road 196,694 440,000 Construction 2009
Kolkata Avani Projects & Infrastructure Ltd Avani Renaissance Behala 170,000 477,000 Planned 2010
Kolkata Avani Projects & Infrastructure Ltd Avani Riverside Howrah 170,000 492,000 Construction 2009
Kolkata Bengal Ambuja Metro Development Ltd City Centre Salt Lake 217,800 450,000 300,000 Operational 2002-Jul
Kolkata Bengal Ambuja Metro Development Ltd City Centre New Town, Rajarhat 217,800 550,000 350,000 Construction 2008-Jan
Kolkata Bengal Greenfields The Terminus Kolkata 386,558 386,558 Planned 2010-Jan
Kolkata Bengal Sheltar Housing Devlpt Ltd Barnaparichoy College Street 800,000 490,000 Announced 2010
Kolkata Calcutta Metropolitan Group Ltd The Metropolis Chak Garia 141,660 Operational 2004-Dec
Kolkata Fort Group Fort Knox Camac Street 80,000 65,000 Operational-Part 2006-Jun
Kolkata Fort Group Lee-II Bhawanipur 47,000 30,000 Construction 2007-Oct
Kolkata Hoogly Investments E -Mall Kolkata 45,000 45,000 Construction 2007-Sep
Kolkata J.J.Realtors Pvt Ltd Ffirangi Bazaar EM Bypass, opp Salt 57,000 180,000 148,000 Construction 2008
Lake Stadium
Kolkata J.J.Realtors Pvt Ltd Shop Out Raja Subodh Chandra 23,100 52,000 44,570 Construction 2008
Mullick Rd
Kolkata Kshitij Investment Advisory Co. Ltd Kolkata Mall I Jessore Road 260,000 Construction 2008-Apr
Kolkata Kshitij Investment Advisory Co. Ltd Kolkata Mall II Strand Road 455,000 Construction 2008-Jun
Kolkata Kshitij Investment Advisory Co. Ltd Kshitij Mall VIP Road 381,000 Construction 2008-Sep
Kolkata Mani Square Pvt Ltd Mani Square Off EM Bypass, near 184,694 600,000 300,000 Construction 2007-Oct
Bengal Chem
Kolkata Merlin Projects Ltd Acropolis Rajdanga Mn Rd, 86,400 427,200 161,460 Construction 2008
PS Kasba
Kolkata Merlin Projects Ltd Homeland Ashutosh Mukherjee Rd 105,000 63,000 42,000 Operational 2007-Apr
Kolkata South City Projects (Kolkata) Ltd South City Mall 375, Prince Anwar 216,000 1,025,000 700,000 Construction 2007-Dec
Shah Road
Kolkata Sunsam Properties (P) Ltd Forum Kolkata 80,724 186,116 Operational 2003-Mar
Kolkata Sunsam Properties (P) Ltd Forum courtyard Kolkata 153,000 Construction 2008-Dec
Kolkata Venkatesh Foundation Pvt. Ltd Lake Mall Rashbehari Avenue 48,255 245,000 170,000 Construction 2008-Apr
313
Mall Projects - East Zone
Total Total Gross
City Developer Land Area Mall Space Leasable Operational
Mall Name Location Status
(sq.ft) (sq.ft) Area (sq.ft) From
Asansol Avani Projects & Infrastructure Ltd Galaxy Mall Burnpur Road, Chitra More 74,843 240,000 Planned 2009
Asansol Bengal Shristi Infrastructure Asansol Centrum Shristinagar, New Asansol 600,000 Announced 2009
Devlpt Ltd
Barrackpore Hoogly Investments B-Mall Barrackpore 170,000 Planned 2010
Bhilai EWDPL India Pvt Ltd Treasure Island Opp. Surya Vihar, Junwani 208,960 475,120 375,900 Construction 2008-Dec
Bhubaneswar Sunsam Properties (P) Ltd Forum Mart Bhubaneswar 53,887 181,035 Operational 2004
Dhanbad Prabhatam Buildwell Limited Grand International Main Barbada Road, 109,000 475,000 336,244 Construction 2008-Dec
Mall Dhaiya
Durgapur Bengal Shristi Infrastructure Dreamplex Durgapur City Center 105,000 70,000 Operational 2006-Jun
Devlpt Ltd
Guwahati Avani Projects & Infrastructure Ltd Avani Atria Zoo Rd-GS Rd Xing, 138,240 362,000 Planned 2009
Dispur
Guwahati BK Builders and Enterprises Kay'M Plaza Ganeshguri,GS Road, 13,500 70,000 Construction 2008-Jan
Dispur
Guwahati Mridul Properties Hub Guwahati 50,000 Operational 2004
Haldia Bengal Ambuja Metro City Centre Haldia 261,360 465,000 250,000 Announced 2010
Development Ltd
Jabalpur EWDPL India Pvt Ltd Treasure Island Sukhsagar Valley, 139,600 572,800 480,900 Construction 2008-Oct
Polipather
Krishnanagar Shristi Infrastructure Develpt Krishnagar Centrum Krishnanagar, 35,000 140,000 Planned 2009
Corpn Ltd West Bengal
Raipur Avinash Developers Pvt. Ltd MagnetoThe Mall N.H.-6, Labhandi 219,240 618,000 410,565 Construction 2008-Jun
Raipur Bengal Ambuja Metro City Centre Raipur 566,280 650,000 500,000 Announced 2010
Development Ltd
Raipur City Mall Developers Pvt. Ltd. City Mall 36 N.H.-6, G.E.Road, 500,000 360,000 250,000 Operational 2007-Jul
Raipur EWDPL India Pvt Ltd Treasure Island Opp. Agricultural 320,000 730,000 593,000 Construction 2008-Dec
College, NH-6
Ranchi Jokhiram Durgadutt JD High Street Opp Gel Church 22,144 110,000 70,000 Construction 2008
Complex, Main Rd
Raniganj Bengal Shristi Infrastructure Raniganj Square, Raniganj 170,000 Announced 2009
Devlpt Ltd
Siliguri Bengal Ambuja Metro City Centre Uttorayan (NH 31) 435,600 1,000,000 475,000 Announced 2010
Development Ltd
Siliguri Kshitij Investment Advisory Co. Ltd Siliguri Mall Main Sevoke Road 175,000 Planned 2008-Jan
Siliguri SkyStar Shopping Pvt Ltd Sunflower Mall Siliguri 30,000 50,000 45,000 Operational 2005-Aug
314
The Jones Lang LaSalle Meghraj classification of India Retail, The factor that large retailers find attractive about Kolkata market is
India 50, places Kolkata in the 'transitional' centre category, the high retail spending that has been witnessed in their existing
while Bhubaneshwar and Jamshedpur are classified as Emerging stores, both standalone and in the operational malls. Increased
centres. Ranchi, Guwahati, Jabalpur, Asansol and Dhanbad are, consumer demand, improved sourcing options and large
on the other hand, classified as 'nascent' retail centres in the availability of real estate have created the foundation for
East Zone. significant growth of organised retail in the city.
Kolkata – Retail Market Overview: 2006 Central Business District (CBD)
Current Scenario The prime locations in Kolkata where retail developments have
flourished are concentrated in the CBD locations of Elgin Road,
Over the last three-four years Kolkata has witnessed increased
Camac Street, Theater Road, Russel Street, Park Street, AJC Bose
activity in the organised retail segment, thanks to the lucrative
Road and Landsdowne Road. Though Kolkata lacks a true high
incentive packages doled out by the West Bengal State
street till date, Elgin Road is headed to become an upmarket
government in order to attract industry and capital to the City
high street. Leading this transformation is the Forum Mall (1,86
and other regions of the state. The IT/ITES, services and
lakh sq.ft.) which came up in early 2003. Forum houses the Inox
manufacturing sectors are all picking up, which in turn is
multiplex besides a host of high-end brands.
creating more employment and higher income for the populace,
mostly for the young. This is translating into higher disposable The revamping of New Market, near Chowringee would release
incomes and an earning for quality products, services, which the an additional retail space of approximately 3.5 lakh sq.ft. in the
organised retail fraternity seems determined to provide. CBD by the year 2010. New malls are being planned and
proposed on AJC Bose Road, Chowringee, Strand Road and Park
The most pronounced regions of new real estate growth in
Street. This will translate in approximately 17.1 lakh sq.ft. of
Kolkata are East and South-East corridors. The demand for retail
fresh retail space in the CBD micro-market by 2008.
and office space, though still high in the Central Business
District, is also spreading to areas like Rajarhat, Sector V, Salt
Lake and the Eastern Metropolitan Bypass (EM Bypass).
Currently, the retail sector in the city is a mix of local retailers
and many national and international brands. One important
Distribution of Current Retail Space in Kolkata
East
21%
CBD
45%
South
15%
North
19%
Total space: 2.11 mn sq. ft
Source: Kinight Frank Research
315
Kolkata Average Capital Values ( Rs. / Sq.Ft.)
Business District Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Jun-07
Park Street/ Camac Street 3,300 3,100 3,100 3,100 6,240 6,550 7,300
Dalhousie Square 2,900 2,500 2,500 2,500 4,235 4,350 4,500
Salt Lake 2,300 2,500 2,500 2,500 4,300 4,909 4,950
Park Circus Connector 2,275 2,500 2,800 3,100 4,720 5,975 6,000
Kolkata Commercial Supply

As per information with Cushman & Wakefield, in the first half Geographical extent of the city is increasing; with development
of 2007 has seen limited addition (approximately 5 lakh sq.ft) of happening in all suburbs and over five million sq.ft of fresh office
commercial space in the City, most of which is in Rajarhat and space is expected to be added in 2007. Significant activity is
Salt Lake. But on-going projects suggest that by the end of the happening in the eastern suburbs of Kolkata, i.e, areas of Salt
year Kolkata is likely to have an additional 32.5 lakh sq.ft of Lake and New Town with most major developers who have a
commercial space. pan India presence and other international developers coming
Also, the 130 acre SEZ coming up at the Bantala IT Park where establishing their footprint.
companies like Cognizant, Tech Mahindra, Patni Computers are FUTURE OUTLOOK
setting up campuses is likely to go abuzz by 2008-end. This will
generate additional demand for retail as well. Absorption
(commercial info: DTZ) The year 2006 has witnessed absorption equivalent to and
touched nearly four million sq.ft and as per estimates for 2006,
GROWTH DRIVERS with 1.92 million sq.ft of the total supply coming online in 2007
Demand is already committed. Kolkata is expected to witness absorption
of 4.89 million sq.ft in 2007. This would maintain the rentals at
Commercial space absorption has steadily grown in Kolkata ever the current levels in the short term as developers do tend to
since the change in leadership of the state in 2001. Conducive delay the completion of projects in which spaces haven’t been
policy framework with proactive support from the sate leased pre-completion of the project. There have been a few
government and bureaucracy has improved perception of the large transactions towards the end of 2006 and in case that
general socio-political environment in the city and the State on trends continues it will imbalance the demand and supply
the whole. equation.
Supply
The Kolkata office space market is expecting an estimated
supply of 8.1 million sq.ft in 2007.
Rentals
Rental values in the suburbs of Salt Lake and Rajarhat are
expected to remain stable in the short term. However, if the
increase in demand is greater than expected, then developers,
who have delayed construction activity, would not be able to
deliver their projects in time to match the demand. This could
lead to a short-term supply crunch and push the rental and
capital values upwards. Kolkata requires significant piling work
to strengthen the foundation due to the soft alluvial soil, which
adds three to five months to the normal construction time.
Bhubaneswar
India's IT-ITES sector as also established retail and retail players
and mall developers are now exhibiting interest in exploring
destinations other than the seven major cities, namely,
Bangalore, NCR (Delhi), Mumbai, Hyderabad, Chennai, Pune and
Kolkata. Bhubaneshwar is one of these emerging centres.
316
Bhubaneshwar, Orissa's major business are along the BhubaneshwarCuttack areas. The newly emerging retail areas
and trading centre, is one out of the Highway and Chandrashekharpur in the are along the GE Road with the stretch
three planned capital cities of India. The vicinity of the IT/ITES Park. between Tati Bandh to Teli Bandha
economy of the city is dominated by the emerging as the most active retail
As of now, there is only one mall in the
service sector. The new city was planned destination in the city. Sharda Chowk
city, the Forum Mart, which became
on the northwest side of the old city and Jaistambh Chowk have emerged as
operational in 2004.
located along the coast. At present the hub of retail destinations in the city.
though the real estate prices in the city Raipur
Raipur has seen quite a few shopping
are quite stable, the city is witnessing a Raipur, the capital city of Chhattisgarh, is centers (operational and under
lot of activity across various real estate situated right in the centre of the state, construction) in the recent years. The
segments. with Mahanadi River to its east and thick majority of these are located on the GE
The state government is taking serious forests to the south. Raipur is one of the Road and Ring Road 1. The most
initiatives towards the development of biggest iron markets of the country and prominent is the Lal Ganga City Mall,
infrastructure and IT/ITES industry in the is also a major centre of trade and which is regarded as a landmark
state. Bhubaneshwar has already business activities of the entire development in organised mall type
emerged as an IT destination on the Chhattisgarh region, which is popularly retail development in the city. It is
countries map. Majority of the known as the 'Rice bowl of the country'. located on GE Road near Jaistambh
residential & IT/ITES developments in The city has also been referred to as the Chowk. There are three more malls
the city are concentrated on the 'agricultural-processing and saw-milling under construction and by 2009 there
northern side of the city at town'. will be more than 23 lakh sq.ft of mall
Chandrashekharpur and the surrounding The real estate market received an space available in the city.
areas, where an IT Park has come up. The impetus after the city became the With governments plan for development
retail and commercial property markets capital of the newly formed Chhattisgarh of the new capital city, the real estate
are centered in old city, which is the State. Raipur has a dense core sector is sure to witness an upward trend
commercial hub of the city. dominated with retail, commercial and in all the categories in the next two
A buoyant real estate (in the residential institutional activities. The GE Road years. The city is still a virgin market for
and commercial real estate categories) (NH-6) is the main spine of the city and international brands in retail. In the
and presence of few national / major real estate development is present Raipur, G E Road would remain
international retail brands in the city happening along this corridor. as the most important corridor for retail
provides opportunities to various brands The retail real estate in Raipur can be real estate development.
and projects bright prospects for retail classified in to traditional specialised
real estate development in the city. The markets and the newly emerging retail
potential areas for retail development
317
(EAST)
MALL PROFILE
Aster Group Avani Projects &
Infrastructure Ltd
OZONE MALL 1 OZONE MALL 2 AVANI RIVERSIDE

Location: VIP Road Location: Madhyamgram (Sodepur Location: Howrah
City: Kolkata Road & Jessore Road Crossing) City: Kolkata
Status: Under-Construction City: Kolkata Status: Under-Construction
Operational From (Planned): Status: Planned Operational From (Planned): 2009
August, 2008 Operational From (Planned): 2009 Total Land Area: 1,70,000 sq.ft
Total Land Area: 43,000 sq.ft Total Land Area: 74,000 sq.ft Gross Leasable Area: 4,92,000 sq.ft
Total Mall Space: 1,50,000 sq.ft Total Mall Space: 2,00,000 sq.ft No. of Floors: 2B+G+ 3
Gross Leasable Area (GLA): Gross Leasable Area (GLA): Leasing Agents/Companies:
1,45,000 sq.ft 2,00,000 sq.ft Trammell Crow Meghraj
No. of Floors: B+G+4 No. of Floors: B+G+5 CAM Charges/month: At Actuals
CAM Charges: At Actuals CAM Charges: At Actuals Rental Model: Fixed Minimum Rent
Rental Model: Fixed Minimum Rent Rental Model: Fixed Minimum Rent Space for 4-wheelers: 450 (approx)
Atrium Area: 8,000 sq.ft Atrium area: 10,000 sq.ft No. of Escalators: 10
Shopping Area: 88,000 sq.ft Shopping Area: 1,05,000 sq.ft No. of Lifts: 8
Food Court Area: 14,500 sq.ft Food Court Area: 20,000 sq.ft Kids'/Creche Area: On Third Floor
Leisure & Entertainment Area: Leisure & Entertainment Area: Competitive Advantage: First mega
42,000 sq.ft 10,000 sq.ft mall in Howrah, with Pantaloons, Big
Services Area: 3,000 sq.ft Services Area: 5,000 sq.ft Bazaar & Fame Multiplex as anchors
Parking Area: 23,000 sq.ft Parking Area: 35,000 sq.ft Location Considerations: Good
Space for No of 4-wheelers: 250 Space for No of 4-wheelers: 400 connectivity with Howrah and Kolkata,
Space for No of 2-wheelers: 50 Space for No of 2-wheelers: 150 with untapped catchment area at
Howrah.
No. of Levels: 6 No. of Levels: 6
Market Area: Howrah, Shibpur, Kolkata
No. of Escalators: 6 No. of Escalators: 6
Other Shopping centres/malls in 6
No. of Lifts: 3+1 No. of Lifts: 4+1 km radius: None
Creche Area: 1,100 sq.ft Creche Area: 2,000 sq.ft Mall Management: Outsourced
Kids Zone Area: 6,000 sq.ft Kids Zone Area: 6,500 sq.ft TENANT MIX
Competitive Advantage: India's First Competitive Advantage: Easy Mall, Anchor 1: Pantaloons (Department
Easy Mall with frontage of 255 ft on the strategically located, with an excellent Store)
busiest road. Excellent Catchment catchment.
Area/Status: 32,000 sq.ft/Booked
Catchment Area: Baguihati, Lake Catchment Area: Madhyamgram,
Town, Teghoria, Hatiara, Kestopur, Dum Sodepur, Badu, Birati, Barasat, Anchor 2: Big Bazaar (Hypermarket)
Dum, Kalindi, Nagerbazaar Bangladesh Area/Status: 77,000 sq.ft/Booked
Other Shopping centres/malls in 6 Other Shopping centres/malls in 6 Anchor 3: Fame Multiplex
km radius: City Centre 2, Diamond City km radius: Shisir Kunj Screens/Status: Four Screens/Booked
Other Brands/Retailer: Adidas,
Archies, Biba, Cellucom, Cottons, Gini
& Jony, Levis, Lee Cooper, My Dollar
Store, Welspun, Woodland etc.
319
(EAST) MALL PROFILE
Avani Projects &
Infrastructure Ltd .
AVANI EUROPA AVANI RENAISSANCE GALAXY MALL

Location: Jessore Road City: Kolkata Location: Burnpur Road, Chitra More
City: Kolkata Status: Planned City: Asansol
Status: Under-Construction
Operational From (Planned): 2009 Status: Planned
Operational From (Planned): 2009
Total Land Area: 1,70 000 sq.ft Operational From (Planned): 2009
Total Land Area: 1,96,694 sq.ft
Gross Leasable Area (GLA): Total Land Area: 74,843 sq.ft
Gross Leasable Area: 4,40,000 sq.ft
4,77,000 sq.ft Gross Leasable Area (GLA):
No. of Floors: 2B+G+5
No. of Floors: 2B+G+6 2,40,000 sq.ft
Leasing Agents/Companies: Trammell
Crow Meghraj/N K Realtors/Ashray Leasing Agents/Companies: No. of Floors: 2B+G+5
Trammell Crow Meghraj/NK Realtors Leasing Agents/Companies:
CAM Charges: At Actuals
CAM Charges: At Actuals NK Realtors
Rental Model: Fixed Minimum Rent
Space for 4-wheelers: 400 (approx) Rental Model: Fixed Minimum Rent CAM Charges: At Actuals
No. of Escalators: 10 Space for No of 4-wheelers: Rental Model: Fixed Minimum Rent
400 (approx) Space for No of 4-wheelers:
No. of Lifts: 6
Kids' Play/ Creche Area: On Fourth Kids' Play/Creche Area: Proposed on 150 (approx)
Floor Fourth Floor No. of Escalators: 12
Competitive Advantage: Strategically Competitive Advantage: Only mall No. of Lifts: 4
situated between Lake Town and Bangur. proposed in this part of the city. Densely Kids' Play/Creche Area: Proposed on
Accessible by all modes of transport. populated surrounding areas, with an the Fourth Floor
Location Considerations: Strategic increasing number of huge residential
complexes coming up in the near Competitive Advantage: First world
positioning with parts of Salt Lake, Bangur class shopping mall in Asansol, with all
and Lake Town as catchment areas. future.
modern amenities.
Market Area: Lake Town, Bangur, Salt Considerations on choice of
Location: This is literally an untapped Considerations on choice of
Lake, North Kolkata
region, with additional residential Location: Only mall offering in Asansol
Other shopping centres/malls within
complexes coming up, assuring a good for the city's brand-conscious
6km: Diamond City North, Mani Square
footfall and potential catchment pockets consumers.
Mall Management: Outsourced
for a mall. Market Area: Entire Asansol – the mall
TENANT MIX
Market Area: Behala, South Kolkata being the city's first.
Anchor 1: Magnet Hypermarket
Other Shopping centres/malls in 6 Other Shopping centres/malls in 6
Area/Status: 60,000 sq.ft/Booked km radius: Bengal Shrishti
Anchor 2: Fame Multiplex
km radius: None
Screens/Status: Four Screens/Booked
Anchor 3: Max Lifestyle Department Store
Status: Under Negotiation
Anchor 4: Croma (Consumer Electronics)
Anchor 5: Odyssey (Book Store)
Anchor 6: Orama (Under Negotiation)
Anchor 7: House Plus (Home Store)
Other tenants: Adidas, Archies,
320
(EAST)
MALL PROFILE
Avani Projects & Avinash Developers Bengal Ambuja Metro
Infrastructure Ltd. Pvt. Ltd. Development Ltd.
AVANI ATRIA MAGNETO THE MALL CITY CENTRE

Location: Junction of Zoo Road and Location: NH 6, Labhandi Location: Salt Lake
GS Road City: Raipur City: Kolkata
City: Guwahati Status: Under-Construction Status: Operational
Status: Planned Operational From (Planned): June, Operational From: July 2002
Operational From (Planned): 2009 2008
Total Mall Investment: Rs. 120 crore
Total Land Area: 1,38,240 sq.ft Total Land Area: 2,19,240 sq.ft.
Total Mall Space: 6,18,000 sq.ft.
Gross Leasable Area (GLA): Total Mall Space: 4,50,000 sq.ft
3,62,000 sq.ft Gross Leasable Area: 4,10,565 sq.ft
No. of Floors: B+G+5 No. of Floors: Basement + 5 Floors
Leasing Agents/Companies: Franchise No. of Floors: 3
Leasing Agents/Companies: Tramell CAM Charges: Rs.15/sq.ft/month
India Property Services/ICICI Property
Crow Meghraj/NK Realtors/Ashray
Services Shopping Area: 2,70,000 sq.ft
CAM Charges: At Actuals CAM Charges: Rs.18/sq.ft/month Food Court Area: 12,000 sq.ft
Rental Model: Fixed Minimum Rent Rental Model: On Lease Leisure/Entertainment: 35,000 sq.ft
Space for No of 4-wheelers: Atrium Area: 40,000 sq.ft.
300 (approx) Space for no. of vehicles: 1,200
Shopping Area: 3,01,502 sq.ft.
Food Court Area: 30,000 sq.ft.
No. of Lifts: 4 No. of Lifts: 15
Leisure/Entertainment Area: 46,000
Kids' Play/Creche Area: Proposed on sq.ft. Competitive Advantage: First
Fourth Floor horizontal mall in Eastern India
Services Area: 15,000 sq.ft.
Competitive Advantage: Largest mall Catchment Area: Entire Salt Lake
Parking Area: 1,86,000 sq.ft
located on Guwahati's main high street, Space for No of 4-wheelers: 700 cars Average Footfalls on Week days:
with access from both GS Road and 25,000 - 30,000
Space for No of 2-wheelers: 1,500
Zoo Road. Average Footfalls on Weekends:
No. of Escalators: 6 pairs
Considerations on choice of 40,000 - 50,000
No. of Lifts: 8 Lifts
Location: Located at the most ideal TENANT MIX
Kids' Play/Creche Area: 5,000 sq.ft.
position, with access from both Anchor 1: Shoppers' Stop (Department
commercial as well as residential ends Location Considerations: Prime area on
Store)
NH 6, 4-lane expressway near mal
of the city. No of Floors/Status: 2/Operational
Catchment Area: Purely residential
Market Area: Guwahati and other parts Anchor 2: C3 Supermarket
of North East India. Other shopping centres/malls in 6 km
radius: City 36 & Treasure Island No of Floors/Status: 1/Operational
Other Shopping centres/malls in 6
Competitive Advantage: First of its kind Anchor 3: Inox (Multiplex)
km radius: Dona Plaza, Brand Station,
in Chhattisgarh; multiplex and Category/Format:
Hub, Shohum Shoppee
hypermarket, proposed adjacent
Mall Management: Outsourced Screens/Status: 4
amusement park and Taj luxury hotel (125
rooms). Screens/Operational
TENANT MIX Anchor 4: Wills Lifestyle (Fashion
Store)
Anchor 1: PVR Ltd (Multiplex)
Screens/Status: 4 Screen/Booked Status: Operational
Anchor 2: RPG Group, Spencer's Other Brands/Retailers: Arrow,
Supermarket Blackberrys, Zodiac, Spykar, Lilliput,
Moustache, Planet M, Bose, Woodland,
Triumph, Pizza Hut etc.
321
(EAST) MALL PROFILE
Bengal Ambuja Metro
Development Ltd.
CITY CENTRE CITY CENTRE CITY CENTRE

Location: New Town, Rajarhat Location: Haldia Location: Uttorayan (NH 31)
City: Kolkata City: Haldia City: Siliguri
Status: Under Construction Status: Launching Shortly Status: Launching Shortly
Operational From: January 2006 Operational From (Planned): NA Total Land Area: 4,35,600 sq.ft
Total Mall Investment: Rs.150 crore Total Land Area: 2,61,360 sq.ft Total Mall Space: 10,00,000 sq.ft
Total Land Area: 2,17,800 sq.ft Total Mall Space: 4,65,000 sq.ft Gross Leasable Area (GLA):
Total Mall Space: 5,50,000 sq.ft Gross Leasable Area (GLA): 4,75,000 sq.ft
Gross Leasable Area: 3,50,000 sq.ft 2,50,000 sq.ft No. of Floors: 5
CAM Charges: Rs.15/sq.ft/month Shopping Area: 2,00,000 sq.ft CAM Charges: Rs.14/sq.ft/month
Shopping Area: 3,00,000 sq.ft Food Court Area: 21,000 sq.ft Shopping Area: 3,00,000 sq.ft
Food Court Area: 16,500 sq.ft Leisure & Entertainment Area: Food Court Area: 28,000 sq.ft
Leisure/Entertainment : 45,000 sq.ft 35,000 sq.ft Leisure & Entertainment Area:
Space for No of vehicles: 1,800 Space for No. of vehicles: 450 48,000 sq.ft
No. of Escalators: 6 No of Escalators: 6 Space for No. of vehicles: 800
No. of Lifts: 17 Competitive Advantage: Piazza Mall No of Escalators: 6
Kids' Zone Area: 11,500 sq.ft Catchment Area: Entire Haldia Competitive Advantage: Open format,
TENANT MIX horizontal mall
Competitive Advantage: Butterfly
Park Anchor 1: Reliance Hypermarket Catchment Area: Siliguri and adjoining
Status: Booked areas
Catchment Area: North Kolkata and
Rajarhat No of Floors: 1 TENANT MIX
TENANT MIX Anchor 2: Pantaloons (Department Anchor 1: Pantaloons (Department
Store) Store)
Anchor 1: Pantaloons Department
Store Status: Booked Status: Booked
Status: Booked No of Floors: 2 No of Floors: 2
No of Floors: 1 Anchor 3: Inox (Multiplex) Anchor 2: Inox (Multiplex)
Anchor 2: Inox (Multiplex) Status: Booked Status: Booked
Status: Booked No. of Screens/Total Capacity: No. of Screens/Total Capacity:
4 Screens/1,000 Seats 4 Screens/1,200 Seats
No. of Screens/Total Capacity:
4 Screens/1,200 Seats Anchor 3: Globus (Department Store)
Anchor 3: Galaxy Entertainment Status: Under negotiation
Status: Booked
No of Floors: 1
Anchor 4: Croma (Consumer
Electronics Store)
Status: Booked
No of Floors: 1
322
(EAST)
MALL PROFILE
Bengal Ambuja Metro Bengal Sristi Infrastructure
Development Ltd. Development Ltd.
CITY CENTRE DREAMPLEX ASANSOL CENTRUM

Location: Raipur Location: Durgapur City Center Location: Shristinagar, Asansol
City: Raipur City: Durgapur, West Bengal City: Asansol, West Bengal
Status: Launching Shortly Status: Operational Status: Announced
Total Land Area: 5,66,280 sq.ft Operational From: 2006 Operational From (Planned): 2009
Total Mall Space: 6,50,000 sq.ft Total Mall Investment: Rs.20 crore Total Built-up Area: 6,00,000 sq.ft
Gross Leasable Area (GLA): Total Built-up Area: 1,05,000 sq.ft No. of Floors: G+4
5,00,000 sq.ft No. of Floors: G+3 Leasing Agents/Companies: Inhouse
No. of Floors: 5 Gross Leasable Area: 70,000 sq.ft Rental Model: Fixed minimum rent
Shopping Area: 4,00,000 sq.ft GLA/GFA Ratio: 7:10 Shopping Area: 3,00,000 sq.ft
Food Court Area: 10,000 sq.ft Leased/Sold Space Ratio: 7:3 Food Court Area: 50,000 sq.ft
Leisure & Entertainment Area: Leasing Agents/Companies: Leisure & Entertainment Area:
30,000 sq.ft In-house/Trammell Crow Meghraj 50,000 sq.ft
Competitive Advantage: Horizontal CAM Charges: Rs.12/sq.ft/month Space for No. of 4-wheelers: 300
mall Rental Model: Fixed minimum rent Space for No. of 2-wheelers: 500
Catchment Area: Baloda Bazaar and Atrium Area: 5,000 sq.ft Considerations on choice of
its adjoining areas location: Part of Shristinagar – The
Shopping Area: 65,000 sq.ft
Food Court Area: 9,000 sq ft New Asansol
Leisure/Entertainment: 27,000sq.ft Catchment Area: Burdwan, Raniganj,
Asansol, Jamuria, Birbhum
Services Area: 2,500 sq.ft
TENANT MIX
Parking Area: 25,000 sq.ft
Anchor 1: Pantaloons (Department
Space for No. of 4-wheelers: 100
Status: Booked
Anchor 2: Inox (Multiplex)
No. of Escalators: 2
Status: Booked
No. of Lifts: 1
Location Considerations: Part of
Durgapur City Centre Project
Catchment Area: Burdwan, Raniganj,
Asansol, Jamuria, Birbhum
Average Footfall on Week Days:
5,000
Average Footfall on Weekends:
12,000
Mall Management: Inhouse
TENANT MIX
Anchor: 89 Cinemas (Multiplex)
Status: Operational
3 Screens/1,000 Seats
Other Brands/Retailers: Nik Nish, My
Dollar Store, Koutons, Woodland, Music
323
(EAST) MALL PROFILE
Bengal Sristi Infrastructure BK Builders and City Mall Developers
Development Ltd. Enterprises Pvt. Ltd.
SHOPPING MALL KAY'M PLAZA CITY MALL 36

Location: Raniganj Square, Raniganj Location: Near Kar Bhavan, Location: NH 6, GE Road
City: Raniganj, West Bengal Ganeshguri, GS Road, Dispur City: Raipur
Status: Announced City: Guwahati Status: Operational
Operational From (Planned): 2009 Status: Under Construction Operational since: July 2007
Total Investment in the Mall: Planned Launch: January, 2008 Total Land Area: 5,00,000 sq.ft
Rs.50 crore Total Mall Investment: Rs.10 crore+ Total Built-up Area: 3,60,000 sq.ft
Total Built-up Area: 1,70,000 sq.ft Total Land Area: 13,500 sq.ft (approx) Gross Leasable Area: 2,50,000 sq.ft
No. of Floors: G+3 Total Mall Space: 70,000 sq.ft No. of Floors: B+G+4
Leasing Agents/Companies: In- No. of Floors: B+ G + 6 Leased/Sold Space Ratio: All leased
house Gross Leasable Area: 70,000 sq.ft CAM Charges: Rs.15/sq.ft/month
Rental Model: Fixed minimum rent Leased/Sold Space Ratio: 70% / 30% Rental Model: Fixed Minimum Rent
Atrium Area: 6,000 sq.ft Leasing Agents/Companies: In- Food Court Area: 30,000 sq.ft
Shopping Area: 1,20,000 sq.ft house Leisure/Entertainment: 20,000 sq.ft
Food Court Area: 5,000 sq.ft CAM Charges: Rs.5/sq.ft/month Space for No. of 4-wheelers: 750
Leisure & Entertainment Area: Rental Model: Rs.40-50/sq.ft Space for No. of 2-wheelers: 1,200
5,000 sq.ft Parking Area: Space for 10,000+ No. of Escalators: 8
Space for No. of 4-wheelers: 100 vehicles (basement and around
building) No. of Lifts: 4
No. of Lifts: 3 (1 capsule lift) Average Footfall on Week Days:
Considerations on choice of 8,000-10,000
location: Part of Raniganj Square – A Location Considerations: First of its
highway hub located on NH 2 kind in the North-East, located on Average Footfall on Weekends:
Guwahati-Shillong Road, near 20,000-25,000
Catchment Area: Burdwan, Raniganj,
Jamuria, Asansol, Birbhum Ganesguri flyover, the main CBD Mall Management: Outsourced
Catchment Area: Guwahati-Shillong Competitive Advantage: Complete
Road, Ganeshguri flyover, Dispur family entertainment centre, a first for
Other shopping centres/malls in 6 Chhattisgarh
km radius: Ganesguri, Zoo Road, TENANT MIX
Beltola Super Market, 6 mile local Anchor 1: Big Bazaar (Hypermarket)
market complex, Shohum Shoppe Status/No. of Floors:
Towers, Dihang Towers, Hub, Fashion Operational/G+2
Planet, The Ramond's Shop,T urtle, Big Anchor 2: Pantaloons (Department
Bazaar (coming up at the city square), Store)
etc.
Status/No. of Floors:
Average Footfall on Week Days: Operational/G+2
20,000-30,000
Anchor 3: Globus (Department Store)
50,000 Status: Operational
Mall Management: In-house No of Floors: 1
Competitive Advantage: Covers a Anchor 4: Inox (Multuplex)
large population in the area of 2-5 Status: Operational
sq.km covering Zoo Road, Dispur No. of Screens/Total Capacity:
324
(EAST)
MALL PROFILE
EWDPL India
Pvt. Ltd.
TREASURE ISLAND TREASURE ISLAND TREASURE ISLAND

Location: Opp Agricultural College, NH 6 Location: Sukhsagar Valley, Polipather, Location: Opp. Surya Vihar, Junwani
City: Raipur Narmada Road City: Bhilai
Status: Under Construction City: Jabalpur Status: Under Construction
Planned Launch: December 2008 Status: Under Construction Planned Launch: December 2008
Total Mall Investment: Rs.136 crore Planned Launch: October 2008 Total Mall Investment: Rs.81 crore
Total Land Area: 3,20,000 sq.ft Total Mall Investment: Rs.111 crore Total Land Area: 2,08,960 sq.ft
Total Built-up Area: 5,93,000 sq.ft Total Land Area: 1,39,600 sq.ft Total Built-up Area: 3,75,900 sq.ft
Gross Leasable Area: 7,30,000 sq.ft Total Mall Space: 4,80,900 sq.ft Gross Leasable Area: 4,75,120 sq.ft
No. of Floors: 9 Gross Leasable Area: 5,72,800 sq.ft
No. of Floors: 7
Leasing Agents/Companies: Jones No. of Floors: 10
Leasing Agents/Companies: Jones
Lang LaSalle Meghraj Leasing Agents/Companies: Jones Lang LaSalle Meghraj
CAM Charges: Rs.21/sq.ft/month Lang LaSalle Meghraj
CAM Charges: Rs.21/sq.ft/month
Rental Model: Fixed for retail shops; CAM Charges: Rs.21/sq.ft/month
Rental Model: Fixed for retail shops;
revenue sharing for F&B outlets Rental Model: Fixed for retail shops; revenue sharing for F&B outlets
Atrium Area: 21,800 sq.ft revenue sharing for F&B outlets
Atrium Area: 27,870 sq.ft
Shopping Area: 3,15,000 sq.ft Atrium Area: 12,712 sq.ft
Shopping Area: 2,35,475 sq.ft
Food Court Area: 30,000 sq.ft Shopping Area: 1,78,800 sq.ft
Food Court Area: 28,490 sq.ft
Leisure/Entertainment: 61,900 sq.ft Food Court Area: 45,300 sq.ft
Leisure/Entertainment: 34,896 sq.ft
Services Area: 2,06,981 sq.ft Leisure/Entertainment: 44,600 sq.ft
Services Area: 1,66,100 sq.ft
Parking Area: 3,24,070 sq.ft Services Area: 14,690 sq.ft
No. of Escalators: 7 pairs (1 travelator) Parking Area: 1,57,600 sq.ft
Catchment Area: Bhilai Steel
No. of Lifts: 8 passenger and 6 service No. of Escalators: 5 pairs
Township, Nehru Nagar, Priyadarshini
Catchment Area: Jeevan Vihar, Mova, No. of Lifts: 8 passenger and 4 service Nagar,
Jal Vihar, Civil Lines, Anupam Nagar Catchment Area: Sadar, Katanga, MP Housing Board
Other shopping centres/malls in 6 Pachpedi, Civil Lines, MPEB, Polipather,
Mall Management: In-house
km radius: City Mall 36, Magneto, City Wright Town, Napier Town
Competitive Advantage: The first mall
Mall Pandri, Bengal Ambuja Mall Other shopping centres/malls in 6
in Bhilai with a frontage of 858 sq.ft;
Mall Management: In-house km radius: Indo-Pacific Mall,
located in a posh residential locality.
Competitive Advantage: Largest mall Samdhariya
TENANT MIX
in Raipur, on NH 6, with a five-star hotel Mall Management: In-house
Competitive Advantage: Largest mall
Anchor 1: Fame (Multiplex)
TENANT MIX
in Jabalpur on Narmada Road, with a Status: Booked
Anchor 1: Max (Department Store)
business hotel No. of Screens: 4 screens
Status/No. of Floors: Booked/1
TENANT MIX Anchor 2: Spencer's (Hypermarket)
Anchor 2: Fun Republic (Multiplex)
Anchor 1: Max (Department Store) Status: Under Negotiation
Status/Screens: Booked/6 screens
Status/No. of Floors: Booked/1 No of Floor: 1
Anchor 3: Spencers (Hypermarket)
Anchor 2: Cinemax (Multiplex)
Status/No of Floors: Under
Negotiation/1 Status/Screens: Booked/4 screens
Anchor 4: Geant (Hypermarket) Anchor 3: Globus (Department Store)
Status/No of Floors: Under Status/No of Floors: Under Negotiation/1
Negotiation/1 Anchor 4: Spencers (Hypermarket)
325
(EAST) MALL PROFILE
Fort Group J.J. Realtors
Pvt. Ltd.
FORT KNOX LEE-II FFRIGANGI BAZAAR

Location: Camac Street Location: Bhawanipur Location: E.M.Bypass (opp Salt Lake
City: Kolkata City: Kolkata Stadium)
Status: Partly operational Status: Under Construction City: Kolkata - 700010
Operational From: June 2006 Planned Launch: October 2007 Status: Under Constrution
Total Mall Space: 65,000 sq.ft Total Mall Space: 30,000 sq.ft Planned Launch: 2007-end
No. of Floors: B+G+8 No. of Floors: B+G+2 Total Land Area: 57,000 sq.ft
Gross Leasable Area: 80,000 sq.ft Gross Leasable Area: 47,000sq.ft Total Built-up Area: 1,80,000 sq.ft
Atrium area: 950 sq.ft Atrium Area: 780 sq.ft Gross Leasable Area: 1,48,000 sq.ft
Shopping Area: 40,000 sq.ft Shopping Area: 41,000 sq.ft Atrium Area: 2,000 sq.ft
Food Court Area: 12,000 sq.ft Food Court Area: 5,000 sq.ft Shopping Area: 84,853 sq.ft
Services Area: 15,000 sq.ft Services Area: 12,000 sq.ft Food Court Area: 7,490 sq.ft
Space for No. of 4-wheelers: 70 Space for No. of 4-wheelers: 50 Leisure/Entertainment: 40,000 sq.ft
Space for No. of 2-wheelers: 30 Space for No. of 2-wheelers: 20 Services Area: 19,100 sq.ft
No. of Escalators: 10 No. of Escalators: 6 Parking Area: 27,000 sq.ft
No. of Lifts: 4 Kids' Zone Area: 1,000 sq. ft. Space for No. of 4-wheelers: 200+
Competitive Advantage: Speciality Location Considerations: High street No. of Floors: 2 Basements + G+6
jewellery mall with high-end ambience Catchment Area: Bhawanipur No. of Escalators: 11
Location Considerations: High street Average Footfalls on Week days: No. of Lifts: 4
Catchment Area: Camac Street 300-400 Creche Area: 1,000 sq.ft
Average Footfalls on Week days: Average Footfall on Weekends: Kids' Zone Area: 7,500 sq.ft
200-300 400-600 Location Considerations: On the
Average Footfall on Weekends: TENANT MIX main EM Bypass, connected to all of
300-400 Anchor 1: Big Bazaar (Hypermarket) Kolkata
Mall Management: In- house No of Floors: 1 Catchment Area: Salt Lake, EM
TENANT MIX Bypass and other parts of Kolkata
Anchor 1: Tanishq (Jewellery Store) Competitive Advantage: Upmarket
Status/Area: Operational/4,000 sq.ft mall
Anchor 2: Kiam (Jewellery Store) TENANT MIX
Status/Area: Operational/2,000 sq.ft Anchor 1: Max Lifestyle (Department
Store)
Anchor 3: Adora (Jewellery Store)
Status/Area: Booked/25,000 sq.ft
Status/Area: Operational/2,000 sq.ft
Anchor 2: M2K (Multiplex)
Anchor 4: Orra (Jewellery Store)
Status: Booked
Other Brands/Retailers: Cygnus, 4 Screens/1,100 Seats
D'Damas, B Motiram, Sakshi, Moah,
Krunal Gems, Torpan, Aishwarya, Other Brands/Retailers: Levis, Pepe,
SH Mumtazuddin, Komal Creation, Nike, Archies, Cottons by Century,
Gaja, Epari etc. Koutons, Woodland, Soles, Shoebox,
Nokia, Gini & Jony, Infiniti, Prime
Watches, Nescafe, Tea Station, Gurlz,
326
(EAST)
MALL PROFILE
J.J. Realtors Jokhiram Durgadutt Kshitij Investment
Pvt. Ltd. Advisory Co. Ltd.
SHOP OUT JD HIGH STREET PANDRI ROAD MALL

Location: 92, Raja Subodh Chandra Location: Opp Gel Church Complex, Location: Pandri Road, Near Pandri
Mullick Road Main Road Cloth market
City: Kolkata City: Ranchi City: Raipur
Status: Under Construction Status: Under Construction Status: Under Construction
Planned Launch: 2007-end Operational From (Planned): 2008 Operational From (Planned):
Total Land Area: 23,100 sq.ft Total Mall Investment: Rs.35 crore April 2008
Total Mall Space: 52,000 sq.ft Total Land Area: 22,144 sq.ft Project Type: PRIL leased
Gross Leasable Area (GLA): Total Mall Space: 1,10,000 sq.ft Total Mall Space: 7,16,000 sq.ft
44,570 sq.ft No. of Floors: 3 Basements + Space for No. of 4-wheelers: 386
Atrium Area: 660 sq.ft Ground + 8 No. of Floors: G + 3
Shopping Area: 20,088 sq.ft Gross Leasable Area (GLA): Floor Plate: 1,73,000 sq.ft
Food Court Area: 7,500 sq.ft 70,000 sq.ft Positioning of Mall: Value/Lifestyle
Leisure & Entertainment Area: Leased/Sold Space Ratio: All leased TENANT MIX
5,000 sq.ft Shopping Area: 32,000 sq.ft Anchor 1: Super/Hypermarket
Services Area: 11,367 sq.ft Food Court Area: 8,000 sq.ft Status: Under Negotiation
Parking Area: 8,830 sq.ft Leisure & Entertainment Area: Anchor 2: Department Store
Space for No. of 4-wheelers: 40+ 30,000 sq.ft Status: Under Negotiation
Space for No. of 2-wheelers: 30 Space for No. of 4-wheelers: 100 Anchor 3: Multiplex
No. of Floors: Basement + G+5 Space for No. of 2-wheelers: 100 Status: Under Negotiation
No. of Lifts: 4 Elevators No. of Escalators: 12 Anchor 4: Food Court
Kids' Zone Area: 2,000 sq.ft No. of Lifts: 2 Status: Under Negotiation
Considerations on choice of Other shopping centres/malls in 6 Anchor 5: Entertainment Arcade
Location: Ideally located and km radius: GEL Church Complex,
Roshpa Towers Status: Under Negotiation
connected to South Kolkata
Competitive Advantage: Excellent Anchor 6: Consumer
Catchment Area: South Kolkata Durables/Electronics anchor
Competitive Advantage: Shopping location; and the first mall-cum-
multiplex in Ranchi Status: Under Negotiation
plaza for Middle Income Group
TENANT MIX Anchor 7: Home Furnishing anchor
TENANT MIX
Anchor 1: Fun Republic Cinemas Status: Under Negotiation
Other Brands/Retailers: Children's
Book Shop, Aksha Boutique, Aksha (Multiplex) Anchor 8: Books & Music anchor
Western Wear Status: Under Negotiation
Anchor 9: Gym/Beauty anchor
Others: Vanilla Retail
327
(EAST) MALL PROFILE
Kshitij Investment
Advisory Co. Ltd.
JESSORE ROAD MALL STRAND ROAD MALL VIP ROAD MALL

Location: Jessore Road, within 'North Location: Strand Road Location: VIP Road
City Project' City: Kolkata City: Kolkata
City: Kolkata Status: Under Construction Status: Under Construction
Status: Under Construction Operational From (Planned): Operational From (Planned):
Operational From (Planned): June 2008 September 2008
April 2008 Project Type: PRIL leased Project Type: Kshitij Mall
Project Type: PRIL leased Total Mall Space: 4,55,000 sq.ft Total Mall Space: 3,81,000 sq.ft
Total Mall Space: 2,60,000 sq.ft Space for No. of 4-wheelers: 200 Space for No. of 4-wheelers: 450
Space for No. of 4-wheelers: 227 No. of Floors: G + 6 No. of Floors: G + 5
No. of Floors: G + 4 Floor Plate: 57,000 sq.ft Floor Plate: 95,000 sq.ft
Floor Plate: 45,000 sq.ft Positioning of Mall: Lifestyle Positioning of Mall: Value/Lifestyle
Positioning of Mall: Value/Lifestyle TENANT MIX TENANT MIX
TENANT MIX Anchor 1: Super/Hypermarket Anchor 1: Super/Hypermarket
Anchor 1: Super/Hypermarket Status: Under Negotiation Status: Under Negotiation
Status: Under Negotiation Anchor 2: Department Store Anchor 2: Department Store
Anchor 2: Department Store Status: Under Negotiation Status: Under Negotiation
Status: Under Negotiation Anchor 3: Multiplex Anchor 3: Multiplex
Anchor 3: Multiplex Status: Under Negotiation Status: Under Negotiation
Status: Under Negotiation Anchor 4: Food Court Anchor 4: Food Court
Anchor 4: Food Court Status: Under Negotiation Status: Under Negotiation
Status: Under Negotiation Anchor 5: Entertainment Arcade Anchor 5: Entertainment Arcade
Anchor 5: Entertainment Arcade Status: Under Negotiation Status: Under Negotiation
Status: Under Negotiation Anchor 6: Consumer Anchor 6: Consumer
Anchor 6: Consumer Durables/Electronics anchor Durables/Electronics anchor
Durables/Electronics anchor Status: Under Negotiation Status: Under Negotiation
Status: Under Negotiation Anchor 7: Home Furnishing anchor Anchor 7: Home Furnishing anchor
Anchor 7: Home Furnishing anchor Status: Under Negotiation Status: Under Negotiation
Status: Under Negotiation Anchor 8: Books & Music anchor Anchor 8: Books & Music anchor
Anchor 8: Books & Music anchor Status: Under Negotiation Status: Under Negotiation
Status: Under Negotiation Anchor 9: Gym/Beauty anchor Anchor 9: Gym/Beauty anchor
Anchor 9: Gym/Beauty anchor Status: Under Negotiation Status: Under Negotiation
Status: Under Negotiation Others: Vanilla Retail Others: Vanilla Retail
Others: Vanilla Retail Status: Under Negotiation Status: Under Negotiation
328
(EAST)
MALL PROFILE
Kshitij Investment Mani Square Merlin
Advisory Co. Ltd. Pvt. Ltd. Projects Ltd.
SEVOKE ROAD MALL MANI SQUARE ACROPOLIS

Location: Sevoke Road Location: Off EM Bypass Location: Rajdanga Main Road
City: Siliguri City: Kolkata City: Kolkata
Status: Under Construction Status: To be launched soon Status: Under Construction
Operational From (Planned): Planned launch: October 2007 Operational From (Planned): July
January 2008 Total Mall Investment: Rs.125 crore 2007
Project Type: PRIL leased Total Land Area: 1,84,694.4 sq.ft Total Investment in the Mall:
Total Mall Space: 1,75,000 sq.ft Total Mall Space: 6,00,000 sq.ft Rs.75 crore
Space for No. of 4-wheelers: TBA Gross Leasable Area: 3,00,000 sq.ft Total Land Area: 86,400 sq.ft
No. of Floors: G + 6 CAM Charges: Rs.15/sq.ft/month Total Mall Space: 4,27,200 sq.ft
Rental Model: Lease Rental/Revenue Gross Leasable Area (GLA):
Floor Plate: 25,800 sq.ft
Sharing 1,61,460 sq.ft
Positioning of Mall: Value/Lifestyle
Atrium Area: 15,000 sq.ft approx. No. of Floors: G + 4
TENANT MIX Shopping Area: 2,40,000 sq.ft approx.
Anchor 1: Super/Hypermarket GLA/GFA Ratio: 1 : 0.78
Food Court Area: 30,000 sq.ft approx.
Status: Under Negotiation Leased/Sold Space Ratio: All leased
Anchor 2: Department Store CAM Charges: Yet to be decided
Services Area: 15 percent approx.
Status: Under Negotiation Rental Model: Fixed Minimum Rent
Parking Area: Basement - 3 levels, Multi-
Anchor 3: Multiplex Level Car Park - 7 levels Atrium Area: 3,900 sq.ft
Status: Under Negotiation Space for No. of 4-wheelers: 1,200 Shopping Area: 1,08,250 sq.ft
Anchor 4: Food Court Space for No. of 2-wheelers: 800 Food Court Area: 22,600 sq.ft
Status: Under Negotiation No. of Floors: 3 B + G + 4 Leisure & Entertainment Area:
No. of Escalators/Lifts: 13/10 30,620 sq.ft
Anchor 5: Entertainment Arcade
Kids' Zone/Creche Area: 10,000 sq.ft Services Area: 3,150 sq.ft
and 3,000 sq.ft Parking Area: 1,70,000 sq.ft
Anchor 6: Consumer Competitive Advantage: Located on the
Durables/Electronics anchor Space for No. of 4-wheelers: 665
North-South Connector; IMAX 3D Theatre
Status: Under Negotiation No. of Escalators: 10+4
Catchment Area: Ultadanga,
Anchor 7: Home Furnishing anchor Phoolbagan, Salt Lake etc.
No. of Lifts: 4
Status: Under Negotiation Average Footfalls on Week days: Considerations on choice of
35,000 location: It is situated in the heart of the
Anchor 8: Books & Music anchor future CBD of Kolkata; conveniently
Status: Under Negotiation Average Footfall on Weekends: 50,000
located near EM Bypass.
TENANT MIX
Anchor 9: Gym/Beauty anchor Other shopping centres/malls in 6
Anchor 1: IMAX Cinemax (Multiplex)
Status: Under Negotiation km radius: Gariahaat Mall
Status: Booked
Others: Vanilla Retail Competitive Advantage: Situated in
Screens/Capacity: 3 Screens/1,400
Status: Under Negotiation the heart of Kolkata, near future CBD.
Seats
Anchor 2: Westside (Department Store)
Anchor 3: Spencer's Hyper
(Hypermarket)
329
(EAST) MALL PROFILE
Merlin Prabhatam Shristi Infrastructure
Projects Ltd. Buildwell Ltd. Development Corporation Ltd.
HOMELAND GRAND THE INTERNATIONAL KRISHNAGAR CENTRUM

Location: Ashutosh Mukherjee Road MALL Location: Krishnanagar
City: Kolkata Location: Main Barbada Road, Dhaiya City: Krishnanagar
Status: Operational City: Dhanbad Status: Planned
Operational From: April 2007 Status: Under Construction Operational From (Planned): 2009
Total Investment in the Mall: Operational From (Planned): Total Land Area: 35,000 sq.ft
Rs.18.50 crore December 2008 Total Mall Space: 1,40,000 sq.ft
Total Land Area: 1,05,000 sq.ft Total Land Area: 1,09,000 sq. ft. No. of Floors: G+3
Total Mall Space: 42,000sq.ft Total Mall Space: 4,75,000 sq. ft. Considerations on choice of
Gross Leasable Area (GLA): Gross Leasable Area (GLA): location: Part of the 'City Centre'
63,000 sq.ft 3,36,244 sq.ft. project at Krishnanagar
No. of Floors: G + 5 No. of Floors: Basement+LGF+G+5 Catchment Area: Entire Nadia district
Leasing Agents/Companies: CAM Charges: On Actual Basis of West Bengal, including Mayapur.
GS Marketing Rental Model: Fixed Minimum Rent
CAM Charges: Rs.17/sq.ft/month Atrium Area: 7,000 sq.ft
Rental Model: Fixed Minimum Rent Shopping Area: 2,04,777 sq.ft
Shopping Area: 50,000 sq.ft Food Court Area: 10,000 sq.ft
Food Court Area: 2,000 sq.ft Leisure & Entertainment Area:
Services Area: 30,000 48,128 sq.ft
Space for No. of 4-wheelers: 100 Parking Area: 50,000 sq.ft
Considerations on choice of Other shopping centres/malls in 6
location: Located in the heart of km radius: None
Central Kolkata, near Chowringee and Competitive Advantage: First mall of
Elgin Road, close to The Forum, C3 and Dhanbad
the metro station.
TENANT MIX
Other shopping centres/malls in 6
Anchor 1: PVR (Multiplex)
km radius: The Forum
Status: Booked
1,000 No. of Screens/Total Capacity:
3,000
Competitive Advantage: Location and
concept
330
(EAST)
MALL PROFILE
Skystar Shopping South City Sunsam
Pvt. Ltd. Projects (Kolkata) Ltd. Properties (P) Ltd.
SUNFLOWER MALL SOUTH CITY MALL THE FORUM

Location: Siliguri Location: Prince Anwar Shah Road Location: Kolkata
City: Siliguri City: Kolkata City: Kolkata
Status: Operational Status: Under Construction Status: Operational
Operational From: August 2005 Planned Launch: December 2007 Operational From: March 2003
Total Investment in the Mall: Rs.4 Total Land Area: 2,16,000 sq.ft Total Land Area: 80,724 sq.ft
crore Total Mall Space: 10,25,000 sq.ft Total Mall Space: 1,86,116 sq.ft
Total Land Area: 30,000 sq.ft Gross Leasable Area: 7,00,000 sq.ft No. of Floors: Basement + G + 6
Total Mall Space: 50,000 sq.ft Atrium Area: 14,000 sq.ft Atrium Area: 4,000 sq.ft
Gross Leasable Area (GLA): Shopping Area: 6,00,000 sq.ft Shopping Area: 91,000 sq.ft
45,000 sq.ft Food Court Area: 25,000 sq.ft Food Court Area: 9,800 sq.ft
No. of Floors: 3 Leisure/Entertainment: 65,000 sq.ft Leisure & Entertainment Area:
CAM Charges: Rs.18/sq.ft/month Services Area: 1,00,000 sq.ft 24,000 sq.ft
Rental Model: Rs.80/sq.ft/month Parking Area: 3,00,000 sq.ft Services Area: 33,000 sq.ft
Atrium Area: 1,800 sq.ft No. of Floors: LG + G + 3 Parking Area: 24,000 sq.ft
Shopping Area: 45,000 sq.ft No. of Escalators: 2 pairs No. of Escalators: 8
Services Area: 3,000 sq.ft No. of Lifts: 2 pairs No. of Lifts: 4
Space for No. of 4-wheelers: 10 Competitive Advantage: Best location
Space for No. of 2-wheelers: 50 in Kolkata, 150,000 sft. floor plate,
No. of Lifts: 1 Parking at all levels, Huge size hyper-
Catchment Area: North Bengal market and departmental store, Best of
Other shopping centres/malls in 6 the brands committed to the Mall
km radius: None Catchment Area: Entire Kolkata as
Average Footfall on Week Days: 600 well as Bhubaneswar, Siliguri, Guwahati,
Durgapur, Asansol
1,000 TENANT MIX
Mall Management: In-house Anchor 1: Spencer's Hypermarket
Competitive Advantage: Location; Area: 78,000 sq.ft
first mover advantage in the city Anchor 2: Shoppers' Stop Department
Store
Area: 81,000 sq.ft
Anchor 3: Pantaloons (Department
Store)
Area: 71,000 sq.ft
Anchor-4: Fame (Multiplex)
Screens/Total Capacity:
Anchor 4: Landmark (Bookstore)
Area: 19,000 sq.ft
331
(EAST) MALL PROFILE
Sunsam Venkatesh Foundation
Properties (P) Ltd. Pvt. Ltd.
FORUM COURTYARD FORUM MART LAKE MALL

Location: Kolkata Location: Bhubaneswar Location: Rashbehari Avenue
City: Kolkata City: Bhubaneswar City: Kolkata
Status: Under Construction Status: Operation Status: Under Construction
Operational From (Planned): Operational From: March 2004 Operational From (Planned):
December 2008 Total Land Area: 53,887 sq.ft April 2008
Total Mall Space: 1,53,000 sq.ft Total Mall Space: 1,81,035 sq.ft Total Investment in the Mall:
No. of Floors: Basement + G + 6 No. of Floors: Basement + G + 7 Rs.60 crore
Shopping Area: 21,470 sq.ft Atrium Area: 2,952 sq.ft Total Land Area: 48,255 sq.ft
Services Area: 12,850 sq.ft Shopping Area: 70,000 sq.ft Total Mall Space: 2,45,000 sq.ft
No. of Escalators: 4 Food Court Area: 18,400 sq.ft Gross Leasable Area (GLA):
No. of Lifts: 3 1,70,000 sq.ft
No. of Lifts: 4
Leisure & Entertainment Area:
30,000 sq.ft
No. of Floors: B + G + 6
No. of Lifts: 6
TENANT MIX
Anchor 1: Big Bazaar (Hypermarket)
Anchor 3: Multiplex
332
PART II
MALL PROFILES
NORTH INDIA
STATES OF NORTH INDIA
Delhi, Haryana, Himachal Pradesh, Jammu & Kashmir,
Punjab, Rajasthan, Uttaranchal, Uttar Pradesh
NORTH ZONE
Av per capita Consumption
Population-2006 (million) Consumption Expenditure 2006-07 (INR million) Exp (INR/year)
NORTH ZONE 248 94 342 4,236,272 2,766,750 7,003,022 17,064 29,398
ALL INDIA 796 325 1,121 13,753,864 9,646,136 23,400,000 17,287 29,652
North as % of All-India 31% 29% 31% 31% 29% 30%
State Largest City Per Capita Ndp Avg Growth Share of Share of
Largest
State population Population As Share Of Rate Of Per Industry Sector Services
City
in lakh ('03 '000 ('01) Indian Mean Index Capita NDP % In NDP In NDP
Delhi (NCR) 148 New Delhi 9,879.2 253.3 4.86 9.9 88.9
Haryana 22 Faridabad 1,055.9 133.2 3.13 23.8 50.5
Himachal Pradesh 62 Shimla 142.6 107.4 4.74 17.5 55.2
Jammu & Kashmir 107 Srinagar 898.4 70.1 1.79 1.8 65.4
Punjab 251 Ludhiana 1,398.5 133.9 2.26 15.7 43.9
Rajasthan 593 Jaipur 2,322.6 72.6 4.17 18.1 53.0
Uttar Pradesh 1,744 Kanpur 2,551.3 50.9 1.46 13.5 52.7
Uttaranachal 88 Dehra Dun 527.9 73.8 2.04 9.1 56.3
Source: Census of India 2001, RBI Citypopulation.db, DB Research
T he eight North Indian States of Delhi,

Rajasthan, Haryana, Punjab, HP, J&K,
Uttranchal, Uttar Pradesh along with the union
territory of Chandigarh together house 31 percent of
country's population and account for 30 percent of
zone's share is Rs.7,003 billion out of the estimated
India total consumtion expenditure of Rs.23,400
billion in 2006-07. The average per capita
consumption expenditure for the Northern states is
almost at par with the country average for both the
India's private final consumption expenditure; the urban and rural population.
161
DELHI NCR
B eing the national capital,

Delhi is one of the most
important locations for
businesses and investors. Delhi's
National Capital Region (NCR),
ECONOMIC FACT FILE
Area:
Population:
Literacy:
NSDP:
1,483 sq.km
13.8 million (Census 2001)
81.67%
US$21.5 billion
comprising Noida (New Okhla NSDP Growth: 15.38% (10 years)
Industrial Development Area), Per Capita Income: US$1,099
Gurgaon, Faridabad and Ghaziabad, International Airport: Indira Gandhi International Airport
is the principal business and Domestic Airport: Palam
commercial centre of North India. Key Industries: Retailing and leisure
Tourism
Apparels
Industry with growth potential: Healthcare
DOING BUSINESS IN DELHI

• Service-sector driven fast Department Agnecy Timelines
growing economy
Industries/Land Diractorate of Industries Registration of small scale
• Second most favoured FDI revenue industries 30 days
destination in country
• One of the best Incentives Export Promotion Councol Registration with exports council:
7 days
infrastructure in country
• India's biggest consumption Revenue Commissionor of Industries Grant of extension for
centre for consumer goods completion of construction
on plot/permission for leasing/
and automobiles, with sub-lettign: 30 days
highest concentration of
Nupscale households DSIDC/DFC DSIDC Sanction of loan: 30 days
DFC
• Largest talent pool and low
cost of operations
Source: DSIDC
162
HARYANA
H aryana became the first state in

the country to introduce Value
Added Tax in 2003. Key sectors
in the state include automobiles and
auto components, textiles and
ECONOMIC FACT FILE
Capital:
Area:
Population:
Chandigarh
44,000 sq.km
21 million (Census 2001)
Literacy: 67.9%
readymade garments, Information Human Development Index: 0.509 (all India rank 5th)
Technology (IT) and Information NSDP: US$7.1 billion
Technology Enabled Services (ITES). It is NSDP Growth: 6.5 % (10 years)
also the third largest exporter of Per Capita Income: US$592
software services. National Highways Length: 1,468 km
The state offers significant potential for Rail Length: 1,548 km
agro-based industries, property International Airport: Indira Gandhi International Airport
development and retailing. With Domestic Airport: Chandigarh
investment currently underway, it is Key Industries: Automobiles
expected to emerge as the principal hub Textiles and Readymade Garments
for downstream chemicals in north India. IT/ITES
DOING BUSINESS IN HARYANA
• Fourth highest per capita

income in the country
• Leading producer of
automobiles and automotive
components
• Third largest exporter of
software, one of the preferred
destinations for IT/ITES
facilities
• Among the leading producers
of textiles and readymade
garments in India and largest
exporter of basmati rice in the
country
• Significant potential for
property development and
retailing
163
HIMACHAL PRADESH
T he small hilly state, geographically

located in the north-western part
of the country, is surrounded by
four states, namely, Uttar Pradesh,
Punjab, Haryana and Jammu & Kashmir
ECONOMIC FACT FILE
Capital:
Area:
Population:
Shimla
56,000 sq.km
Literacy: 76.48%
with Tibet on the other side. Himachal Per Capita Income: US$539.7
Pradesh is among the most advanced Domestic Airport: Shimla
socio-economic states and has shown Kullu Valley
promising growth over the years. Over Kangra
the last decade the strong agro-based Key Industries: Agro-based
economy has shifted towards services, Woollens
particularly tourism. Tourism
DOING BUSINESS IN HIMACHAL PRADESH
HIMACHAL PRADESH FACT BOX

• Ranked second on consumer
market index
• Most urbanised state in the
country
• One of the lowest power tariff
and cost of power generation in
the country
Source: Department of Industries, Himachal Pradesh
164
JAMMU & KASHMIR
S trategically located, the state of

Jammu and Kashmir constitutes
the northern most part of India.
The state is vested with a good mineral
ECONOMIC FACT FILE
Capital:
Area:
Literacy:
Srinagar
22,22,236 sq.km
54.5%
base and significant power potential. Per Capita Income: US$324
Endowed with natural beauty of snow- Roadways: 12,682 km
clad mountains, lakes, streams and rare
flora and fauna, the state holds immense
COST OF SETTING UP BUSINESS IN JAMMU & KASHMIR
potential to attract tourists from across
the world.
• Allotment of land at
concessional rates in industrial
areas on lease for 90 years.
• Large tourism potential.
• Horticulture industry in
Kashmir is the bulwark of rural
economy in the state
generating revenue of over US$
10.5 million yearly and
providing job facilities to
thousands of people directly
and indirectly
Source: Department of Industries, Himachal Pradesh
165
PUNJAB
P unjab was the first Indian state to

use agricultural technology to
engineer a “green revolution”,
recording the highest growth rate in
food production. Today, with its rich
ECONOMIC FACT FILE
Capital:
Area:
Population:
Chandigarh
50,362 sq.km
Literacy: 70%
agricultural resources and favourable Human Development Index: 0.537 (all India rank 2nd)
climate, the state continues to be one of NSDP: US$8.6 billion
the largest producers of food grains and NSDP Growth: 4.06% (10 years)
cash crops in the country. Punjab Per Capita Income: US$574
contributes 68 per cent to the annual National Highways Length: 1,557 km
food production of India. Rail Length: 2,102 km
International Airport: Amritsar
Domestic Airport: Chandigarh, Ludhiana
Key Industries: Agro-processing
Textiles, Hosiery and Woollens
• Leading agriculture state, per Light Engineering Goods
capita income 25 per cent
higher than the national DOING BUSINESS IN PUNJAB
average
• Second largest producer of
cotton and blended yarn, third
largest producer of mill made
fabric
• Competitive strength in
textiles, woollens and auto
parts due to presence of
industry clusters
Source: PwC Research
166
RAJASTHAN
R ajasthan's strategic location as

the corridor between the wealthy
north and the prosperous west
enables it to provide convenient access
to the two largest consumer markets in
ECONOMIC FACT FILE
Capital:
Area:
Population:
Jaipur
342,239 sq.km
Literacy: 61%
India. Human Development Index: 0.424 (All India rank 9th)
The state's key areas of strength include NSDP: US$11.5 billion

mineral based industries, textile, tourism NSDP Growth: 6% (10 years)
and gems & jewellery. Rajasthan enjoys Per Capita Income: US$327
a distinct advantage in these sectors. It National Highways Length: 4,081 km
is also the leading producer of cement Rail Length: 5,894 km
and metals such as copper, zinc and lead International Airport: Jaipur
and the largest producer of marble and Domestic Airport: Jodhpur, Udaipur
stones in the country. Tourism accounts Key Industries: Mineral based industries, Textiles, Tourism, Gem
and jewellery, Dimensional stones (marble and
for over 15 per cent of the state's granite), Agro-processing
economy. It attracts over 10 per cent
per cent of the foreign tourists visiting
the country every year. DOING BUSINESS IN RAJASTHAN
• Leading producer of cement in

the country
• Second largest mineral
producing state in the country,
large reserves of metallic and
non-metallic reserves
• Among the largest producers of
cotton and wool in the country
• A well known tourist
destination
Source: IBEF
167
UTTARPRADESH
U ttar Pradesh (UP) is situated in

northern part of India and is
surrounded by Bihar in the east,
Madhya Pradesh in the south, Rajasthan,
Delhi, Himachal Pradesh and Haryana in
ECONOMIC FACT FILE
Capital:
Area:
Population:
Allahabad
2,40,928 sq.km
Literacy: 56.27%
the west and Uttaranchal in the NSDP: US$36.26 billion
north.The state has a population of 166 Per Capita Income: US$327
million. National Highways Length: 3,728 km
Uttar Pradesh has the longest network Rail Length: 5,440km
of rivers and canals at 28,500 km International Airport: Mumbai (nearest)
fostering the agriculture sector. The Domestic Airport: Lucknow,Varanasi, Kanpur
mineral resources in the state are mainly Key Industries: Cement, Vegetable oils, Textiles, Cotton yarn,
Sugar, Jute, Carpet, Brassware, Glassware &
limestone, dolomite, glass-sand, marble, Bangles
bauxite, non-plastic fireclay and
uranium. DOING BUSINESS IN UTTAR PRADESH
• Largest population in the

country
• Longest river network, longest
rail length and ranks second in
road length
• Ranks second in total number
of sugar mills
• Highest number of domestic
tourists in the country
Source: IBEF
168
UTTARANCHAL
U ttaranchal is a young state,

barely four years old, having
been carved out of Uttar
Pradesh. It has however several good
things going for it. Levels of literacy in
ECONOMIC FACT FILE
Capital:
Area:
Population:
Dehradun
53,483 sq.km
Literacy: 71.62%
the state are higher than the national
average. The hills, the large forest cover
and the presence of several holy shrines COST OF SETTING UP BUSINESS IN UTTARANCHAL
offer a tremendous tourist potential.
• The state has significant hydro-

potential (15,000 MW) of
which only 1124 MW has been
realised
• Vast pool of a natural resource
adds to the state's
attractiveness as an investment
destination, especially for
tourism and forest based
industry
• Abundant availability of quality
human resource base at
competitive rates
• Uttaranchal compares
favourably with the all India
aggregates in terms of the
Source: IBEF
spread of basic infrastructural
facilities
169
RETAIL REAL ESTATE IN NORTH INDIA
The total supply of shopping centre space in the

Northern region by end-2007 will be 16.75 million
sq.ft from 69 operational malls, which will be an
increase of nearly 85.7 percent over the space
available in end-2006. However, till August 2007 only
53 malls were operational with 11.43 million square
feet of built-up floor space and a good 16 projects are
in the completion stage hoping to make it by the end
of the year 2007.
According to IMAGES F&R Research data, the rate of
growth in shopping centre space in the Northern
region, which was up to 2005 largely confined to
MGF City, New Delhi

Delhi and the national capital region, is now picking
up in the tier-II and tier-III cities in a big way. The
overall rate of increase in supply of mall space is still
very and on the basis of information on the stages of
ongoing project work, year 2007 will register a
growth of more than 85 percent over the previous will increase from 69 in 2007 to 195 in year 2011.
year when growth was only 44 percent. There is likely There are quite a few mega projects offering 10 lakh
to be a very significant increase in mall space in the square feet and above mall space like the Omaxe
year 2008 and if all projects materialise, this increase Connaught Place mall in Nida (14 lakh sq.ft), DLF's
will be to the extent of nearly 150 percent over the Mall of India at Gurgaon (55.23 lakh sq.ft), Ambi Mall
space available in by 2007-end. (18 lakh sq.ft), City Centre at Ludhiana (40 lakh),
Jewel of India in Jaipur (25 lakh sq.ft) and so on. Good
The number of operational malls in the north zone number of such projects are taking roots in the tier-II
NORTH ZONE: Growth in Mall Space
80000 2691
Base Increase
70000
17872
60000
space: '000 sq.ft
50000 16117
40000
75624
30000 24884 57752
20000 41635
2753 7730
10000 3212 16751
2414
200 442 642 3056 6268 9021
0
end-2002 2004 2005 2006 2007 2008* 2009* 2010* 2011 P
170
cities. From 16.75 million square feet in 2007, mall space in the
north zone will increase more than four and half times to 78.31
million square feet in 2011 if projects get completed in the
announced time frame. India's mall projects got initiated by the
coming of Delhi's Ansals Plaza in 1999, which was only next to
Chennai's Spencers Plaza.
The average ratio of land area to mall space for Delhi and the
NCR is as 1 : 2.04 while for Jaipur it is 1 : 3.17 ; for Ludhiana it
is higher at 1 : 3.64 ; in Lucknow it is 1 : 2.48 and the land to
mall space ratio for Sonepat it is the lowest at 1. Malls in NCR
and Sonepat thus have more open un-built space as compared
to those in the other cities.
The average ratio as between mall space and gross leasable area
gives an indication of the size of atrium and free movement
space within the mall. Here again, for Delhi NCR malls the
Metropolitan Mall, Jaipur
ration of mall space to GLA is as 1 : 0.67 as compared to 1 : 0.94
North-Other Centres end-2000 2002 2004 2005 2006 2007 2008*

Number of Malls 1 2 3 5 14 31
Total Mall Space ('000 sq.ft) 30 126 246 646 2320 7706
Total Land Area ('000 sq.ft) 12 51 99 260 935 3106
Total GLA ('000 sq.ft) 23 97 188 495 1776 5899
Jaipur end-2000 2002 2004 2005 2006 2007 2008*
Number of Malls 3 7 7 9 12
Total Mall Space ('000 sq.ft) 511 1262 1262 1887 2742
Total Land Area ('000 sq.ft) 161 398 398 596 866
Total GLA ('000 sq.ft) 417 1032 1032 1543 2242
Ludhiana end-2000 2002 2004 2005 2006 2007 2008*
Number of Malls 1 4 8
Total Mall Space ('000 sq.ft) 175 1616 6670
Total Land Area ('000 sq.ft) 48 443 1830
Total GLA ('000 sq.ft) 74 680 2808
Lucknow end-2000 2002 2004 2005 2006 2007 2008*
Number of Malls 1 1 1 2 4
Total Mall Space ('000 sq.ft) 315 315 315 894 1727
Total Land Area ('000 sq.ft) 157 157 157 329 697
Total GLA ('000 sq.ft) 203 203 203 571 1130
Sonepat end-2000 2002 2004 2005 2006 2007 2008*
Number of Malls 3
Total Mall Space ('000 sq.ft) 1300
Total Land Area ('000 sq.ft) 677
Total GLA ('000 sq.ft) 1224
Delhi, NCR end-2000 2002 2004 2005 2006 2007 2008*
Number of Malls 1 3 9 19 28 40 64
Total Mall Space ('000 sq.ft) 200 612.3 2105 4445 6624 10035 21489
Total GLA ('000 sq.ft) 175 412 1418 2994 4462 6759 14476
NORTH ZONE end-2000 2002 2004 2005 2006 2007 2008*
Number of Malls 1 4 15 30 42 69 122
Total GLA ('000 sq.ft) 175 435 2134 4417 6264 11329 27778
171
in Sonepat, 1 : 0.65 in Lucknow, 1: 0.42 in Ludhiana, 1 : 0.82 in reduces to mere 51 percent by end-2008. Major gainers are
Jaipur and 1 : 0.76 is the average in the rest of the northern Ludhiana, whose share will increase form 2 percent a year ago
cities. to 16 percent, while Sonepat's share increases from less than
Till 2006 the share of Delhi NCR in the total mall space available one percent to 3 percent and Lucknow increases its share from 3
in the northern zone was a dominating 74 percent the percent to 4 percent. The other smaller cities will also
domination get heavily diminished as its share is likely to significantly increase their share in north India's mall space from
7 percent in 2006 to 19 percent in 2008.
NORTH ZONE: 2006 Distribution of Mall Space North: Share of Mall Space by 2008
(Total Space: 9.02 million sq.ft) (Esimated Space: 41.6 million sq.ft)
North-Other North-Other Centres

Centres 19%
7%
Jaipur Delhi, NCR

Jaipur
14% 51%
7%
Delhi, NCR Ludhiana

74% 2%
Lucknow Ludhiana
Sonepat3% 16%
0% Sonepat Lucknow
3% 4%
Mall Projects - North Zone
172
168
173
174
175
176
National Capital Region (NCR) Average Capital values* (Rs / sq.ft.)
Location 2006 5/1/2007**
Current Scenario
Hi Street
India is in the midst of the retail boom and especially the NCR Connaught Place inner circle 72000 NA
region is witness to the fast changing scenario. The way retailing NDSE 1& 2 75000 NA
is done has undergone a paradigm shift with more retailers Greater Kailash 1(M Block) 72000 NA
organising and consolidating their operations. With retail getting Khan Market 99000 NA
more organized, there’s substantial demand for quality retail
Karol Bagh 36000 NA
space for retailer s to show case their products. NCR with a
Basant Lok 33000 NA
relatively high income as well as lifestyle conscious population
Noida Sector 18 26400 NA
has further accelerated the retail boom. The conscious
Malls
population now demands higher levels of service in the form of
Gurgaon 24000 45600
ambience, facilities or accessibility, etc.
Noida 26400 42000
With the consumers accepting the mall culture, more and more South Delhi 48000 84000
retailers ventured the mall route for all the facilities and target West Delhi 39000 60000
audience as well service levels that are associated with the mall
s. The first mall to come up in NCR, was the Ansal Plaza and sector. In Delhi for instance,, Delhi Development Authority
since then there has been no looking back. (DDA) and Municipal Corporation of Delhi (MCD) are auctioning
land in prime residential areas and various other locations which
Presently the NCR region has a retail space of about 10.035
are now fast becoming retail hotspots with affluent customers
million sq,ft. Of this Gurgaon and Ghaziabad together account
in the catchment area. And this has augmented the release of
for 54%. In two years time, it is expected to grow to 26.6
new space for development of shopping malls, multiplexes and
million sq,ft..
entertainment hubs.
The entire scenario is fast changing with the relaxation of
Along with the relaxation of guidelines, newer case sensitive
various policy guidelines and opening up of the real estate
issues are also coming within the purview. As was the case of
National Capital Region- Retail Market Trend
Average Rentals (Rs / sq.ft./ Month)

Location 2004 2005 2006 May-07
Hi Street
Connaught Place inner circle 280 340 600 775
NDSE 1& 2 295 375 625 800
Greater Kailash 1(M Block) 255 340 600 800
Khan Market 400 500 825 1000
Karol Bagh 220 250 300 450
Basant Lok 220 250 275 400
Noida Sector 18 135 160 220 250
Malls
Gurgaon 130 150 200 380
Noida 110 135 220 350
South Delhi 225 275 400 700
West Delhi NA 200 325 500
Source: Cushman & Wakefield Research
** Limited sale transactions in high streets to establish a trend
The rental values are quoted on Built-up areas as a market practise
The rental values are for the ground floor or ground plus upper floor combinations
The rental values will vary depending upon the size and neighborhood
177
the demolition drive of MCD, which in one way acted as a boon to name among the few .Vasant Kunj is also generating a lot of
for the mall owners in NCR. Even the judicial issues like the interst with several developers coming up with mall projects and
Supreme Court order to close all showrooms, shops and retail many more in the offing These areas are witness to big projects
outlets in unauthorised areas throughout Delhi, raised a number and these trend is expected to generate substantial retail space
of issues as it would result in shutting down of the major retail in the area.
outlets in Ring Road in South Extension and Lajpat Nagar. This Even West Delhi is fast becoming a hub of retailers with a
drive is expected to have a fall-out even in the Highstreet number of mall projects in locations like Rohini, Pitampura,
shopping locations like Greater Kailash I and II, South Extension, Shalimar Baug and Rajouri Garden.
West Patel Nagar, Defence Colony, etc.
With the upcoming Commonwealth Games in 2010, the East
The various issues and guidelines have affected in both positive Delhi region too is gearing up in the direction. Various
as well as negative ways, the overall mall growth scenario. As in infrastructure development activities are also in the pipeline.
case of the Supreme Court decision in Delhi with regard to With the development of basic infrastructure, Eastern Delhi will
closure of showrooms in unauthorized areas has acted as a become more accessible and will soon have visible presence in
breather for the mall owners who were experiencing a slide in the retail radar. The area also a large population base of over3
their mall rentals. With the malls being set-up with prior million which is a major driver and can generate footfalls of over
approvals from various authorities is a far safer bet for retailers 25,000 on weekends. Though these part of Delhi is mostly
to take up space even if there is a opportunity cost involved in inhabitated by a population falling in lower-middle to middle-
the form of higher rentals. With the fast changing scenario, the middle class bracket, may not easily see very large and exclusive
mall owners are again witnessing a spurt in demand . Quite a high-end retailers or brands, but with the explosion of the city,
few mall owners identifying the latent potential have already the scenario may soon take a different path with the more neo-
hiked up their prices by about 20-25%., rich class steering the retail momentum.
DELHI GURGAON
Presently Delhi has approximately 4.11millionsq.ft. of organised Gurgaon is the most developed commercial and business centre
retail space, and this includes malls and multiplexes like Ansal of Haryana, located on the outskirts of Delhi. It is spread over
Plaza, , Pacific North, TDI Mall, Cross River Mall, etc. Over 20 2,766 sq km and has a population of over 600,000.
new malls are expected to be added up with an estimated area
of 14 million sq.ft. of organised retail space by 2010. The industrial areas around Gurgaon house most of the
automobile and auto component manufacturers in the state.
Among Delhi’s prime locations, the South Extension market is Gurgaon also has a number of garment export units. During the
the most evolved highstreetAlmost all major high-end brands last 3-4 years, Gurgaon has emerged as an important location
and retailers have presence through their exclusive and flagship for the Information Technology (IT) and the
stores with the location commanding a visibility, accessibility as
well affluent shoppers. A number of locations aroud Delhi too Information Technology Enabled Services (ITES) industry in the
are emerging as hotbeds of retail like Saket and Vasant Kunj. A state.
number of developers have there malls coming in these areas. Gurgaon stands next to Bangalore as the outsourcing hub of
Notable among them are DLF with two malls, The Courtyard India. With a vibrant youth populace as well as major business
and The South Court in Saket, then there’s the Suncity Projects centers in the vicinity, has further accelerated the growth of the
city with prime residential developers coming up with major
projects over the last few years.
Further, with the addition of the newer complexes housing
affluent and younger population with high income salaries has
augmented the development and is emerging as another major
retail destinations. Gurgaon boasts of a substantial number of
malls with over 15 existing malls and many more in the pipeline
By 2010, over 13 million sq.ft of retail spcae is likely to be
available in Gurgaon thus accounting for a new retail space
infusion in the NCR region.
But a rather new phenomenon being seen in these region is the
upcoming of more projects catering to mixed clientele. The mall
developers identifying the various issues involved in the mall
178
development is now opting for newer combination of tenant Developrs, Shipra, Bansal Group etc. have their mall projects in
mixes to make their projects more feasible. More and more mall Ghaziabad.
projects are upcoming with a combination of retail, office and Faridabad is also catching up with its neighbouring areas with a
hotel as their tenants. The mall developers are planning out number of malls and retail options to cater to its consumers. As
their projects keeping in view the imbalance that can be created per Knight Frank Research,the area is expected to witness an
by over supply of mall space and many are reworking their influx of 1.12 million.sq.ft. of new retail space by 2008
tenant mix or incorporating major changes be it leasing out the
upper floors of the mall for hotel or service apartments. With OUTLOOK
Gurgaon becoming a major business hub, many developers are With around 79malls (totaling to over 30 millionsq.ft.) is slated
also leasing out there spaces as offices. With the stand alone to be operational by 2010, NCR market is going to lead the
retail projects not generating enough revenues, the new concept retail real estate development in India. Developers are vying
of mixed use developments are thus changing the way retailing with a number of options to differentiate their malls on the
is done. Mall Projects like Orchid Plaza, Central Plaza, Orchid basis of product offering and tenant mix. More and more large
Agora, Time Towers, etc. are a few examplesthat can be named format malls (over 300,000
that are working on newer dimensions and re-inventing the
retail developments. sq.ft.)are being set up with a number of amenities in its array.
NOIDA The concept of mall hotel too is gaining ground with a number
of developers leasing out their upper floors for hotel projects,
Another prime area which is fast becoming a shoppers Earlier the upper floors were rented to the multiplexes but the
destination is Noida. It is basically a prime residential location in new concept of mall hotel too is picking up as the hotel industry
anindustrial belt, This region too is fast witnessing tremendous is witnessing an unprecedented growth in average room rates
growth with the influx of many multi-nationals (mainly IT/ITES), and room occupancy rates. Pacific Mall in Delhi has already set
and a number of other offices has also come up in the region. up a budget hotel, Clarks Inn, in its premises other developers
With these a large number of people are making Noida there are expected to follow the trend soon in various malls.
home. Noida with a good infrastructure is fast gaining retailers
Highstreet retail in places like South Extension, Connaught
attention to cater to the growing region. Another, advantage
Place, Greater Kailash, Vasant Kunj, etc. would still continue to
being the location, with its close proximity to major cities of the
rule and command high prices due to lack of fresh supplyin
region, it enjoys traffic which is both regular as well as transit
prime locations. Some new micro-markets are coming up and a
population. And these population is one of the major movers of
few are adding more space to its existing total retail space like
retail developments. Besides, a number of international brands
Defence Colony andtheDistrict Centre of Jasola are among the
and retailers have set up offices at Noida like McDonald's, Pizza
few.
Hut, Benetton, etc.
Noida and Ghaziabad are the emerging markets for large format
At present the Noida retail market consists of less than a million
retail development with reasonable real estate costs, land
sq.ft of retail organised space. As per Knight Frank Research,
availability, low cost labour being the prime differentiators and
approximately 7.9 million sq.ft. of new retail space is underway
movers attracting the developers to these areas. Besides this,
is expected by 2008. The city is also host to a number of large
the inflow of IT/ITES multi nationals to these locations have also
retail establishments like The Great India Mall Down Square and
generated interest in the region and the demand for new age
Citi Centre which are expected to become functional by 2008.
retail and entertainment avenues.
In the span of next two years, Noida is going to have an
additional supply of 3.6 million.sq.ft. of organised retail space.
REST OF NCR
Faridabad and Ghaziabad together will account for about 3
million sq.ft of retail space by 2008 thus adding to the total
retail space in NCR
Ghaziabad too is emerging as another retail hub. Its proximity to
Delhi has further helped in the development of industries and
several real estate projects in the region Ghaziabad has a
number of malls operational and quite a few are in th offing. .
The region is expected to have over 3 million sq.ft of retail space
by 2010. Quite a number of major developers like Parsavnath
179
Shifts in consumer demand for luxury Infrastructure Development Scheme’
goods and the entry of foreign retailers (TCIDS) of the Government of India, is to
have increased the demand for quality be set up at Panipat.
retail space. The concept of shopping has
undergone a total change and has now CHANDIGARH-MOHALI
become more of an event and a family Chandigarh is the capital city of Punjab
entertainment avenue. The large format and the administrative headquarters of
malls are now turning into destinations the Government of Punjab. Mohali is a
in themselves and have the right mix of twin township of Chandigarh and the
shopping and entertainment all under hub for Information Technology
one roof. Asia and the Middle East, as well as to (IT)/Information
many other cities across India. It is a
With many more mall to come up in the Technology Enabled Services (ITES),
prime destination for domestic and
NCR market, a risk of supply outstripping electronics and pharmaceutical
foreign tourists in the country.
the demand is envisaged unless a proper industries.The State Government is
balance is maintained with regards to Jaipur has 19 industrial areas with actively pursuing proposals to set up an
various critical parameters.Moreover, product base including gems and IT-based Special Economic Zone at
development of projects with a proper jewellery, marble, granite and Mohali.
feasibility study, favourable location, engineering items. It is also a potential
right retail mix and a well laid out destination for IT and ITES industries LUDHIANA-JALANDHAR-
operational and marketing strategy will coming to the state. AMRITSAR
determine the road ahead and success of Spread over 6,400 sq km Ludhiana-
KOTA
the future malls. Jalandhar are two of Punjab’s largest
Kota is a prominent business and cities with a population of over five
OTHER NORTHERN CENTRES industrial centre in Rajasthan. It has a million.They also form Punjab’s principal
FARIDABAD population of 0.7 million. It is located on industrial hubs, dominated by textiles
the main railway line connecting Delhi and light engineering goods industries.
Faridabad is another prominent business and Mumbai.
and industrial centre, covering an area of Ludhiana is the domestic leader in acrylic
2,151 sq km. Adjacent to the southern Kota has 14 industrial estates and a yarn and woollens and is gearing up for
part of Delhi, it is well number of large chemical units. Products growth in knitwear exports in the post
from these units include fertilizers, quota regime, especially as the Indian
connected to the National capital and caustic soda, cement, copper based textile industry enjoys a zero excise
Gurgaon through a road and rail items, stones and tiles, PVC items and status.
network. tyre chord fabric. The areas surrounding Under the Government of India’s
The main industries in Faridabad are Kota also have large limestone and Industrial Infrastructure Upgradation
light engineering goods, metal goods and sandstone deposits. Scheme, the state is developing two
automotive components. It industrial clusters, at Ludhiana and
complements the automobile industries
PANIPAT
Amritsar, to promote cotton and
located in Gurgaon. The 500 small and Indian Oil’s Panipat refinery is the most woollen textile exports
medium enterprises in Faridabad, mainly modern public sector refinery equipped respectively.These clusters involve an
auto component manufacturers, are with state-of-the-art technology. investment of US$ 11 million each. The
finalising plans to invest over US$ 30 Panipat refinery today is on the State Government is also working out
million for technology improvement and springboard of growth with two projects, the modalities of setting up a General
capacity expansion. Panipat Refinery Expansion Project for Product Zone in Amritsar.
doubling its capacity from 6 to 12
JAIPUR MMTPA and Integrated Paraxylene and The other important districts are Karnal
Jaipur is the capital of Rajasthan and its PTA Project having a capacity of 553,000 and Ambala. Karnal is the centre of agro-
largest city. It has a population of MTPA of based and handloom industries. Ambala
approximately 2.3 million. It is well is well known for the hosiery industry.
PTA are scheduled to be commissioned Other parts of the state, particularly the
connected to Delhi and other major in 2005. In order to further accelerate
cities across India. Its international economic hub around KMP and
the development of the textile industry, Panchkula are to be developed as IT
airport offers direct flights to South-east a project under ‘Textile Centres Corridors.
180
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MALL PROFILE
Advance India Projects Ltd Ambience Developers &
Infrastructure Pvt Ltd
CELEBRATION MALL, CELEBRATION MALL, AMBI MALL

UDAIPUR AMRITSAR Location : NH- 8 Gurgaon ,Delhi
Location: Udaipur Location: Amritsar Haryana Border, Gurgaon -122001
City: Udaipur City: Amritsar City : Gurgaon
Status: Under-Construction Status: Under-Construction Total Land Area: 18,00,000 sq.ft
Operational from(Planned): Operational from(Planned): Total Mall Area: 18,00,000 sq.ft
October,2008 December, 2008 No. of Floors: G+7
Total Land Area: 1,35,000 sq.ft Total Land Area: 60,000 sq.ft Gross Leasable Area (GLA):
Total Built-up Area: 5,50,000 sq.ft Total Built-up Area: 3,20,000 sq.ft 18,00,000 sq.ft
No. of Floors: 2 basement+AGF+6 No. of Floors: 3 basement+LGF+8 Shopping Area: 18,00,000 sq.ft
(incl. of Multiplex) (Incl. of Multiplex) Food Court Area: 50,000 sq.ft
GLA: GFA Ratio: 65:35 GLA: GFA Ratio: 65:35 Leisure & Entertainment Area:
Leased/ Sold Space Ratio: 100% CAM Charges : As per Mall 1,00,000 sq.ft
Lease Management Acency Parking Space: Approx 3,000 cars
CAM Charges: As per Mall Rental Model: Fixed Rent No of Escalators: 38
Management Acency Space for No of 4-wheelers: 240 No. of Lifts: 37
Rental Model: Fixed Rent Space for No of 2-wheelers: 200 Kids Play/Creche Area: 50,000 sq.ft
Space for No of 4-wheelers: 250 No of Escalators: 11 Considerations on choice of
Space for No of 2-wheelers: 348 No. of Lifts: 4 location : On NH-8 7 KM From
No of Escalators: 10+1 International Airport
Kids Play/Creche Area: Yes
No. of Lifts: 6 Catchment Area : Gurgaon, 0 Km
Mall Management : In-House
from South of Delhi
Kids Play/Creche Area: Yes TENANT MIX
Mall Management : In-House Anchor-1: Spencer
km radius : MGF METROPOLITAN,
TENANT MIX Anchor-2: Westside CITY CENTRE, DLF STAR MALL,
Anchor-1: Spencer Category/Format: Department Store GALAXY MALL, DLF GRAND MALL ETC
Anchor-2: FameAdlabs Anchor-3: PVR Cinemas TENANT MIX
Category/Format: Multiplex Category/Format: Multiplex Anchor-1: Reliance Mart
Category/Format: Hypermarket
Area occupied: 150,000 sq.ft
Anchor-2: Debhenams, Mark &
Spencer, Next
Category/Format: Department Store
Anchor-2: Pantaloon
Anchor-1: Big Baazar
181
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ANSAL API
ANSAL PLAZA, ANSAL PLAZA, ANSAL PLAZA PALAM VIHAR

DELHI GREATER NOIDA Location: Palam Vihar
Location: Khelgaon Marg - Delhi Location: Pari Chowk, Greater Noida City: Gurgaon
City: Delhi City: Greater Noida Status: Under construction.
Status: Operational Status: Under construction. Total Land Area: 1,13,218 sq.ft
Total Land Area: 3,50,000 sq.ft Total Land Area: 2,61,274 sq.ft Total Mall Area: 3,50,000 sq.ft
Total Mall Area: 2,00,000 sq.ft Total Mall Area: 7,50,000 sq.ft No. of Floors: G+5
No. of Floors: 2 lower basement plus No. of Floors: G+8 Gross Leasable Area: 1,90,000 sq.ft
3 Gross Leasable Area: 4,00,000 sq.ft CAM Charges: BTU meter installed for
Gross Leasable Area: 1,75,000 sq.ft calculation of AC consumption and dual
CAM Charges: BTU meter installed
energy meter for electricity consumption
Leased/ Sold space ratio: 45:65 for calculation of AC consumption and
dual energy meter for electricity Rental Model: Fixed Rent
CAM Charges: 24.5
consumption Tenant Mix: Adlabs, Reliance Retail,
Rental Model: Fixed Minimum Rent
Rental Model: Fixed Rent Nike, Priknit, SRS 7 Dayz
Atrium area: 25,000 sq.ft
Tenant Mix: Reliance Retail, Adlabs, Atrium area: 1 huge atrium
Savoy Suites, Mc Donalds, Pizzahut, Shopping Area: 1,55,000 sq.ft
Leisure & Entertainment Area: 4,000 KFC, Essar, Nike, Addidas, Reebok, Food Court Area: 13,000 sq.ft
sq.ft Dayal Opticals, Timex, Wills Lifestyle, Parking Area: 1,63,000 sq.ft
Space for No of 4-wheelers: 9,00 D'Damas, Nakshatra, Crocodile,
sq.ft Space for No of 4-wheelers: 300 CPS
Candico, Cantabil, Kwality Walls, VLCC,
Space for No of 2-wheelers: 1,200 Fast Trax, Limasol, GKB, Genesis No of Escalators: 8
sq.ft Basics, Johnplayers, MTV, Levis, Walk n No. of Lifts: 6
Levels connected with Escalators: M&B, Vingun, Reynolds, SRS 7 Dayz Competitive Advantage: This is the
all (Food Court), Just In Time, Adams, only Mall in the Palam Vihar Township,
No. of Lifts: 7 Spykar, Kool Kidz, Book Shoppee, which is spreadover 700 acres.
Disney World, Costa, Cream Bell, Market Area: Palam Vihar HUDA
Kids Play/ Creche Area: 150 sq.ft Archies, Candy Treat, Numero Uno, Sector 4, 5, 21, 22, 23, 23A, 45 and
Market Area: South Extn. GK Planet M, Cotton County easy approach from Vasant Kunj
Other Shopping centres/ malls in 6 km Atrium area: 3 huge atriums Dwaraka, Delhi Cantt. etc. will make the
radius: None Shopping Area: 3,60,000 sq.ft Mall a most happening place
Average Footfalls on Week days: Food Court Area: 15,000 sq.ft Other Shopping centres/ malls in 6 km
14000 radius: No operational Mall
21000 Space for No of 4-wheelers: 1,100
Mall Management : Inhouse No of Escalators: 19
Levels connected with Escalators: 8
No. of Lifts: 7
Competitive Advantage: First Mall to
be operational in Greater Noida in
Second Quarter 2007. Strategically
located on the Noida - Greater Noida
Express way near Pari Chowk. The next
Mall would be operational after 3 years
of launch of Ansal Plaza, Greater Noida
182
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MALL PROFILE
ANSAL API
ANSAL ROYAL PLAZA ANSAL HIGHWAY PLAZA ANSAL PLAZA, MEERUT

Location: Nai Sarak, Main High Court Location: Kondli Border Location: Sector 3
Road City: Sonipat City: Meerut
City: Jodhpur Status: Under Construction. Total Land Area: 1,41,524 sq.ft
Status: Under construction. Total Land Area: 1,63,296.75 sq.ft Total Mall Area: 2,50,000 sq.ft
Total Land Area: 43,545 sq.ft Total Mall Area: 2,50,000 sq.ft No. of Floors: G+3
Total Mall Area: 1,30,000 sq.ft No. of Floors: G+6 Rental Model: Fixed Rent
No. of Floors: G+4 Rental Model: Fixed Rent
Rental Model: Fixed Rent Tenant Mix: Bikanerwala, Pantaloon,
Tenant Mix: Madura Garments, Adidas, Nike, Megamart, Numero Uno,
Koutons, Turtle, Pizza Corner, Coffee Koutons, Candy Treat, SweetWorld
World, Planet M, John Players, K -
Lounge, Priknit, Samsonite, Jammin,
Bikanerwala, Spykar, GKB Opticals,
Leisure & Entertainment Area: 8,000
sq.ft
Space for No of 4-wheelers: 200
Competitive Advantage: Located in
the heart of the city
Market Area: Sardarpura, Shastrinagar,
PWD colony, Pawta Circle and other
areas
Mall Management: Ansal Plaza Mall
Management Co.
183
ANSAL API
ANSAL PLAZA, PANIPAT ANSAL PLAZA, AJMER ANSAL PLAZA LUCKNOW

Location: G.T. Karnal Road Location: Sushant City Location: Ansal Hi-Tech City, Sultanpur
City: Panipat City: Ajmer Road
Total Land Area: 1,56,764 sq.ft Total Land Area: 1,56,764 sq.ft City: Lucknow
Total Mall Area: 2,50,000 sq.ft Total Mall Area: 2,40,000 sq.ft Total Land Area: 4,35,457 sq.ft
No. of Floors: G+9 No. of Floors: G+4 Total Mall Area: 10,00,000 sq.ft
No. of Floors: G+2
184
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MALL PROFILE
CHADHA GROUP
The Centre Stage Mall The EastEnd Mall The WestEnd Mall
Location: L-1, Sector - 18 Location: TC-54, Vibhuti Khand, Gomti Location: F 32, RamGanga Vihar,
City: Noida,U.P Nagar Kanth Road
Status: Operational City: Lucknow, U.P City: Moradabad, U.P
Operational from(Planned): Status: Operational Status: Operational
September 2003 Operational From: 1, April, 2004 Operational from(Planned): 3rd
Total Investment in the Mall: Rs. 97 Total Investment in the Mall: Rs. 32 August 2007
Crore Crore Total Land Area: 10,3820 sq.ft
Total Land Area: 94,483 sq.ft Total Land Area: 1,56,700 sq.ft Total Mall Area: 77,670 sq.ft
Total Mall Area: 35,0000 sq.ft Total Mall Area: 3,14,500 sq.ft No. of Floors: 1+3
No. of Floors: 2+9 No. of Floors: 1+3 Gross Leasable Area (GLA): 22,205
Gross Leasable Area (GLA): 2,56,000 Gross Leasable Area (GLA): 2,02500 sq.ft
sq.ft sq.ft Leased/ Sold Space Ratio: Leased
Leased/ Sold Space Ratio: Leased Leased/ Sold Space Ratio: Leased Only
Only Only CAM Charges: Rs 18.5 per
CAM Charges: Rs.21 per sq.ft/month CAM Charges: Rs.17.50 per sq.ft/month
Rental Model: Fixed Minimum Rent sq.ft/month Rental Model: Fixed Minimum Rent
Atrium Area: 10,200 sq.ft Rental Model: Fixed Minimum Rent Atrium Area: 5,316 sq.ft
Shopping Area: 85,000 sq.ft Atrium Area: 7,000 sq.ft Food Court Area: 2,485 sq.ft
Food Court Area: 10,000 sq.ft Shopping Area: 85,000 sq.ft Leisure & Entertainment Area: 6,618
Leisure & Entertainment Area: Food Court Area: 7,500 sq.ft sq.ft
46,789 sq.ft Leisure & Entertainment Area: Services Area: 1,13,223 sq.ft
Services Area: 1,14,000 sq.ft 47,700 sq.ft Parking Area: 37,297 sq.ft
Parking Area: 93,500 sq.ft Services Area: 50,300 sq.ft Space for No of 4-wheelers: 142
Space for No of 4-wheelers: 1,300 Parking Area: 1,12,000 sq.ft Space for No of 2-wheelers: 100
Space for No of 2-wheelers: 500 Space for No of 4-wheelers: 400 No. of Lifts: 1
No of Escalators: 14 Space for No of 2-wheelers: 200 Catchment Area: Moradabad &
No. of Lifts: 2+1 No of Escalators: 4 Suburbs
Catchment Area: Delhi & NCR No. of Lifts: 5 Other shopping centres/malls in 6 km
Catchment Area: Lucknow radius: None
Other shopping centres/malls in 6 km
radius: The Great India Place Other shopping centres/malls in 6 km Mall Management: In-House
Mall Management: In-House radius: Fun Republic Mall
Mall Management: In-House
185
CHADHA GROUP Collage Group
The WestEnd Mall The EastEnd Mall VIVA COLLAGE

Location: Plot no 2&3, City Plaza, Location: Near Telephone Exchange, Location: Sahastradhara Road
Firozpur Kaushambi City: Dehradun
City: Ludhiana, Punjab City: Ghaziabad, U.P Status: Planning
Status: Soon to be Operational Status: Operational Operational From (Planned):
Total Land Area: 94,000 sq.ft Operational from (Planned): October, 2010
Total Mall Area: 4,71,000 sq.ft September 2003 Total Land Area: 6,09,840 sq.ft
No. of Floors: 3+7 Total Investment in the Mall: Total Mall Area: 12,00,000 sq.ft
Gross Leasable Area (GLA): Rs. 28 crore No. of Floors: 4
2,82,000 sq.ft Total Land Area: 32,757 sq.ft Gross Leasable Area: 7,00,000 sq.ft
Leased/ Sold Space Ratio: Leased Total Mall Area: 83,374 sq.ft Rental Model: Fixed Rent
Only No. of Floors: 2+5 Shopping Area: 7,28,000 sq.ft
Rental Model : Fixed Minimum Rent Gross Leasable Area (GLA): 56,892 Food Court Area: 50000 sq.ft
Atrium Area : 9,000 sq.ft sq.ft
Shopping Area: 1,24,000 sq.ft Leased/ Sold Space Ratio: Leased 1,00,000 sq.ft
Food Court Area: 12,000 sq.ft Only
Leisure & Entertainment Area: Rental Model: Fixed Minimum Rent
5,3100 sq.ft Shopping Area: 11,128 sq.ft
Services Area: 83,900 sq.ft Leisure & Entertainment Area:
43,988 sq.ft Space for No of 2-wheelers: 4,000
Parking Area: 1,88,300 sq.ft No. of Lifts: 8 passenger + 6 service
Space for No of 4-wheelers: 650 Services Area: 1,776 sq.ft
on each floor
Space for No of 2-wheelers: 200 Parking Area: 26,482 sq.ft
Other shopping centres/malls in 6 km
No of Escalators: 10 Space for No of 4-wheelers: 70 radius: 4
No. of Lifts: 4+1 Space for No of 2-wheelers: 50 Mall Management: In-House
Catchment Area : Ludhiana, No of Escalators: 2 Competitive Advantage: Concept
Chandigarh, Firozpur & near by towns No. of Lifts: 2 stage
Other shopping centres/malls in 6 km Catchment Area: Delhi & Ncr
radius: Flamez, Ansals Plaza Other shopping centres/malls in 6 km
Mall Management : In-House radius: Pacific Mall, EDM
186
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MALL PROFILE
College Group DLF Retail Developers
Limited
VIVA COLLAGE VIVA COLLAGE STAR MALL

Location: Ajnala Road Location: GT Road, Paragpur Location: NH-8, Opp 32nd Milestone
City: Amritsar City: Jallandhar City: Gurgaon
Status: Planning Status: Construction Status: Under Construction
Operational From (Planned): Operational From (Planned): April, Operational from(Planned: 2007
October, 2009 2009 Total Land Area: 1,37,000 sq.ft
Total Land Area: 1,89,488 sq.ft Total Land Area: 1,35,792 sq.ft Total Mall Area: 5,58,000 sq.ft
Total Mall Area: 6,66,848 sq.ft Total Mall Area: 6,23,152 sq.ft No. of Floors: G+4
No. of Floors: 5 No. of Floors: 5 Gross Leasable Area (GLA): 2,20,000
Gross Leasable Area : 4,15,490 sq.ft Gross Leasable Area: 4,16,000 sq.ft sq.ft
Rental Model: Fixed Rent Rental Model: Fixed Rent Space for No of 4-wheelers: 575
Shopping Area: 3,32,392 sq.ft Shopping Area: 3,21,622 sq.ft Catchment Area: South City, Sector
Food Court Area: 20,000 sq.ft Food Court Area: 28,000 sq.ft 15/, 30, 31 and 40
Leisure & Entertainment Area: Leisure & Entertainment Area: Other shopping centres/malls in 6
20,000 sq.ft 20,000 sq.ft km radius: Grand Mall , Gurgaon,
Services Area: 25,135 sq.ft. Services Area: 15,000 sq.ft Mega Mall, Gurgaon
Parking Area: 3,00,000 sq.ft Parking Area: 2,50,000 sq.ft Competitive Advantage: Location,
Affluent Catchment
Space for No of 4-wheelers: 836 Space for No of 4-wheelers: 700
TENANT MIX
Space for No of 2-wheelers: 2,500 Space for No of 2-wheelers: 2,000
Anchor-1: Reliance Fresh
No of Escalators: 2 pair on each floor No of Escalators: 2 pair on each floor
Category/Format: Supermarket
No. of Lifts: 4 passenger + 3 service No. of Lifts: 4 passenger + 2 service
Status: Booked
on each floor on each floor
Kids Play/Creche Area: Yes Kids Play/Creche Area: Yes
Anchor-2: DT Cinemas
Other shopping centres/malls in 6 Other shopping centres/malls in 6
km radius: 9 km radius: 8 Category/Format: Multiplex
Mall Management : In-House Mall Management : In-House Status: Booked
Competitive Advantage : Best of India Competitive Advantage: All under one No of Screens/Total Seating
roof. Semi premium retail, entertainment Capacity: 2 Screens/600 seats
and leisure complex Other Brands/ Retailers: Bombay
TENANT MIX selections, Archies, Roop Sarees,
Anchor-1: Aditya Birla Retail Ltd. Meena Bazaar, The Host Restaurant,
etc
Anchor-2: Lifestyle/ Max Fashion
Anchor-3: Cinemax
Category/Format: Multiplex
Anchor-4: Hot Brands
Category/Format: Catering
187
DLF Retail Developers Limited
SOUTH POINT TOWN SQUARE MALL OF INDIA

Location: Main Sector Road (Near to Location: Sector 18, Noida, Opp Location: On the National Highway,
DLF Golf and Country Club) Radisson Hotel NH-8
City: Gurgaon City: Noida City: Gurgaon
Operational from(Planned): 2007 Operational from(Planned): Fiscal Operational from(Planned): 2010
Total Land Area: 1,37,000 sq.ft 2009 Total Land Area: 14,41,000 sq.ft
Total Mall Area: 4,78,000 sq.ft Total Land Area: 5,85,000 sq.ft Total Mall Area: 55,23,000 sq.ft
No. of Floors: G+4 Total Mall Area: 22,90,000 sq.ft Gross Leasable Area (GLA):
Gross Leasable Area (GLA): No. of Floors: G + 5 39,00,000 sq.ft
2,80,000 sq.ft Gross Leasable Area (GLA): Space for No of 4-wheelers: 8,000
Space for No of 4-wheelers: 600 20,20,000 sq.ft Catchment Area: DLF Phase- I, II, III,
Catchment Area: DLF City Premium Space for No of 4-wheelers: 3,000 Udyog Vihar, MG Road
condominiums- The Aralias, The Catchment Area: Noida, Greater Other shopping centres/malls in 6
Magnolias, The Pinaccle, Westend Noida, Maharani Bagh, Friends Colony, km radius: Ambi Mall, City Centre,
Hieghts, Trinity Towers, Carlton Estate, Defence Colony and other adjoining Grand Mall, MGF Plaza, MGF
Princeton Estate, The Royalton Tower, upmarket residential pockets like Metropolitan
The Icon, Exclusive Floors, and many Greater Kailash, Sarita Vihar to name a Competitive Advantage: Location,
other surrounding colonies like Suncity, few Magnitude of the project. Slated to be
Rail Vihar, to name a few Other shopping centres/malls in 6 the largest mall in India
Other shopping centres/malls in 6 km radius: Centrestage Mall, Sab Mall,
km radius: Grand Mall, Mega Mall, Great India Place
Gurgaon Competitive Advantage: Location,
Competitive Advantage: Location, Magnitude of the project, Affluent
Affluent catchment catchment, Design
TENANT MIX TENANT MIX
Anchor-1: The Home Town Anchor-1: Westside
Status: Booked Category/Format: Department Store
Area occupied: 74,000 sq.ft Status: Under Negotiation
Anchor-2: Bombay Selection Anchor-2: DT Cinemas
Status: Booked Category/Format: Multiplex
Area occupied: 20,000 sq.ft Status: Booked
No of Screens: 6 Screens
188
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MALL PROFILE
STAR MALL SOUTH POINT TOWN SQUARE

Location: NH-8, Opp 32nd Milestone Location: Main Sector Road Location: Sector 18, Noida , Opp
City: Gurgaon (Near to DLF Golf and Country Club) Radisson Hotel
Status: Under Construction City: Gurgaon City: Noida
Operational from(Planned): 2007 Status: Under Construction Status: Under Construction
Total Land Area: 1,37,000 sq.ft Operational from(Planned): 2007 Operational from(Planned): Fiscal
Total Mall Area: 5,58,000 sq.ft Total Land Area: 1,37,000 sq.ft 2009
No. of Floors: G+4 Total Mall Area: 4,78,000 sq.ft Total Land Area: 5,85,000 sq.ft
Gross Leasable Area (GLA): 2,20,000 No. of Floors: G+4 Total Mall Area: 22,90,000 sq.ft
sq.ft Gross Leasable Area (GLA): 2,80,000 No. of Floors: G + 5
Space for No of 4-wheelers: 575 sq.ft Gross Leasable Area (GLA):
Catchment Area: South City, Sector Space for No of 4-wheelers: 600 20,20,000 sq.ft
15/, 30, 31 and 40 Catchment Area: DLF City Premium Space for No of 4-wheelers: 3000
Other shopping centres/malls in 6 condominiums- The Aralias, The Catchment Area: Noida, Greater
km radius: Grand Mall, Gurgaon, Magnolias, The Pinaccle, Westend Noida, Maharani Bagh, Friends Colony,
Mega Mall, Gurgaon Hieghts, Trinity Towers, Carlton Estate, Defence Colony and other adjoining
Competitive Advantage: Location, Princeton Estate, The RoyaltonTower, upmarket residential pockets like
Affluent Catchment The Icon, Exclusive Floors, and many Greater Kailash, Sarita Vihar to name a
other surrounding colonies like Suncity, few
TENANT MIX
Rail Vihar, to name a few Other shopping centres/malls in 6
Anchor-1: Reliance Fresh
Other shopping centres/malls in 6 km radius: Centrestage Mall, Sab Mall,
Category/Format: Supermarket km radius: Grand Mall, Mega Mall, Great India Place
Status: Booked Gurgaon Competitive Advantage: Location,
Area occupied: 15,000 sq.ft Competitive Advantage: Location, Magnitude of the project, Affluent
Anchor-2: DT Cinemas Affluent catchment catchment, Design
Category/Format: Multiplex TENANT MIX TENANT MIX
Status: Booked Anchor-1: The Home Town Anchor-1: Westside
No of Screens/Total Seating Status: Booked Category/Format: Department Store
Capacity: 2 Screens/600 seats Area occupied: 74,000 sq.ft Status: Under Negotiation
Other Brands/ Retailers: Bombay Anchor-2: Bombay Selection Anchor-2: DT Cinemas
selections, Archies, Roop Sarees, Status: Booked Category/Format: Multiplex
Meena Bazaar, The Host Restaurant, Area occupied: 20,000 sq.ft Status: Booked
etc
189
MALL OF INDIA SOUTHCOURT COURTYARD

Location: On the National Highway Location: Saket District Centre, Plot Location: Saket District Centre, Plot A4,
NH-8 A1, Near Marriot Hotel, Saket Near Marriot Hotel, Saket
City: Gurgaon City: New Delhi City: New Delhi
Operational from(Planned): 2010 Operational from(Planned): 2009 Operational from(Planned): 2008
Total Land Area: 14,41,000 sq.ft Total Land Area: 1,02172 sq.ft Total Land Area: 1,68,496 sq.ft
Total Mall Area: 55,23,000 sq.ft Total Mall Area: 5,79,000 sq.ft Total Mall Area: 10,60,000 sq.ft
No. of Floors: NA No. of Floors: G+7 No. of Floors: G+7
Gross Leasable Area (GLA): Gross Leasable Area (GLA): Gross Leasable Area (GLA): 6,60,000
39,00,000 sq.ft 4,20,000 sq.ft sq.ft
Space for No of 4-wheelers: 8000 Space for No of 4-wheelers: 721 Space for No of 4-wheelers: 1000
Catchment Area: DLF Phase-I, II, III, coupled with DDA Surface Parking coupled with DDA Parking
Udyog Vihar, MG Road Considerations on choice of Considerations on choice of
Other shopping centres/malls in 6 location: Demographics, Exact location: Demographics, Exact
km radius: Ambi Mall, City Centre, location, Future potential, Competitive location, Future potential, Competitive
Grand Mall, MGF Plaza, MGF Landscape etc Landscape etc
Metropolitan Catchment Area: Saket, Sainik Farms, Catchment Area: Saket, Sainik Farms,
Competitive Advantage: Location , Panchseel Enclave, Pushp Vihar, Panchseel Enclave,Pushp
Magnitude of the project. Slated to be Gulmohar Park, Hauz Khas, Malviya Vihar,Gulmohar Park, Hauz Khas,
the largest mall in India Nagar, GK, South Extension to name a Malviya Nagar, GK, South Extension to
few name a few
km radius: Up coming projects like km radius: Up coming projects like
Courtyard from DLF, Select City Walk, Courtyard from DLF, Select City Walk,
Square One mall, MGF Mall, Projects in Square One mall, MGF Mall, Projects in
Vasant Kunj Vasant Kunj
Competitive Advantage: Location, 2 Competitive Advantage: Location,
anchor stores spread out on all the Mixed Land Use
floors, Design TENANT MIX
TENANT MIX Anchor-1: Debenhams
Anchor-1: Lifestyle Category/Format: Department Store
Category/Format: Department Store Status: Booked
Status: Booked Area occupied: 79,000 sq.ft
Area occupied: 60,000 sq.ft Anchor-2: DT Cinemas
Anchor-2: Landmark Category/Format: Multiplex
Category/Format: Lesuire Status: Booked
Status: Booked Area occupied: 64,000 sq.ft
190
(NORTH)
MALL PROFILE
PROMENADE EMPORIO CITY CENTRE

Location: Nelson Mandela Road, Location: Nelson Mandela Road, Location: A Block, Shalimar Bagh
Vasant Kunj Vasant Kunj City: New Delhi
City: New Delhi City: New Delhi Status: Under Construction
Status: Under Construction Status: Under Construction Operational From(Planned): 3rd
Operational from(Planned): 2008 Operational from (Planned): 2008 quarter of 2007
Total Land Area: 2,77,393 sq.ft Total Land Area: 1,64,628 sq.ft Total Land Area: 1,50,000 sq.ft
No. of Floors: G+2 Gross Leasable Area (GLA): 3,20,000 No. of Floors: G+3
Gross Leasable Area (GLA): 4,60,000 sq.ft Gross Leasable Area (GLA): 2,50,000
sq.ft Space for No of 4-wheelers: 900 cars sq.ft
Space for No of 4-wheelers: 950 cars Considerations on choice of Space for No of 4-wheelers: 550
Considerations on choice of location: Demographics, Exact Considerations on choice of
location: Demographics, Exact location, Future potential, Competitive location: Demographics, Exact
location, Future potential, Competitive Landscape etc location, Future potential, Competitive
Landscape etc Catchment Area: Vasant Vihar, Vasant Landscape etc
Catchment Area: Vasant Vihar,Vasant Kunj, Chanakya Puri, Shanti Niketan, Catchment Area: Pitampura, Rohini,
Kunj,Chanakya Puri, Shanti Niketan, Anand Niketan, Safdurjung, Green Park, Punjabi Bagh, Karol Bagh, Ashok Vihar,
Anand Niketan, Safdurjung,Green Park, Sainik Farms, WestEnd, Diplomatic Model Town, Dr. Mukherjee Nagar,
Sainik Farms, WestEnd, Diplomatic Enclave Kamla Nagar and Delhi University-
Enclave Other shopping centres/malls in 6 North Campus
Other shopping centres/malls in 6 km radius: None as such since this Other shopping centres/malls in 6
km radius: Ambi Malls, Courtyard and has been positioned as a luxury mall km radius: Unitech Metro Walk in
South Court in Saket, Community Competitive Advantage: Currently the Rohini, North Ex Mall in Rohini, North
Centres, Vasant Kunj only project catering exclusively to the Square mall in Pitampura
Competitive Advantage: Location, luxury segment Competitive Advantage: First mover
Premium Brands advantage in Shalimar Bagh
Anchor-1: DT Cinemas Anchor-1: Pantaloon & Food Bazaar
Category/Format: Multiplex Area occupied: 45,000 sq.ft
Area occupied: 85,000 sq.ft Anchor-2: DT Cinemas
191
THE GALLERIA JASOLA TOWERS CITY COURT

Location: Mayur Vihar District Centre Location: Jasola District Centre Location: Sikanderpur, Near DLF
City: New Delhi City: New Delhi Phase- 1
Status: Under Construction Status: Under Construction City: Gurgaon
Operational From(Planned): Fiscal Operational From(Planned): Fiscal Status: Under Construction
2007 2008 Operational From(Planned): Fiscal
Total Land Area: 59,00,000 sq.ft Total Land Area: 1,38,000 sq.ft 2009
Total Mall Area: 1,83,000 sq.ft Total Mall Area: 10,76,000 sq.ft Total Land Area: 93,00,000 sq.ft
No. of Floors: G+2 No. of Floors: G + 12 Total Mall Area: 2,67,000 sq.ft
Gross Leasable Area (GLA): Gross Leasable Area (GLA) ): Gross Leasable Area (GLA) :
1,68,000 sq.ft 8,35,000 sq.ft 2,17,000 sq.ft
Considerations on choice of Considerations on choice of Considerations on choice of
location: Demographics, Exact location: Demographics, Exact location: Demographics, Location
location, Future potential, Competitive location, Future potential, Competitive Catchment Area : DLF Phase- I,II,III, V,
Landscape etc Landscape etc MG Road
Catchment Area: Mayur Vihar Phase Catchment Area: Sarita Vihar,Noida, Other shopping centres/malls in 6
1, 2 & 3, Patparganj, East of Kailash,Greater Kailash-1 &2, km radius: City Centre, Mega Mall,
Indraprastha,Noida Sector 15A & 14A, Panchsheel Enclave, Chirag Delhi Grand Mall, MGF Metropolitan, MGF
Vasundhara Enclave, Pandav Nagar Other shopping centres/malls in 6 Mega City to name a few
Other shopping centres/malls in 6 km radius: None as such Competitive Advantage : Mixed Land
km radius: EDM, Ghaziabad, Pacific Competitive Advantage: Tallest use
Mall, complex in the vicinity, superior retail
Competitive Advantage: Next to mix, largest development, Mixed land
Reliance Retail, Close to Metro Station use , walk to work concept
192
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MALL PROFILE
E-CITY ENTERTAINMENT(I) PVT LTD
FUN REPUBLIC-JAMMU FUN REPUBLIC - UDAIPUR FUN REPUBLIC-

Location: HariNiwas Palace,The Palace Location: Old Paras Cinema complex CHANDIGARH
City: Jammu,J & K City: Udaipur Location: Mani Manjra
Status: Under Planning Status: Under Construction City: Chandigarh
Operational From (Planned): Operational From (Planned): March, Status: Operational
December, 2009 2009 Operational From (Planned): 28th
Total Investment in the Mall: Rs.100 Total Investment in the Mall: Rs.25 November 2003
Crore crore Total Land Area: 96,200 sq.ft
Total Land Area: 2,39,574 sq.ft Total Land Area: 51,590 sq.ft Total Mall Area: 96,200 sq.ft
Total Mall Area: 7,58,000 sq.ft Total Mall Area: 1,65,000 sq.ft No. of Floors: 4
No. of Floors: 3 No. of Floors: 4 Gross Leasable Area (GLA): 88,500
Gross Leasable Area: 5,20,000 sq.ft Gross Leasable Area: 1,18,089 sq.ft sq.ft
GLA: GFA Ratio: 68:32 GLA: GFA Ratio: 70:30 Leased/ Sold space ratio: All leased
Leased/ Sold space ratio: All Spaces Leased/ Sold space ratio: All Spaces CAM Charges : Rs. 18 per sq.ft/month
leased only leased only Rental Model: License and lease
Leasing Agents/ Companies: EPMS Leasing Agents/ Companies: EPMS Atrium area: 6,450 sq.ft
CAM Charges: As per actuals in 2009 Rental Model: Fixed Minimum Rent Shopping Area: 8,450 sq.ft
Rental Model: Fixed Minimum Rent Tenant Mix : Hyper /Departmental and Food Court Area: 5,493 sq.ft
Tenant Mix : Hyper/ Departmental/ Cinemas
Small format retail/ Entertainment/Food Atrium area: 1,000 sq.ft 16,020 sq.ft
Court and Cinemas Parking Area: 300+ Services Area: 38,807 sq.ft
Atrium area: 17,000 sq.ft No of Escalators: 6 Parking Area: 12,000 sq.ft
Food Court Area: 13,500 sq.ft Levels connected with Escalators: 3 Space for No of 2-wheelers: 80
Parking Area: 700+ (2 basement & No. of Lifts: 3 No. of Lifts: 4
open) Kids Play/ Creche Area: Yes Kids Play/ Creche Area: 1,280 sq ft
No of Escalators: 18 Competitive Advantage: Best location Competitive Advantage: First Mover
Levels connected with Escalators: 4 in the city, food and hyper model only Advantage backed by Services &
No. of Lifts: 12 Market Area: Well known established Customer Focus
Kids Play/ Creche Area: Yes destination of the city Market Area: Manimajra
Competitive Advantage : First Mover Mall Management: Outsourced to Average Footfalls on Week days:
mega mall, best location in the city, best EPMS 15,000
tenant mix, automated parking,
escalators and travelators, all shops
25,000
front visible from attrium
Mall Management: Outsourced to
Market Area: Central to the city
EPMS
EPMS
Any other details: Mega Mall with
independent hotel block and open
spaces, situated in heritage palace
193
E-CITY ENTERTAINMENT(I) ERA INFRASTRUCTURE (INDIA) LTD.
PVT LTD
FUN REPUBLIC-LUCKNOW ERA MALL-MEERUT ERA MALL-AGRA

Location: Lohia Path, Gomti Nagar Location: Delhi - Meerut Road, Meerut, Location: Plot No. MT-01, Sector - 12A,
City: Lucknow U.P. Sikandra Schema Yojna,
Status: Operational City: Meerut (U.P.) Sikandra, Agra
Operational From: 2nd Februrary Status: Under Construction Operational from(Planned): 2009
2007 Operational from(Planned): 2008 Total Land Area : 59,514 sq.ft.
Total Investment in the Mall: Rs.100 Total Land Area: 55,290 sq.ft Total Built-up Area: Approx. 2,25,000
Crore Total Mall Area: 2,00,000 sq.ft sq.fat.
Total Land Area: 17,2305 sq.ft No. of Floors: LGF + GF + 3 Gross Leasable Area (GLA): 1,47,093
Total Mall Area: 5,79,742 sq.ft sq.ft.
Gross Leasable Area (GLA):
No. of Floors: 10 1,34,975 sq.ft Leased/ Sold space ratio: Only on
Lease Module
Gross Leasable Area: 3,68,823 sq.ft Leased/ Sold space ratio: Only on
Lease Module CAM Charges: As per actuals with the
GLA: GFA Ratio: 63:37 cap, decided by the Management.
Leased/ Sold space ratio: All Spaces CAM Charges: As per actuals with the
cap, decided by the Management. Rental Model: All
leased only
Rental Model: All Tenant Mix: Apparels, Footwear, Food
Leasing Agents/ Companies: Court, Restaurant,
Jeerath Properties, Trammell Crow Tenant Mix: Apparels, Footwear, Food Entertainment, Anchor, Hypermarket.
Meghraj Property Consultants Pvt. Ltd. Court, Restaurant, Etc.
CAM Charges: Rs.20 per sq.ft/month Entertainment, Anchor, Hypermarket.
Etc. Space for No of 4-wheelers: 150
Atrium area: 14,962 sq.ft No of Escalators: 8
Shopping Area: 2,37,319 sq.ft Space for No of 4-wheelers: 120
No of Escalators: 10 Levels connected with Escalators: 4
Food Court Area: 21,335 sq.ft No. of Lifts: 2+1
Leisure & Entertainment Area: Levels connected with Escalators: 4
Floors Kids Play/ Creche Area: 2,371 sq.ft.
49,320 sq.ft.
No. of Lifts: 2+1 Competitive Advantage: Mall in the
Services Area: 1,27,987 sq.ft upcoming residential developments on
No of Escalators: 14 Competitive Advantage: Heart of the
Meerut City the enterence of the Agra.
Levels connected with Escalators: 5 Other Shopping centres/ malls in 6
Other Shopping centres/ malls in 6
No. of Lifts: 10 km radius: Queens Mall, Ansal, PVS, km radius: Sanjay Palace, Bhawna
Promotion schemes: Fun Jashn Crown Interiors, Model Plaza etc. Plaza, etc.
Market Area: Gomti Nagar, Gokhle TENANT MIX
Marg, Cantt, Mahanagar, Indra Nagar, Anchor-1: Chunmun
Aliganj
Anchor-2: Paul Garments
Anchor-3: Snow White
km radius: East End Mall &
SaharaGanj
Average Footfalls on Week days:
11,214
23,404
194
(NORTH)
MALL PROFILE
JAGRIT INFRASTRUCTURE
M2K ENTERTAINMENT PVT LTD
PVT.LTD.
BB MALL M2K PITAMPURA M2K ROHINI

Location: Neelam Chowk, Bhiwadi Location: M2K Pitampura Location: M2K Rohini
City: Bhiwadi City: New Delhi City: New Delhi
Status: Under Construction Status: Operational Status: Operational
Total Investment in the Mall: Rs.50 Operational From: 2005 Operational From: 2002
Crore Total Mall Area: 70,000 sq.ft Total Mall Area: 40,000 sq.ft
Total Land Area: 65,155 sq.ft. No. of Floors: G + 3 No. of Floors: Ground
Total Mall Area: 1,25,000 sq.ft. Gross Leasable Area (GLA): 70,000 Gross Leasable Area (GLA): 40,000
No. of Floors: 6 sq.ft sq.ft
Gross Leasable Area (GLA): 1,00,000 CAM Charges: Rs.23 per sq.ft/month CAM Charges: Rs.25 per sq.ft/month
sq.ft. Rental Model: Fixed Minimum Rental Rental Model: Fixed Minimum Rental
Leasing Agents/ Companies: No of Escalators: 3 Market Area: Rohini, Shalimar Bagh
Cushman & Wakefield, Realistic Levels connected with Escalators: 3 Other Shopping centres/ malls in 6
Realtors km radius: V3S, Aggarwal City Plaza ,
No. of Lifts: 2
CAM Charges: As per actuals Parsvnath
Kids Play/ Creche Area: Yes
Rental Model: Fixed Min.Rent/% Rent/ Average Footfalls on Week days:
Revenue Sharing Market Area : Ranibagh, Kohat
Enclave,Chandra Lok Vihar, Prashant 8,000
Food Court Area: 7,930 sq.ft. Vihar Average Footfall on Weekends:
Parking Area: 50,000 sq.ft Other Shopping centres/ malls in 6 9,000
No of Escalators: 2 km radius: Aggarwal City Plaza, Mall Management : Outsourced
No. of Lifts: 2 Capsule Lifts, 2 lifts for Unitech Mall
Hotel Guests, 1 service Lift Average Footfalls on Week days:
Other shopping centres/malls in 6 5,000
km radius: Parshavnath City Centre R- Average Footfall on Weekends:
Tech Capital Mall 7,000
Mall Management : Outsourced Mall Management : Outsourced
TENANT MIX
Anchor-1: Big Bazaar, Hypermarket
Anchor-2: Reliance Retail
Anchor-3: Spencer
Anchor-4: Fun Cinema
195
M2K ENTERTAINMENT PVT LTD MGF DEVELOPMENTS
M2K MEGA MALL METROPOLITAN MALL PLAZA MALL

Location: AB Road, Indore Location: MG Road Location: MG Road
City: Indore City: Gurgaon City: Gurgaon
Status: Under Construction Status: Operational Status: Operational
Operational From (Planned): March, Operational From (Planned): Operational From (Planned):
2008 January, 2003 November, 2003
Total Mall Area: 3,50,000 sq.ft Total Mall Area: 350,000 sq.ft Total Mall Area: 100,000 sq.ft
No. of Floors: LG + 5 No. of Floors: 4 No. of Floors: 5
Gross Leasable Area (GLA): Gross Leasable Area (GLA): 280,000 Gross Leasable Area (GLA): 100,000
3,50,000 sq.ft sq.ft sq.ft
Leased/ Sold space ratio: 100 % Leased/ Sold Space Ratio: 50/50 Leased/ Sold Space Ratio: 50/50
Leased Leasing Agents/ Companies: Leasing Agents/ Companies:
Rental Model: Fixed Minimum Rental JLL/CBRE/TCM/ BROKERS JLL/CBRE/TCM/ BROKERS
No of Escalators: 17 CAM Charges: On Actuals Approx CAM Charges: On Actuals Approx
Levels connected with Escalators: 6 Rs.20 per sq ft/ month Rs.20 per sq ft/ month
No. of Lifts: 4 Rental Model: Fixed Rental Model: Fixed
Kids Play/ Creche Area: Yes Food Court Area: 15,000 sq.ft Services Area: 6,000 sq.ft
Market Area: A.B. Road, M. G. Road, Leisure & Entertainment Area: Parking Area: 20,000 sq.ft
Scheme No. 54, 74,78 & Vijay Nagar 10,000 sq.ft Space for No of 4-wheelers: 350
Other Shopping centres/ malls in 6 Services Area: 10,000 sq.ft Space for No of 2-wheelers: 250
km radius: Treasure Island, Mangal Parking Area: 80,000 sq.ft No of Escalators: 6
City Space for No of 4-wheelers: 650 No. of Lifts: 2
Mall Management: Outsourced Space for No of 2-wheelers: 400 Promotion schemes: 100% Occupacy
No of Escalators: 6 throughout the year
No. of Lifts: 8 Catchment Area: NCR
Promotion schemes: 100% Occupacy Other shopping centres/malls in 6
throughout the year km radius: Sahara Mall/City Centrte
Catchment Area: NCR Average Footfall on Week Days:
Other shopping centres/malls in 6 8,000-9,000
km radius: Sahara Mall/City Centrte Average Footfall on Weekends:
Average Footfall on Week Days: 12,000-14,000
22,000 -25,000 Mall Management: In-house
Average Footfall on Weekends: Facility Management: CBRE
42,000-45,000 Competitive Advantage: Concept
Mall Management: In-house mall / home / furnishings/ white good /
Facility Management: CBRE consumer durables
Anchor-1: PVR Anchor-1: Lifestyle Home
Anchor-2: Shoppers Stop
Anchor-3: THS
Anchor-4: Bowling Alley
196
(NORTH)
MALL PROFILE
MGF DEVELOPMENTS
CITY SQUARE MALL MEGA CITY METROPOLITAN

Location: Rajouri Garden Location: MG Road Location: 22 Godam Chowk
City: New Delhi City: Gurgaon City: Jaipur
Status: Operational Status: Operational Status: Operational
Operational From (Planned): Operational From (Planned): Operational From (Planned): May,
October, 2005 December, 2006 2007
Total Mall Area: 200,000 sq.ft Total Mall Area: 250,000 sq.ft Total Mall Area: 150,000 sq.ft
No. of Floors: 4 No. of Floors: 4 No. of Floors: 5
Gross Leasable Area (GLA): 1,10,000 Gross Leasable Area (GLA): 1,50,000 Gross Leasable Area (GLA): 1,40,000
sq.ft sq.ft sq.ft
Leased/ Sold Space Ratio: 50/50 Leased/ Sold Space Ratio: 50/50 Leased/ Sold Space Ratio: 50/50
Leasing Agents/ Companies: Leasing Agents/ Companies: Leasing Agents/ Companies:
JLL/CBRE/TCM/BROKERS JLL/CBRE/TCM/BROKERS JLL/CBRE/TCM/BROKERS
CAM Charges: On Actuals Approx CAM Charges: On Actuals Approx CAM Charges: On Actuals Approx
Rs.20 per sq ft/ month Rs.20 per sq ft/ month Rs.20 per sq ft/month
Rental Model: Fixed Rental Model: Fixed Rental Model: Fixed
Food Court Area: 12,000 sq.ft Food Court Area: 12,000 sq.ft Food Court Area: 12,000 sq.ft
Leisure & Entertainment Area: 2,000 Leisure & Entertainment Area: 2,000 Leisure & Entertainment Area: 6,000
sq.ft sq.ft sq.ft
Services Area: 6,000csq.ft Services Area: 10,000 sq.ft Catchment Area: Jaipur
Parking Area: 30,000 sq.ft Parking Area: 90,000 sq.ft Other shopping centres/malls in 6
Space for No of 4-wheelers: 400 Space for No of 4-wheelers: 700 km radius: Crystal Mall
Space for No of 2-wheelers: 300 Space for No of 2-wheelers: 400 Average Footfall on Week Days:
No of Escalators: 10 No of Escalators: 4 7,000-8,000
No. of Lifts: 3 No. of Lifts: 5 Average Footfall on Weekends:
10,000-12,000
Promotion schemes: 100% Occupacy Catchment Area: NCR
throughout the year Mall Management: In-house
Catchment Area: NCR km radius: Sahara Mall/City Centrte Facility Management: CBRE
Other shopping centres/malls in 6 Average Footfall on Week Days: Competitive Advantage: Great brand
km radius: West Gate/TDI Mall 10,000-12,000 mix, activity for all ages, high level of
maintainence / one stop for shopping /
Average Footfall on Week Days: Average Footfall on Weekends: entertainment and food
18,000-20,000 15,000-18,000
TENANT MIX
Average Footfall on Weekends: Mall Management: In-house
Anchor-1: Lifestyle
24,000-26,000 Facility Management: CBRE
Anchor-2: Big Bazaar
Mall Management: In-house Competitive Advantage: Great brand
Facility Management: CBRE mix, activity for all ages, high level of
Competitive Advantage: Great brand maintainence / one stop for shopping /
mix, activity for all ages, high level of entertainment and food
maintainence / one stop for shopping / TENANT MIX
entertainment and food Anchor-1: Spencers
TENANT MIX Anchor-2: CTC Plaza
Anchor-1: Lifestyle
197
MGF DEVELOPMENTS OMAXE
METROPOLITAN METROPOLIS OMAXE CONNAUGHT PLACE

Location: Saket Location: MG Road Location: Sector beta-2, Greater Noida
City: New Delhi City: Gurgaon Operational From (Planned): March,
Status: Under Constructions Status: Under Constructions 2009
Date of Launch/ Planned launch Gross Leasable Area (GLA): Total Mall Area: 14,00,000 sq.ft
schedule: 39362 6,50,000 sq.ft No of Floors: 5+ Hotel Block
Gross Leasable Area (GLA): Leased/ Sold Space Ratio: 50/50 Number of Retail Floors: AF, GF, FF,
1,65,000 sq.ft Food Court Area: 18,000 sq.ft SF
Leased/ Sold Space Ratio: 50/50 Leisure & Entertainment Area: Average Floor Plate: 2,00,000 sq.ft
Services Area: 8,000 sq.ft 12,000 sq.ft Multiples / No of Screens: Fame/8
Parking Area: 40,000 sq.ft Services Area: 18,000 sq.ft Screens
Space for No of 4-wheelers: 400 Parking Area: 1,80,000 sq.ft Anchors: Reliance, Big Jos, Piramyd,
Space for No of 2-wheelers: 250 Space for No of 4-wheelers: 700 Ritu wears, Standard Max, Paul
Garments, The Creations
No of Escalators: 11 Space for No of 2-wheelers: 400
Parking (Cars): 5000
No. of Lifts: 4 Catchment Area: NCR
Parking Basements: 1
Catchment Area: NCR
Hotel: Yes (4th TO 19th)
Banquet: NO
Brands Finalized: Reliance Hyper
Mart, Fame - 8 Screen Multiplex, SRS
Value Bazaar, Pizza Hut, Costa, KFC,
Woodland, Nextt, Guess, Body Shop,
Monsoon Accessories, Puma, Meena
Bazaar, Marks & Spencer, Lacoste,
Weekender Kids, Weekender, Titan,
Reebok, Lilliput, Sensa, AO's, Womens
Secret, Catmoss, Vibes, Ostermann,
M&B Footwear, Chikankari, Xenia
Artificial Jewellery, Titan, Adams,
Anoothi, Nike, Franco Leome, Bruno
Manetti, Koutons, K-Lounge, Killer
Jeans, Spykar Jeans, Bonsoir, Cantabil,
Liberty, Royal Sporting House, Tycoon,
TCG, Snowhite, Blond n Bliss, Sweet
Dreams, Citizen, Metro Shoes, Lap Kok,
AOV Forex, Panna Sarees, BigJo's. ,
Provogue, Jammin, Kirby, Odyssey
Under Process:- UCB, Levis, Arvind
Brands, Foot Mart, Madura Brands,
Raymonds, and many more...
198
(NORTH)
MALL PROFILE
OMAXE
NRI CITY CENTER WEDDING MALL WEDDING MALL

Location: Pari Chowk, Expressway Location: Mall Road, Opp. Kali Location: Near Bhagwan Talkies, NH-2,
City: Greater Noida Devi Temple Delhi-Aagra Road
Operational From (Planned): City: Patiala City: Agra
October, 2007 Operational From (Planned): August,
Operational From (Planned):
Total Mall Area: 1,31,650 sq.ft 2007
December, 2007
No. of Floors: 4 Total Mall Area: 1,90,000 sq.ft
Total Mall Area: 2,90,000 sq.ft
No. of Retail Floors: GF, UGF, FF No. of Floors: 4
No. of Floors: 5 No. of Retail Floors: AF, GF, FF
Average Floor Plate: 50,000 sq.ft
Multiplex / No of Screens: Movie No. of Retail Floors: AF, GF, UGF, Average Floor Plate: 48,900 sq.ft
Times/ 2 Screen FF Multiplex / No of Screens: Movie
Parking (Cars): 500 Average Floor Plate: 60,000 sq.ft Times/3 Screen
Parking Basements: 2 Multiplex / No of Screens: Anchors: Spencers
Brands Finalized: archies, tantra, Fame/5 Screen Parking (Cars): 500
jaypee gifts, good things, café coffee Anchors: Spencers Parking Basements: 2
day & finalising soon oxembereg, Hotel: No
parker, zodiac, timex watches,
Parking (Cars): 500
Parking Basements: 2 Banquet: No
Lease Rates: Rs.70-120 per sq.ft
Brands Finalized: Archies, Anoothi,
Hotel: Yes (SF)
Meena Bazar, Movie Times, Dawar
Banquet: No Footwear, Costa Coffee, Pizza Hut, Ctc
Brands Finalized: Aswera, Plaza, Killer Jeans, Hakoba, Machu
Koutons, Cantabil, Anoothi, Meena Pichu Foodcourt, Nike, Ritu Kumar,
Bazar, Archies, Dawar Footwear, Svaasa, M&B, Catmoss.
Sona, Liliput, Pizza Corner, Killer Lease Rates: Rs.60-120 per sq.ft
Jeans, Hakoba, Fame, Kapsons,
Levis/Ucb, Woodland, Biba, Titan,
Sensa, Nike, Svaasa, M&B, Spykar,
Inexcess, Catmoss.
199
OMAXE
OMAXE NOVELTY OMAXE TERMINAL MALL OMAXE PLAZA

Location: Intersection OF Lawrence Location: Airport Road Location: Opp. Park Plaza Hotel, Next
Road, Mall Road, Novelty Chowk Operational From (Planned): March, to Pizza Hut, Ferozpur Road
City: Amritsar 2008 City: Ludhiana
Operational From (Planned): City: Amritsar Operational From (Planned):
December, 2007 Total Mall Area: 3,22,269 sq.ft December, 2007
Total Mall Area: 1,25,000 sq.ft No. of Floors: 7 Total Mall Area: 1,70,000 sq.ft
No. of Floors: 6 No. of Retail Floors: AF, GF, FF No. of Floors: 6
No. of Retail Floors: AF, GF, FF, SF Average Floor Plate: 65,000 sq.ft No. of Retail Floors: AF, GF, FF, SF
Average Floor Plate: 21,000 sq.ft Anchors: SRS Value Bazaar Average Floor Plate: 25,000 sq.ft
Multiplex / No of Screens: Movie Parking (Cars): 500 Multiplex /No of Screens: M2K/ 3
Times/3 Screen Parking Basements: 1 Screen
Anchors: Max Life Style Hotel: Yes Anchors: Max Life Style
Parking (Cars): 300 Banquet: Yes Parking (Cars): 300
Parking Basements: 2 Brands Finalized: SRS Foodcourt, Parking Basements: 2
Hotel: No Koutons, Anoothi , Sports Station, Hotel: No
Banquet: No Lease Rates: Rs.60-100 per sq.ft Banquet: No
Brands Finalized: Max Life Style, Ritu Brands Finalized: Killer Jeans, Dawar
Kumar, Dawar Footwear, Anoothi, Footwear, Max Lifestyle, Ritu Kumar,
Koutons, Upper Class, Archies, Nike, Inexcess, M2K, Svaasa, Archies,
Woodland, Killer Jeans, Cantabil, Woodland, Spykar, Tcg, SRS Foodcourt.
Liliput, Movie Times, Planet Sports, Lease Rates: Rs.65-140 per sq.ft
Nike, Svaasa, Yuvraj Creations, Spykar,
M&B.
200
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MALL PROFILE
OMAXE
OMAXE MALL WEDDING MALL OMAXE PLAZA

Location: GT Road Location: Sohna Road Location: Sohna Road
City: Ludhiana City: Gurgaon City: Gurgaon
Operational From (Planned): March, Operational From (Planned): Operational From (Planned): August,
2008 December, 2006 2006
No. of Floors: 5 No. of Floors: 5 No. of Floors: 7
No. of Retail Floors: AF, GF, FF No .of Retail Floors: GF, FF, SF, TF No. of Retail Floors: GF, UGF, FF, SF
Average Floor Plate: 65,000 sq.ft Average Floor Plate: 38,000 sq.ft Average Floor Plate: 40,000 sq.ft
Multiplex / No of Screens: SRS/ 3 Multiplex / No of Screens: SRS/ 3 Multiplex / No of Screens: SRS/ 2
Screen Screen Screen
Anchors: SRS Value Bazaar. Parking (Cars): 450 Anchors: SRS Value Bazaar
Parking (Cars): 500 Parking Basements: 3 Parking (Cars): 500
Parking Basements: 1 Hotel: No Parking Basements: 3
Hotel: No Banquet: Yes Hotel: No
Banquet: No Brands Finalized: Vivid, Shakuntlam, Banquet: No
Brands Finalized: SRS Foodcourt, Dawar Footwear, Srs, Franco Leone, Brands Finalized: SRS Value Bazar,
Koutons, Anoothi Anoothi, Pinki Creations, Archies, Pizza Hut, Archies, Moets, Craze Café,
Lease Rates: Rs.60-100 per sq.ft Riwaz, Nakshatra Srs Multiplex. Swatch, Stupid Cupid, Airtel, Just Eyes,
Lease Rates: Rs.60-100 per sq.ft Srs Multiplex, Koutons, Bistro.
201
OMAXE PACIFIC DEVELOPMENT CORPORATION LTD
HOUSE TO HOME PACIFIC EAST PACIFIC NORTH

Location: Sohna Road Location: Kaushambi Location: Pitampura
City: Gurgaon City: Ghaziabad City: Pitampura
Operational From (Planned): Status: Operational Status: Operational
December, 2007 Operation From (Planned): October, Total Investment in the Mall: Rs. 24
Total Mall Area: 1,50,000 sq.ft 2005 Crore
No. of Floors: 5 Total Investment in the Mall: Rs. 75 Total Land Area: 43,056 sq.ft
No. of Retail Floors: AF, GF, FF, SF Crore Total Mall Area: 80,000 sq.ft
Average Floor Plate: 37,000 sq.ft Total Land Area: 2,04,100 sq.ft No. of Floors: GF+1
Parking (Cars): 300 Total Mall Area: 5,00,000 sq.ft Gross Leasable Area (GLA): 4,00,000
Parking Basements: 2 No. of Floors: 4 ( LG, GF+2) sq.ft
Hotel: No Gross Leasable Area (GLA): GLA: GFA Ratio: 50%
Banquet: No 3,50,000 sq.ft CAM Charges: 22
Brands Finalized: Kirby GLA: GFA Ratio: 70% Rental Model: Fixed Minimum Rent
Lease Rates: Rs.50-85 per sq.ft CAM Charges: 23 Atrium Area: 5,000 sq.ft
Rental Model: Fixed Minimum Rent Shopping Area: 50,000 sq.ft
Atrium Area: 25,000 sq.ft Food Court Area: 3,000 sq.ft
Shopping Area: 3,50,000 sq.ft+ Leisure & Entertainment Area: 1,000
50,000 sq.ft Hotel sq.ft+ 20,000 sq.ft Multiplex
Food Court Area: 20,000 sq.ft Space for No of 4-wheelers: 1,000
Leisure & Entertainment Area: 8000 Cars
sq.ft+ 40000 sq.ft Multiplex Space for No of 2-wheelers: 300
No of Escalators: 6 No of Escalators: 1
Average Footfall on Week Days: Catchment Area : Pitampura
15000 Other shopping centres/malls in 6
Average Footfall on Weekends: km radius: North Square
30000 Average Footfall on Week Days:
Mall Management: In House 3,000
TENANT MIX Average Footfall on Weekends:
Anchor-1: Spencer 5,000
Category/Format: Hypermarket Mall Management : In House
Status: Operational TENANT MIX
Area occupied: 57,000 sq.ft Anchor-1: Croma
Anchor-2: Westside Category/Format: Consumer
Category/Format: Department Store Electronics
Status: Operational Area occupied: 12,500 sq.ft
Area occupied: 30,000 sq.ft Anchor-2: Movie Time
Anchor-3: Globus
202
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MALL PROFILE
PACIFIC DEVELOPMENT CORPORATION LTD
PACIFIC TAJ PACIFIC MATHURA PACIFIC MORADABAD

Location: Fatheabad Road Location: NH-2 Location: Kanth Road
City: Agra City: Mathura City: Moradabad
Status: Operational Status: Under Construction Status: Under Construction
Total Investment in the Mall: Rs. 35 Operational From (Planned): Operational From (Planned):
Crore December, 2007 October, 2008
Total Land Area: 1,07,640 sq.ft Total Investment in the Mall: Rs. 15 Total Mall Area: 4,00,000 sq.ft
Total Mall Area: 2,50,000 sq.ft Crore No. of Floors: LG, GF+2
No. of Floors: LG, GF+2 Total Mall Area: 1,50,000 sq.ft Gross Leasable Area (GLA): 3,50,000
Gross Leasable Area (GLA): 1,75,000 No. of Floors: GF+1 sq.ft
sq.ft Gross Leasable Area (GLA): 1,00,000 GLA: GFA Ratio: 85%
GLA: GFA Ratio: 70% sq.ft CAM Charges: On Actual
CAM Charges: 22 GLA: GFA Ratio: 67% Rental Model: Fixed Minimum Rent
Rental Model: Fixed Minimum Rent CAM Charges: On Actual Atrium Area: 18,000 sq.ft
Atrium Area: 12,000 sq.ft Rental Model: Fixed Minimum Rent Shopping Area: 3,00,000 sq.ft
Shopping Area: 1,75,000 sq.ft Shopping Area: 60,000 sq.ft Food Court Area: 14,000 sq.ft
Food Court Area: 12,000 sq. Ft Food Court Area: 12,000 sq.ft Leisure & Entertainment Area: 6,000
Leisure & Entertainment Area: 6,000 Leisure & Entertainment Area: 3,000 sq.ft+ 30,000 sq.ft Multiplex
sq.ft+ 27,500 sq.ft Multiplex sq.ft+ 20,000 sq.ft Multiplex Space for No of 4-wheelers: 1,200
Space for No of 4-wheelers: 300 Space for No of 4-wheelers: 200 cars Space for No of 2-wheelers: 200
Cars Space for No of 2-wheelers: 100 No of Escalators: 6
Space for No of 2-wheelers: 100 No of Escalators: 2 No. of Lifts: 2
No of Escalators: 6 Catchment Area: Mathura Refinery+ Catchment Area: Ram ganga Vihar+
No. of Lifts: 2 Highway traffic Station Road, Civil lines
Catchment Area: Taj Nagari Other shopping centres/malls in 6 Other shopping centres/malls in 6
km radius: Highway Plaza km radius: Parsvnath/Tdi
km radius: Adlabs/ TDI TENANT MIX Average Footfall on Week Days: NA
Average Footfall on Week Days: Anchor-1: Big Bazaar Average Footfall on Weekends: NA
8,000 Category/Format: Hypermarket TENANT MIX
Average Footfall on Weekends: Area occupied: 35,000 sq.ft Anchor-1: Big Bazaar
12,000 Anchor-2: PVR Category/Format: Hypermarket
Mall Management: In House Category/Format: Multiplex Area occupied: 50,000 sq.ft
TENANT MIX Area occupied: 20,000 sq.ft Anchor-2: Fun Cinema
Anchor-1: Big Bazaar Category/Format: Multiplex
Category/Format: Hypermarket Area occupied: 35,000 sq.ft
Anchor-2: Max Lifestyle
Anchor-3: Fun Cinema
203
PACIFIC DEVELOPMENT CORPORATION LTD
PACIFIC JODHPUR PACIFIC FIESTA PACIFIC HINDON

Location: Sardar Samand Road, Near Location: Subhash Nagar, Delhi Location: Mohan Nagar
Ummaid Bhavan City: West Delhi City: Ghaziabad
City: Jodhpur Status: Under Construction Status: Planning Stage
Status: Under Construction Total Mall Area: 6,50,000 sq.ft Total Mall Area: 2,50,000 sq.ft
Total Mall Area: 8,00,000 sq.ft No. of Floors: LG+GF+4 No. of Floors: LG+GF+2
No. of Floors: LG+GF+4 Gross Leasable Area (GLA): Gross Leasable Area (GLA): 2,00,000
Gross Leasable Area (GLA): 6,00,000 sq.ft sq.ft
6,00,000 sq.ft GLA: GFA Ratio: 85% GLA: GFA Ratio: 80%
GLA: GFA Ratio: 75% CAM Charges: On Actual CAM Charges: On Actual
CAM Charges: On Actual Rental Model: Fixed Minimum Rent Rental Model: Fixed Minimum Rent
Rental Model: Fixed Minimum Rent Atrium Area: 35,000 sq.ft Atrium Area: 12,000 sq.ft
Atrium Area: 27,000 sq.ft Shopping Area: 4,50,000 sq.ft Shopping Area: 1,60,000 sq.ft
Shopping Area: 5,25,000 sq.ft Food Court Area: 15,000 sq.ft Food Court Area: 12,000 sq.ft
Food Court Area: 15,000 Leisure & Entertainment Area: Leisure & Entertainment Area: 4,000
Leisure & Entertainment Area: 6,000 15,000 sq.ft+ 45,000 sq.ft Multiplex sq.ft+ 25,000 sq.ft Multiplex
sq.ft+ 40,000 sq.ft Multiplex Space for No of 4-wheelers: 2,500 Space for No of 4-wheelers: 400
Space for No of 4-wheelers: 1,500 Space for No of 2-wheelers: 500 Space for No of 2-wheelers: 100
Space for No of 2-wheelers: 300 No of Escalators: 12 No of Escalators: 6
No of Escalators: 12 Catchment Area: Rajouri/ Tagore Catchment Area: Dilshad Garden,
Other shopping centres/malls in 6 garden/ Tilak Nagar Ghaziabad
km radius: Tulip/ Ansal Other shopping centres/malls in 6 Other shopping centres/malls in 6
TENANT MIX km radius: MGF/TDI/Today km radius: MMX
Anchor-1: Globus TENANT MIX TENANT MIX
Category/Format: Department Store Anchor-1: Globus Anchor-1: Globus
Area occupied: 12,000 sq.ft Category/Format: Department Store Category/Format: Department Store
Anchor-2: PVR Area occupied: 10,000 sq.ft Area occupied: 10,000 sq.ft
Category/Format: Multiplex Anchor-2: PVR Anchor-2: Fun Cinemas
Area occupied: 45,000 sq.ft Category/Format: Multiplex Category/Format: Multiplex
Area occupied: 40,000 sq.ft Area occupied: 40,000 sq.ft
Anchor-3: Chun Mun Anchor-3: Big Bazaar
Category/Format: Department Store Category/Format: Hypermarket
Area occupied: 20,000 sq.ft Area occupied: 40,000 sq.ft
Anchor-4: Big Bazaar
204
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MALL PROFILE
PACIFIC DEVELOPMENT CORPORATION LTD PARSVNATH DEVELOPERS LTD
PACIFIC DOON PACIFIC VASANT VIHAR INDERLOK METRO MALL

Location: Rajpur Road, Location: Vasant Vihar Location: Inderlok Metro Station
City: Dehradun City: Dehradun City: Delhi
Status: Planning Stage Status: Planning Stage Status: Partialy Operational
No. of Floors: LG+GF+4 No. of Floors: LG+GF+4 No. of Floors: 3
Gross Leasable Area (GLA): 4,50,000 Gross Leasable Area (GLA): 5,00,000 CAM Charges: .18 per sq.ft/month
sq.ft sq.ft Food Court Area: Third Floor
GLA: GFA Ratio: 82% GLA: GFA Ratio: 84% Parking Area: 300 cars
CAM Charges: On Actual CAM Charges: On Actual No of Escalators: 2
Rental Model: Fixed Minimum Rent Rental Model: Fixed Minimum Rent Levels connected with Escalators:
Atrium Area: 20,000 sq.ft Atrium Area: 20,000 sq.ft All
Shopping Area: 4,00,000 sq.ft Shopping Area: 4,50,000 sq.ft No. of Lifts: 2
Food Court Area: 14,000 sq.ft Food Court Area: 15,000 sq.ft Market Area: Ashok Vihar, Bharat
Leisure & Entertainment Area: 6,000 Leisure & Entertainment Area: 8,000 Nagar, Gulabi Bagh, Shakti Nagar
sq.ft+ 32,000 sq.ft Multiplex sq.ft+ 35,000 sq.ft Multiplex Other Shopping centres/ malls in 6
Space for No of 4-wheelers: 1,000 Space for No of 4-wheelers: 1,000 km radius: No Mall
Space for No of 2-wheelers: 200 Space for No of 2-wheelers: 200 Mall Management: Vasundera
No of Escalators: 10 Properties
No of Escalators: 10
Other shopping centres/malls in 6 Catchment Area: Vasant Vihar
km radius: Parsvnath
205
PARSVNATH DEVELOPERS LTD
PRATAP METRO MALL TIS HAZARI METRO MALL METRO MALL KASHMIRI
Location: Pratap Nagar Metro Station Location: Tis Hazari Metro Station GATE
City: Delhi City: Delhi Location: Kashmiri Gate Metro Station
Status: Under -Construction Status: Operational City: Delhi
No. of Floors: 3 Floors No. of Floors: 2 Floors Status: Ready To Move In
CAM Charges: Rs.18 per sq.ft/month CAM Charges: Rs.18 per sq.ft/month No. of Floors: 1 Floor
Parking Area: 200 cars Parking Area: 200 cars (Car Parking to CAM Charges: Rs.18 per sq.ft/month
No of Escalators: 2 be maintained by DMRC) Parking Area: 600 cars
Levels connected with Escalators: Market Area: Tis Hazari, Raj Pura Market Area: ISBT, Sadar Bazar, Mori
All Road, Mori Gate, Kashmiri Gate Gate, Chandni Chowk
No. of Lifts: 2 Mall Management: Vasundera Mall Management: Vasundera
Market Area: Kamla Nagar, Roop Properties Properties
Nagar, Rana, Pratap Bagh,
km radius: Inderlok Metro Mall
Mall Management: Vasundera
Properties
206
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MALL PROFILE
METRO MALL-WELCOME MEGA METRO MALL-EAST METRO MALL-SHAHDARA

Location: Welcome Metro Mall DELHI Location: Shahdra Metro Station
City: Delhi Location: Extn Of Metro Mall - Seelam City: Delhi
Status: Planned Pur Status: Ready To Move In
Total Mall Area: 3,50,000 sq.ft City: Delhi No. of Floors: 6
No. of Floors: 6 Floors Status: Under-Construction CAM Charges: Rs.18 per sq.ft/month
CAM Charges: Rs.18 per sq.ft/month Total Mall Area: 8,00,000 sq.ft Parking Area: 200 cars
Parking Area: 1,000 cars No. of Floors: 5 Floor No of Escalators: 2
No of Escalators: 4 CAM Charges: Rs.18 per sq.ft/month Levels connected with Escalators:
Levels connected with Escalators: Parking Area: 2000 cars All
All No of Escalators: 6 No. of Lifts: 4
No. of Lifts: 5 Levels connected with Escalators: Market Area: Vivek Vihar, Shriram
Mall Management: Vasundera All Nagar, Kasturba Nagar
Properties No. of Lifts: 8
207
MAHAATTAN-FARIDABAD MMX-MOHAN NAGAR ELEGANZA-DEHRADUN

Location: Sector 20-A, Faridabad Location: G.T Road Mohan Nagar Location: Raj Pura Road
(Haryana) City: Gaziabad City: Partially Operational
City: Faridabad Status: Operational Total Mall Area: 2,00,000 sq.ft
Status: Under-Construction Total Mall Area: 2,50,000 sq.ft No. of Floors: 4
No. of Floors: 4 No. of Floors: 5 CAM Charges: Rs. 18 per sq.ft/month
CAM Charges: Rs. 18 per sq.ft/month CAM Charges: Rs. 18 per sq.ft/month Parking Area: 350 Cars
Parking Area: 300 Cars Parking Area: 300 Cars Market Area: Mall Road, Raj Nagar
Levels connected with Escalators: Levels connected with Escalators:
All All
Market Area: Sector 9, Sec-10, Sec- Market Area: Raj Nagar, Kavi Nagar,
11, Sec-14, Sec-15, Sec15A Gandhi Nagar
208
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MALL PROFILE
MALL MATRIX-MOHALI CITY CENTER-BHIWADI SHOPPING MALL-

Location: Sector 74 City: Bhiwadi MORADABAD
City: Mohali Status: Under-Construction Location: Ashiana Scheme1,Kant
Status: Under-Construction Total Mall Area: 2,00,000 sq.ft Road
Total Mall Area: 3,00,000 sq.ft No. of Floors: 4 Floors City: Moradabad
No. of Floors: 4 Floors CAM Charges: Rs.18 per sq.ft/month Status: Under-Construction
CAM Charges: Rs.18 per sq.ft/month Parking Area: 500 Cars Total Mall Area: 2,00,000 sq.ft
Parking Area: 450 Cars No. of Floors: 5 Floors
CAM Charges: Rs.18 per sq.ft/month
Parking Area: 250 Cars
209
PARSVNATH DEVELOPERS LTD REALTECH GROUP
MALL SONIPAT REALTECH MALL I REALTECH MALL II

Location: Highway 1, Sonipat Location: 143-A, Industrial Area, Purv Location: Paschim Vihar
City: Sonipat Marg City: New Delhi
Status: Under-Construction City: Chandigarh Status: Under Construction
CAM Charges: Rs.18 per sq.ft/month Status: Under Construction Operational From(Planned):
Parking Area: 300 Cars Operational From(Planned): September 2008
December, 2007 Total Land Area: 65,340 sq.ft
Total Land Area: 87,120 sq.ft Total Built-up Area: 1,50,000 sq.ft
Total Built-up Area: 2,95,000 sq.ft No. of Floors: G+3
No. of Floors: G+5 Gross Leasable Area (GLA): 1,50,000
Gross Leasable Area (GLA): sq.ft
2,50,000 sq.ft GLA: GFA Ratio: 55%
GLA: GFA Ratio: 60% Leased/ Sold Space Ratio: 60 - 40
Leased/ Sold Space Ratio: 100% Leasing Agents/ Companies:
(Leased) Welspun Retail Ltd., Lilliput, Zodiac,
Leasing Agents/ Companies: Zodiac, Timex, Five Elements, Me 'N' Moms
Nike Sports Culture, Taghuer, Catwalk, CAM Charges: Actual +20%
Canary Blue, Rockport, Dockers, Rental Model: Fixed Minimum Rent
Stephen Bros, Caiman, Forest
Essentials, Lacoste, Reynolds, Genesis, Atrium Area: 10,000 sq.ft
Archies, Pepe, Vibe, Diwan Saheb, Shopping Area: 1,35,358 sq.ft.
Etam, Nzyme, Woodlands, Metro, K- Food Court Area: 12,000 sq.ft
lounge, Lilliput, Time Factory, Parking Area: 2 basements + surface
Samsonite, Lee Cooper, Levis. Payal Space for No of 4-wheelers: 600
Jain, Carlton of London, AND (Anita
Dongre), Kimaya, Kirby, Tony & Guy, No of Escalators: 2
Mainland China. Fame No. of Lifts: 4 + 1
CAM Charges: Actual +20% Considerations on choice of
Rental Model: Fixed Minimum Rent location: High density of population
Atrium Area: 8,000 sq.ft Catchment Area: Paschim Vihar,
Punjabi Bagh
Shopping Area: 1,74,288 sq.ft.
Food Court Area: 7,900 sq.ft km radius: West Gate, TDI Mall
Parking Area: 1,15,000 sq.ft.(2 Mall Management: Out sourced
basements + surface)
Competitive Advantage: No mall in a
Space for No of 4-wheelers: 500 5 km radius
No of Escalators: 2
No. of Lifts: 4 + 2
Catchment Area: Chandigarh &
adjoining areas
km radius: Uppal Centra
210
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MALL PROFILE
SHIPRA HOTELS LIMITED SILVER ARC
SHIPRA MALL SHIPRA MALL SILVER ARC

Location: Plot 9, Vaibhav Khand Location: Plot 9, Vaibhav Khand Location: Ferozepore Road
City: Indirapuram
City: Indirapuram City: Ludhiana
Status: Announced
Status: Operational Operational From (Planned): Two Status: Under Construction
Date of Launch/ Planned launch and half years Operational from (Planned):
schedule: April,2005 Total Mall Area: 5,00,000 sq.ft December, 2008
Total Built-up Area: 4,90,415 sq.ft No. of Floors: 4 to 5 Total Investment in the Mall: Rs.100
No. of Floors: 4 Gross Leasable Area (GLA): 4,00,000 Crore
sq.ft Total Land Area: 54,000 sq.ft
Gross Leasable Area (GLA): 3,32,463
CAM Charges: INR 27 +
sq.ft Total Mall Area: 2,30,000 sq.ft
Rental Model: Lease model only
Rental Model: Lease model only Atrium Area: 25,500 sq.ft No. of Floors: 6
Atrium Area: 19,345 sq.ft Shopping Area: 3,50,000 sq.ft Gross Leasable Area (GLA): 2,00,000
Shopping Area: 3,32,463 sq.ft Food Court Area: 38,000 sq.ft sq.ft
Food Court Area: 16,000 sq.ft Leisure & Entertainment Area: NA Leased/ Sold Space Ratio: 100%
Parking Space for No of 4-wheelers: Leased
1,400 Leasing Agents/ Companies: Directly
52,000 sq.ft
Parking Space for No of 2-wheelers:
Parking Space for No of 4-wheelers: CAM Charges: As Actual
300
1,000 sq.ft No of Escalators: 16 Rental Model: Fixed Minimum Rent
Parking Space for No of 2-wheelers: No. of Lifts: 2+3 Atrium Area: 10,000 sq.ft
500 sq.ft Kids Play: 19,000 sq.ft Shopping Area: 80,000 sq.ft
No of Escalators: 9 Catchment Area: Ghaziabad, Noida & Food Court Area: 12,000 sq.ft
No. of Lifts: 3+3 parts of Delhi
Leisure & Entertainment Area: 8,000
Kids Play: 19,190 sq.ft sq.ft
Catchment Area: Ghaziabad, Noida & Services Area: 15,000 sq.ft
parts of Delhi Space for No of 4-wheelers: 500
TENANT MIX Cars+
Anchor-1: Shoppers' Stop No of Escalators: 2
Anchor-2: Food Bazaar No. of Lifts: 5
Anchor-3: Electronic, Furniture Bazaar Considerations on choice of
Anchor-4: Pantaloons Fresh Fashion location: Most central next to Park
Anchor-5: Reliance Digital Plaza Hotel
Anchor-6: Globus Stores Catchment Area: 80% of Ludhiana's
Affluent Population within 3 Km. Radius
Anchor-7: Nik Nish Retail
km radius: 2
10,000
211
STADIA INFRASTRUCTURE
PROJECTS PVT LTD
MAJESTIC STADIA STADIA CENTRAL STADIA SUPERCENTER

Location: Opposite Stadium Location: On road to Quila Mubarak Location: Next to RIMT, NH-1
Playground, Highcourt Road City: Patiala City: Mandi Gobindgarh
City: Jodhpur
Status: Under - Construction Status: Planned Status: Planned
Operational From(Planned): 2009 Operational From(Planned): 2009 Operational From (Planned): 2010
Total Investment in the Mall: Rs.80 Total Investment in the Mall: Rs.100 Total Investment in the Mall: Rs.110
Crore crore Crore
Total Land Area: 65,000 Sq.ft. Total Land Area: 1,35,000 Sq.ft. Total Land Area: 2,40,000 sq.ft
Total Mall Area: 2,50,000 Sq.ft. Total Mall Area: 3,20,000 Sq.ft. Total Mall Area: 4,20,000 sq.ft
No. of Floors: Ground + 6
Gross Leasable Area (GLA): No. of Floors: Ground + 4 No. of Floors: Ground + 2
2,00,000 Sq.ft. Gross Leasable Area (GLA): CAM Charges: Rs.5-7 per sq.ft/month
Leasing Agents/ Companies: Jones 2,47,000 Sq.ft. Rental Model: Rs. 35-50 per
Lang LaSalle Meghraj, Rite Sites, CAM Charges: Rs.12-15 per sq.ft/month
Knight Frank, Kumar Properties, Balaji sq.ft/month Atrium Area: Open Courtyards
Properties Rental Model: Rs.40-100 per Shopping Area: 2,50,000 sq.ft
CAM Charges: Rs.12-15 per sq.ft/month
sq.ft/month Food Court Area: 30,000 sq.ft
Atrium Area: 12,000 sq.ft. Leisure & Entertainment Area:
Rental Model: Rs.40-100 per
sq.ft/month Shopping Area: 1,80,000 sq.ft. 1,20,000 sq.ft
Atrium Area: 8,000 sq.ft. Food Court Area: 15,000 sq.ft. Hotel / Motel Area: 20,000 sq.ft
Shopping Area: 1,30,000 sq.ft. Leisure & Entertainment Area: Space for No of 4-wheelers: 500
Food Court Area: 10,000 sq.ft. 40,000 sq.ft. Space for No of 2-wheelers: 800
Leisure & Entertainment Area: Space for No of 4-wheelers: 300
60,000 sq.ft. No. of Lifts: 6
Space for No of 2-wheelers: 500 Kids Play/Creche Area: Yes
Space for No of 2-wheelers: 300 No. of Lifts: 4 Other shopping centres/malls in 6
No. of Lifts: 4 Kids Play/Creche Area: Yes km radius: Main Market - Mandi
Other shopping centres/malls in 6 Considerations on choice of Gobindgarh (2 Km)
km radius: Ansal Royal Plaza (200 location: CBD(Central Business Average Footfall on Week Days:
mts),Nai Sarak (shopping hub of District) 8,000 - 10,000 sq.ft
Jodhpur - 400 mts) Catchment Area: Patiala,Balesar, Average Footfall on Weekends:
Avg Footfall on Week Days: 10,000 Bhopalgarh, Bilara 10,000 - 15000 sq.ft
Avg Footfall on Weekends: 20,000 Other shopping centres/malls in 6
TENANT MIX Any Other Details: 600 Ft. frontage on
km radius: Omaxe Wedding Mall (1.5 NH-1
Anchor-1: Globus
Km),Main Market (3 Km)
Status: Booked Average Footfall on Week
Area occupied: 15,000 sq.ft Days:10,000
Anchor-2: PVR Average Footfall on Weekends:
Category/Format: Multiplex 20,000
Status: Booked Mall Management: outsourced or in
No of Screens/Total Seating house
Capacity: 4 Screens/1,050 seats
212
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MALL PROFILE
STADIA INFRASTRUCTURE PROJECTS PVT LTD SUNCITY PROJECTS LTD
STADIA SUPERCENTER STADIA SUPERCENTER CROSS RIVER MALL

Location: Adjacent to Honda Location: Next to Havelli, NH - 1 Location: 9B & 9C, Central Business,
Showroom, NH- 64 City: Karnal District, Shahadra
City: Delhi
City: Patiala Status: Planned
Status: Operational
Status: Planned Operational From (Planned): 2009 Operational From (Planned): June,
Operational From(Planned): Phase I Total Investment in the Mall: Rs.60 2006
by end 2009 Crore Total Land Area: 1,33,257.210 sq.ft
Total Investment in the Mall: Rs. 300 Total Land Area: 1,75,000 sq.ft Total Mall Area: 4,50,000 sq.ft
Crore Total Mall Area: 2,20,000 sq.ft No. of Floors: GF+FF+SF+2 Level
Total Land Area: 6,55,000 sq.ft. Basement Parking
Total Mall Area: 12,00,000 sq.ft. Gross Leasable Area (GLA): 2,00,000 sq.ft
No. of Floors: Ground + 2 sq.ft Shopping Area: 2,37,000 sq.ft
Gross Leasable Area (GLA): CAM Charges: Rs.10-12 per Food Court Area: 15,832 sq.ft
11,00,000 sq.ft. sq.ft/month Leisure & Entertainment Area: 8,360
CAM Charges: Rs.5-7 per sq.ft/month Rental Model: Rs. 45-80 per sq.ft
Rental Model: Rs. 35-50 per sq.ft/month Parking Area: 2,00,000 sq.ft
sq.ft/month Atrium Area: Open Courtyards No of Escalators: 8
No. of Lifts: 4
Atrium Area: Open Courtyards Shopping Area: 1,00,000 sq.ft
Kids Play/Creche Area: Gaming Zone
Shopping Area: 6,00,000 Sq.ft. Food Court Area: 15,000 sq.ft (Viking), Scary House
Food Court Area: 50,000 Sq.ft. Leisure & Entertainment Area: Considerations on choice of
Commercial / Business Area: 20,000 sq.ft location: East Delhi popularly known
2,00,000 Sq.ft. Hotel / Motel Area: 65,000 sq.ft as Trans- Yamuna in the Delhi NCR is
Leisure & Entertainment Area: Space for No of 4-wheelers: 300 one of the fastest emerging destinations
1,50,000 Sq.ft. for retail ventures across categories.
The catchment area boasts of several
Hotel / Motel Area: 1,00,000 Sq.ft. No of Escalators: Lower Ground to upper and upper middle class
Space for No of 4-wheelers: 800 First residential complexes making it a highly
Space for No of 2-wheelers: 1200 No. of Lifts: 4 desirable option for retailers.
No. of Lifts: 14 Kids Play/Creche Area: Yes Average Footfall on Week Days:
Kids Play/Creche Area: Yes Considerations on choice of 10,000
location: Highway Facing Average Footfall on Weekends:
Considerations on choice of
20,000
location: Highway Facing Catchment Area: Panipat, Raipur, TENANT MIX
Catchment Area: Rajpura, Patiala, Kurukshetra, Yamuna Nagar, Ambala, Anchor-1: Pantaloon
Sirandh, Sangroor, Bilara, Balesar, Pipli Category/Format: Department Store
Bhopalgarh Other shopping centres/malls in 6 Status: Booked
Average Footfall on Week Days: km radius: Havelli (Adjoining),Savoy Area occupied: 17,500 sq.ft
15,000 greens (2 Km) Anchor-2: Fun Cinemas
Average Footfall on Weekends: Avg Footfall on Week Days: 10,000 - Category/Format: Multiplex
15,000 - 25,000 15,000 Status: Booked
Locational Advantage: Three side Avg Footfall on Weekends: 20,000 No of Screens: 4 Screens
road with 1200 Ft. Frontage on NH-64/ Locational Advantage: 40Ft. frontage
at a distance of 2 km from Punjabi on NH-1
213
SUNCITY PROJECTS LTD
VASANT KUNJ TRITON JEWEL OF INDIA

Location: Plot No-A, Community Location: Kalwar Road, Near Maharav Location: On JLN marg, Near Appollo
Centre, Sector-B, Pkt-5, Vasant Kunj Shekha Circle, Near Jotwara Railway, Hospital
City: Delhi Overbridge City: Jaipur
Status: Under-Construction City: Jaipur
Operational From (Planned): Status: Under-Construction
October, 2007 Status: Under-Construction Total Land Area: 7,98,111.665 sq.ft
Total Land Area: 2,13,125.426 sq.ft Operational From (Planned): Total Mall Area: 25,00,000 sq.ft
Total Mall Area: 4,70,000 sq.ft December, 2007 No. of Floors: 9 floors & 2 leavels
No. of Floors: LGF+ GF+ FF+ SF+ Total Land Area: 1,96,409.073 sq.ft basement
TF+1 Level Basement Parking Total Mall Area: 4,75,000 sq.ft Leisure & Entertainment Area:
Gross Leasable Area (GLA): No. of Floors: GF+FF+SF+TF+1 20,000 sq.ft
2,70,000 sq.ft Level Basement Parking
Shopping Area: 2,70,000 sq.ft Considerations on choice of
Food Court Area: 18,000 sq.ft Gross Leasable Area (GLA): location: Located on one of the most
Leisure & Entertainment Area: 4,06,000 sq.ft desirable addresses in Jaipur
10,000 sq.ft Shopping Area: 3,50,000 sq.ft TENANT MIX
Parking Area: 1,00,000 sq.ft Food Court Area: 25,000 sq.ft Anchor-1: Pantaloon
No of Escalators: 8 Leisure & Entertainment Area: Category/Format: Department Store
No. of Lifts: 4 15,000 sq.ft Status: Booked
Considerations on choice of Parking Area: 1,50,000 sq.ft Area occupied: 80,000 sq.ft
location: With its multitude of
extremely popular high streets South No of Escalators: 10 Anchor-2: Shoppers Stop
Delhi is second to no other shopping No. of Lifts: 6 Category/Format: Department Store
destination in India. Kids Play/Creche Area: Gaming Status: Booked
TENANT MIX Zone(Viking) Area occupied: 60,000 sq.ft
Anchor-1: Globus Considerations on choice of
Category/Format: Department Store Anchor-3: Hypermarket
location: In the heart of the shopping
Status: Booked Category/Format: Hypermarket
district of Jaipur
Area occupied: 9,000 sq.ft TENANT MIX
Status: Booked
Anchor-2: Max Store Area occupied: 80,000 sq.ft
Category/Format: Department Store Anchor-1: Globus
Category/Format: Department Store Anchor-4: Lifestyle
Status: Booked
Area occupied: 18,000 sq.ft Status: Booked Category/Format: Department Store
Anchor-3: Pantaloon Area occupied: 11,000 sq.ft Status: Booked
Category/Format: Department Store Anchor-2: Shoppers Stop Area occupied: 60,000 sq.ft
Status: Booked Anchor-5: Westside
Area occupied: 30,000 sq.ft Category/Format: Department Store
Status: Booked Category/Format: Department Store
Anchor-4: Liberty Footmart
Status: Booked Area occupied: 18,000 sq.ft Status: Booked
Area occupied: 8,000 sq.ft Anchor-3: Liberty Footmart Area occupied: 25,000 sq.ft
Status: Booked Anchor-6: Multiplex
Area occupied: 5,500 sq.ft Category/Format: Multiplex
Anchor-4: Fun Cinema Area occupied: 30,000 sq.ft
Status: Booked
214
(NORTH)
MALL PROFILE
TDI-TANEJA DEVELOPERS & INFRASTRUCTURE LTD
TDI MALL TDI FUN REPUBLIC PARAGON

Location: Plot No. 11, Shivaji Place, Location: Ex-Natraj Cinema, Moti Location: Plot No. 2, Shivaji District
near Rajouri Garden Market, New Delhi Nagar, Main Nazafgarh Road, New delhi Centre, Rajouri Garden, New Delhi
City: Delhi City: New Delhi City: Delhi
Operational from (Planned): January, Operational From (Planned): Total Land Area: 46,800 sq.ft
2006 December, 2005 Total Mall Area: 90,000 sq.ft
Total Land Area: 54,000 sq.ft Total Mall Area: 75,000 sq.ft No. of Floors: G+2
Total Mall Area: 1,20,000 sq ft No. of Floors: G+2 Gross Leasable Area (GLA): 90,000
No. of Floors: G+3 Gross Leasable Area (GLA): 75,000 sq.ft
Gross Leasable Area (GLA): 1,20,000 sq.ft GLA: GFA Ratio: No Zoning
sq ft GLA: GFA Ratio: No Zoning Leased/ Sold space ratio: 100% sold
GLA: GFA Ratio: No Zoning Leased/ Sold space ratio: 100% sold, & leased out
Leased/ Sold space ratio: 100% sold 80% leased out Tenant Mix: No Zoning
& leased out Tenant Mix: No Zoning Atrium area: 5,000 sq.ft
Tenant Mix (Zoning) details: No Atrium area: 2,000 sq.ft Shopping Area: 90,000 sq.ft
Zoning Shopping Area: 75,000 sq.ft Leisure & Entertainment Area:
Atrium area: 10,000 sq.ft Food Court Area: 2,000 sq.ft 28,033,75 sq.ft
Shopping Area: 1,20,000 sq.ft Leisure & Entertainment Area: Parking Area: 2 Basements
Food Court Area: 10,000 sq.ft 22,000 sq.ft No of Escalators: 3
Leisure & Entertainment Area: 5,000 Parking Area: 2 Basements Levels connected with Escalators:
sq ft No of Escalators: 1 All
Services Area: NR Levels connected with Escalators: No. of Lifts: 2
Parking Area: 2 Basements GF to FF Competitive Advantage: Located in
No of Escalators: 6 No. of Lifts: 3 Shivaji Place District Centre will
No. of Lifts: 5 Competitive Advantage: On the main comprise of shopping centres, ofice
junction of Moti Nagar and Punjabi buildings, five star hotel, a habitat
Bagh crossing with three screen centre, multiplex, ample parking space.
6,000-8,000
multiplex; Catchment with Punjabi The vicinity is going to be a hub center
Average Footfall on Weekends: for West Delhi's shopping, fun, food and
Bagh, Moti Nagar, Patel Nagar, Kirti
15,000-20,000 entertainment.
Nagar, etc
Mall Management: Outsourced-Knight Mall Management: Outsourced
Frank
2,000-3,000
TENANT MIX
Anchor-1: Westside 3,000-5,000
Category/Format: Department Store Mall Management: Outsourced
Other Brands/ Retailers: Adidas,
Levis, Dockers, Reebok, Pizza Hut,
Ruby Tuesday, Study by Janak, Subway,
Blackberry, Koutons, Ruff Kids, Archies,
Candy Treats, Planet - M
215
TDI MALL, SONEPAT TDI MALL, AGRA TDI MALL, JASOLA

Location: On Main G.T Karnal Road- Location: Plot No. 3-D, Fatehbad- Location: Flat No 7, Jasola District
2.5 km from Delhi Border Tajmahal Raod, Agra Center, Next to Apollo Hospital, Near
City: Sonepat City: Agra NFC
Status: Operational City: Delhi
Status: Under Construction Operational From (Planned):
Operational From (Planned): December, 2006 Status: Completed
December, 2008 Total Land Area: 97,380 sq.ft Total Land Area: 1,40,000 sq.ft
Total Land Area: 2,74,428 sq.ft Total Mall Area: 2,00,000 sq.ft No. of Floors: G+5
Total Mall Area: 5,00,000 sq ft No. of Floors: G+3 Gross Leasable Area (GLA): 1,40,000
No. of Floors: G+2 Gross Leasable Area (GLA): sq.ft
2,00,000 sq.ft GLA: GFA Ratio: No Zoning
GLA: GFA Ratio: No Zoning GLA: GFA Ratio: No Zoning
Rental Model: Fixed Min Rent Leased/ Sold space ratio: 90:50 ratio Leased/Sold space ratio: 100% sold
Tenant Mix: No Zoning Tenant Mix: No Zoning & leased out
Atrium Area: 41,000 sq.ft Atrium Area: 15,000 sq.ft Rental Model: Fixed Minimum Rent
Shopping Area: 5,50,000 sq.ft Shopping Area: 2,00,000 sq.ft Tenant Mix: No Zoning
Food Court Area: 23,000 sq.ft Atrium Area: 10,000 sq.ft
Leisure & Entertainment Area: Shopping Area: 60,000 sq.ft
25,000 sq.ft
30,000 sq.ft Parking Area: 1 Basement Food Court Area: 7,000 sq.ft
Parking Area: 2 Basements No of Escalators: 6 Parking Area: 2 Basements
No of Escalators: 8 Competitive Advantage: On the No of Escalators: 4
Levels connected with Escalators: junction of Fatehbad road and Taj Levels connected with Escalators: 2
All Mahal Road where 5 star hotels like No. of Lifts: 4
Trident, JP Mughal Sheraton ar located.
No. of Lifts: 12 Will attract tourists visiting Taj Mahal. Mall Management: Outsourced
Competitive Advantage: Right on GT Every shop facing the huge atrium with
Karnal Road with 650 ft front with prominent visibility and excellent
beautiful elevation and ample parking. frontage
Will attract local and highway traffic Average Footfalls on Week days:
and will an excellent entertainment Estimated 2000-4000
destination. Average Footfall on Weekends:
Mall Management: Outsourced Estimated 5000-7000
216
(NORTH)
MALL PROFILE
TDI MALL, CHANDIGARH SOUTHERN PARK, SAKET PALM COURT, GURGAON

Location: Sec 17, formerly Jagat Location: D-2, Saket District Centre, Location: 300 mtrs from N.H. 8 on
Cinema Complex Saket M.G.Road
City: Chandigarh City: Delhi City: Gurgaon
Status: Under Construction
Status: Ready to move in Status: Operational
Operational from (Planned): 1st
quarter of 2008 Operational from (Planned): Total Mall Area: 1,95,999 sq.ft
Total Mall Area: 8,50,000 sq.ft November, 2006 Competitive Advantage: 8 floors for
No. of Floors: LGF+GF+2 Total Land Area: 22,500 sq.ft corporates; large open space;ample
Gross Leasable Area (GLA): 8,50,000 Total Mall Area: 2,00,000 sq.ft parking;state-of-the-art
sq.ft Gross Leasable Area (GLA): 2,00,000 telcommunication links
Leased/Sold space ratio: 100% sold sq.ft
& leased out
Leased/Sold space ratio: 100% sold
out
Leisure & Entertainment Area: On Tenant Mix: GF& FF for retail and rest
second floor for office purposes
Parking Area: 2 Basements Atrium Area: 2,000 sq.ft
No of Escalators: 2 Shopping Area: 66,000 sq.ft
No. of Lifts: 3 Food Court Area: No food court
Kids Play/Creche Area: On first floor
Leisure & Entertainment Area: No
Competitive Advantage: Strategically
located on prime place of Chandigarh Parking Area: 2 Basements
Sec 17; first mall cum multiplex in the No of Escalators: No
heart of Chandigarh Levels connected with Escalators:
No
No. of Lifts: 4
Competitive Advantage: Located in
the heart of Delhi-Saket; adjoining PVR
and facing select mall; three side open
bldg; amalgam of retail cum office
Market Area: Sainik farm, Geetanjali
Enclave, Shivalik, Saket, Malviya Nagar,
Hauz Khas
km radius: PVR, MGF, DLF, DT
Cinemas etc
10,000-15,000
25,000-30,000
217
THREE'S INFRASTRUCTURES
PVT. LTD
RODEO DRIVE TDI MALL, MORADABAD CENTRIUM JYOTI MALL

Location: On Main G.T Karnal Road Location: Ramganga Vihar Location: Jyoti Chowk, Jalandhar
City: Kundli, Sonepat City: Moradabad City: Jalandhar
Status: Under Construction
Status: Under Construction Total Mall Area: 1,50,000 sq.ft Status: Under Construction
Operational from (Planned): No. of Floors: G+UG+F Planned Launch: November, 2007
December, 2008 Gross Leasable Area (GLA): Total Land Area: 22,770 sq.ft
Total Mall Area: 5,50,000 sq ft 1,50,000 sq.ft Total Mall Area: 86,000 sq.ft
Gross Leasable Area (GLA): Leased/ Sold space ratio: Leased No. of Floors: 6
5,50,000 sq ft Tenant Mix (Zoning) details: Zoning
Parking Area: 2 Basements Gross Leasable Area: 44,871 sq.ft
Leased/ Sold space ratio: CAM Charges: Rs.10-15/sq.ft/month
Leased+sold or as per actuals
Tenant Mix: Zoning Rental Model: Fixed Minimum Rent of
Parking Area: 2 basements Rs.140/sq. ft/month
No. of Lifts: 8 Tenant Mix: Disney Jeans, Rifles,
Mall Management: Outsourced Spykar, Vasari, Pizza Corner, Adidas,
Lilliput, W, Samsonite, D'damas
Atrium Area: 1,400.9 sq.ft
Leisure/Entertainment Area: 6,625
sq.ft
Space for No of 4-wheelers: 150-180
No of Escalators: 2
No. of Lifts: 2+1
Kids Play/ Creche Area: 1,500 sq.ft
Competitive Advantage: Location and
Right brand mix
Location: Main shopping hub, dearth
of parking space
Market Area: Rainak Bazar, Sheikhan
Bazar, Phulanwala Chowk, G.T.Road
Other Shopping centres/malls in 6 km
radius: Lal Rattan, DLF, Ansals, MGF,
MBD Neopolis
Avg Footfalls on Week days: 700-
1,000
Avg Footfall on Weekends: 1,000-
218
SOUTH INDIA
STATES OF SOUTH INDIA
Andhra Pradesh, Karnataka, Kerala, Tamilnadu, Pondicherry
SOUTH ZONE
Population-2006 (million) Consumption Expenditure 2006-07 (INR million) Av per capita Consumption
Exp (INR/year)
SOUTH ZONE 153 85 238 3,313,561 2,558,019 5,871,579 21,621 30,238
ALL INDIA 796 325 1,121 13,753,864 9,646,136 23,400,000 17,287 29,652
South as % of All-India 19.2% 26.2% 21.2% 24.1% 26.5% 25.1%
STATE LARGEST CITY PER CAPITA NDP AS AVG GROWTH RATE OF SHARE OF INDUSTRY SHARE OF
SHARE OF INDIAN MEAN INDEX PER CAPITA NDP % SECTOR IN NDP SERVICES IN NDP
Andhra Pradesh Hyderabad 96.1 4.58 14.9 56.7
Karnataka Bangalore 107.1 4.93 13.6 62.7
Kerala Thiruvananthapuram 102.6 3.81 11.1 72.5
Tamil Nadu Chennai 113.8 4.48 18.6 68.7
T he five Southern States of

Andhra Pradesh,
Karnataka, Kerala, Tamil
Nadu and Pondicherry together
housed 21.2 percent of STATE SNAPSHOT
PONDICHERRY
country's population in 2006 Area 480 sq.km

and account for 25.1 percent of Capital Pondicherry
India's private final consumption
Districts 4
expenditure, which is estimated
at Rs.23,400 billion in 2006-07. Population 11.2 lakh (2006)
The average per capita Population Density 1,979/sq.km
consumption expenditure for Official Language Tamil
the Southern states is also
higher than the country average, Gross State Domestic Product (Rs Cr) 6,457
at current prices
both for the rural as well as
urban population. Sex Ratio 1001
Literacy Rate 81.49%
269
ANDHRA PRADESH
AREA (SQ.KM) 2,75,068 (5TH LARGEST)
T he state of Andhra
Pradesh is bordered by
Maharashtra,
Chhattisgarh and Orissa in the
North; the Bay of Bengal in
CAPITAL
DISTRICTS
POPULATION
POPULATION DENSITY
OFFICIAL LANGUAGES
HYDERABAD
23
81,615,649 (2006)
275/SQ.KM
TELUGU, URDU
GROSS STATE DOMESTIC PRODUCT (RS CR) 2,02,575
the East; Tamil Nadu to the AT CURRENT PRICES
South; and Karnataka to the (Source: Ministry of Statistics and
Programme Implementation, Government of India)
West. Andhra Pradesh is the
fifth largest state in India by PER CAPITA INCOME (IN RS) 20,757
area as well as population. It is AT CONSTANT PRICE (2003-04)
the largest and most populous
SEX RATIO 972
state of South India. The state
LITERACY RATE 60.50%
is crossed by the two major
rivers of Godavari and Krishna. LIFE EXPECTANCY AT BIRTH (2006-11) MALE 63.92
(Source: SRS, Registrar General of India) FEMALE 66.16
LENGTH OF COASTLINE (KM) 974

NATIONAL HIGHWAY LENGTH (KM) 4,104
DOMESTIC AIRPORTS HYDERABAD, VISAKHAPATNAM,
VIJAYAWADA, TIRUPATI
INTERNATIONAL AIRPORT HYDERABAD
MAJOR PORT VISAKHAPATNAM
KEY INDUSTRIES AGRO-BASED, MINERAL-BASED, LEATHER,
TEXTILES, ENGINEERING, IT,
PHARMACEUTICALS, R&D
DOING BUSINESS IN ANDHRA PRADESH

ESTIMATED
LIST OF APPROVALS & DEPARTMENTS
TIME TAKEN
• Nasscom ranked Hyderabad the No. 1 ITES CLEARANCES REQUIRED TO BE CONSULTED
(in days)
Destination in India Building Approval Municipality / UDA / TCP 7
Power Feasibility State Electricity Board 7

• Accounts for 23% of Software Professionals Power Connection State Electricity Board 23
in India Panchayat Clearance Gram Panchayat 7
Factories Clearance
• Largest Producer of Rice in India Factories Department 7
Commercial Taxes Sales Tax Department 7

• Largest Producer of Minerals in Value Water and Sewage Clearance Pollution Control Board 7
Water Connection HMWS & SB

• Largest exporter of bulk drugs 23
Pollution Clearance Pollution Control Board 60

• Second largest state in terms of number of Financial Clearance State Finance Development Board 21
industrial estates in India Land Acquisition Municipality / UDA / TCP 15
Land allotment in Industrial area Municipality / UDA / TCP 7

• Second largest storehouse of minerals in India
Alienation of Government land Municipality / UDA / TCP 15
• Only state with abundant energy Conversion of Land for Industrial Purpose Municipality / UDA / TCP 45
Source: IBEF
270
KARNATAKA
AREA (SQ.KM) 2,75,068 (5TH LARGEST)
K arnataka is India's AREA (SQ.KM) 1,92,000 (8TH LARGEST)

CAPITAL BANGALORE
eighth-largest state, DISTRICTS 27
both in terms of area POPULATION 56,599,298 (2006)
and population. Situated on POPULATION DENSITY 291/SQ.KM
the West Coast of India, OFFICIAL LANGUAGE KANNADA
Karnataka opens out to the AT CURRENT PRICES
Arabian Sea. It is surrounded (Source: Ministry of Statistics and
by Maharashtra in the North;
Andhra Pradesh in the East; PER CAPITA INCOME (IN RS) 21,696
Tamil Nadu and Kerala in the AT CONSTANT PRICE (2003-04)
South; and the Arabian Sea SEX RATIO 964
and Goa to the West. The LITERACY RATE 66.60%
state has rich natural
LIFE EXPECTANCY AT BIRTH (2006-11) MALE 63.1
resources; Cauvery is the (Source: SRS, Registrar General of India) FEMALE 67.43
major river flowing through
NATIONAL HIGHWAY LENGTH (KM) 3,728
it. Karnataka is best known as DOMESTIC AIRPORTS BANGALORE, HUBLI, MANGALORE,
India's IT heartland and the BELGAUM
"Silicon Valley" of India. INTERNATIONAL AIRPORT BANGALORE
INTERNATIONAL PORT MANGALORE
KEY INDUSTRIES INFORMATION TECHNOLOGY,
ELECTRONICS, BIOTECHNOLOGY,
APPARELS, AUTOMOTIVES, ENGINEERING,
AERONAUTICS, TOURISM, MINERAL-
BASED, AGRO-BASED, LEATHER
DOING BUSINESS IN ANDHRA PRADESH

ESTIMATED
TIME TAKEN
CLEARANCES REQUIRED TO BE CONSULTED
(in days)
Incorporation of the Registrar of Companies
company
• Highest share in it exports from India
Registration, IEM, District Industry Centre
Industrial Licences for Small Scale Industries
• Highest number of biotech companies in and Medium Industries
Allotment of Land State Department of

India Industries/ State Industrial
Development Corporation/
SINGLE WINDOW
CLEARANCE
Infrastructure Corporation
• Largest producer of gold in India (90% of Permission for Land Use State Department of
The Karnataka Udyog
Mitra (state single
Industries, Department of window clearance)
national production) Town and Country Planning
clears investment
proposals in
Site Environmental Approval State Pollution Control 40 days on an
Board and Ministry
• Sole producer of felspite in India of Environment and Forests average. The single
window obtains all
No Objection Certificate State Pollution Control Board approvals necessary
• Major producer of limestone and iron ore and consent under Water
and Pollution Control Acts
for the investment
proposal within the
specified time frame.
(300 lakh tonnes p.a.) in India Approval of Construction
Activity and Building Plan
Town and Country Planning
Authority
• Accounts for 70% of total coffee production Sanction of Power State Electricity Board
Registration under Sales Tax Department,

in India Sales Tax Act and Central
and State Exercise Act
Central and State Exercise
Departments
Source: IBEF
271
KERALA
T he State of Kerala is on
the Malabar Coast of
southwestern India. To
its East and northeast, Kerala
borders Tamil Nadu and
AREA (SQ.KM)
CAPITAL
DISTRICTS
POPULATION
POPULATION DENSITY
38,863 (21ST LARGEST)
THIRUVANANTHAPURAM
819/SQ.KM
14
34,099,910 (2006)
OFFICIAL LANGUAGE MALAYALAM

Karnataka respectively; to its GROSS STATE DOMESTIC PRODUCT (RS CR) 1,00,531
West and South lie the AT CURRENT PRICES
(Source: Ministry of Statistics and
Arabian Sea and the Indian Programme Implementation, Government of India)
Ocean. Periyar is a major river
PER CAPITA INCOME (IN RS) 24,053
flowing through the state, AT CONSTANT PRICE (2003-04)
besides its famed backwater
channels. Kerala is one of the SEX RATIO 1058
LITERACY RATE 91%
most popular tourist
destinations in the world. LIFE EXPECTANCY AT BIRTH (2006-11) MALE 72
Agriculture continues to be (Source: SRS, Registrar General of India) FEMALE 75
the dominant source of NATIONAL HIGHWAY LENGTH (KM) 3,728
livelihood. DOMESTIC AIRPORTS THIRUVANANTHAPURAM, KOCHI,
KOZHIKODE
INTERNATIONAL AIRPORTS THIRUVANANTHAPURAM, KOCHI,
KOZHIKODE
MAJOR PORT KOCHI
KEY INDUSTRIES AGRO-BASED, COIR, TEXTILES, SEAFOOD,
CHEMICALS, IT/ITES, TOURISM
DOING BUSINESS IN KERALA

ESTIMATED
TIME TAKEN
• Highest literacy rate (91%) CLEARANCES REQUIRED TO BE CONSULTED
(in days)
• Highest sex ratio (1,058) company

for Small Scale Industries
• Tops human development index among Industrial Licences
and Medium Industries
Indian states Allotment of Land State Department of

Industries/ State Industrial SINGLE WINDOW
Development Corporation/ CLEARANCE
Infrastructure Corporation
• Lowest infant mortality rate at nine deaths Permission for Land Use State Department of
The state’s single
window facility
Industries, Department of
per 1000 births, against the national Town and Country Planning clears investments of
proposals in
45 days on an average.
Site Environmental Approval State Pollution Control The single window
• Average of 42 deaths per 1000 births Board and Ministry
of Environment and Forests obtains all approvals
necessary for the
No Objection Certificate State Pollution Control Board investment
• Lowest population growth rate at 9.4% and consent under Water
and Pollution Control Acts
proposal within the
specified time frame.
against the national average of 21.3% Approval of Construction Town and Country Planning
Activity and Building Plan Authority
• Largest producer of coconut, pepper, coir, Sanction of Power State Electricity Board
cocoa, rubber and areca nut in India Registration under

Sales Tax Act and Central
Sales Tax Department,
Central and State Exercise
and State Exercise Act Departments
Source: IBEF
272
TAMIL NADU
T amil Nadu is one of the

most developed states in
the country. The state has
succeeded in reducing poverty
and raising its standard of living.
AREA (SQ.KM)
CAPITAL
DISTRICTS
POPULATION
POPULATION DENSITY
OFFICIAL LANGUAGE
1,30,058 (11TH LARGEST)
CHENNAI
30
66,832,168 (2006)
478/SQ.KM
TAMIL
Literacy level in the state is one AT CURRENT PRICES
of the highest among all Indian (Source: Ministry of Statistics and
states. The state has grown as a
manufacturing powerhouse in PER CAPITA INCOME (IN RS) 23,358
the country, especially in AT CONSTANT PRICE (2003-04)
automobiles and textiles. While SEX RATIO 986

the textile units in the state are LITERACY RATE 73.47%
known globally, the state is
home to manufacturing facilities LIFE EXPECTANCY AT BIRTH (2006-11) MALE 68.45
(Source: SRS, Registrar General of India) FEMALE 71.54
of a number of international
auto giants, including Ford and LENGTH OF COASTLINE (KM) 1,076 (2ND LONGEST IN INDIA)
Hyundai (with an investment of NATIONAL HIGHWAY LENGTH (KM) 2,002
DOMESTIC AIRPORTS CHENNAI, TIRUCHIRAPALLI, COIMBATORE,
over US$1 billion). The state MADURAI, TUTICORIN INTERNATIONAL
capital of Chennai is often called AIRPORT
the "Detroit of India". CHENNAI
MAJOR PORTS CHENNAI, ENNORE AND TUTICORIN (24% OF
TONNAGE CAPACITY SHARE IN INDIA)
KEY INDUSTRIES TEXTILES, LEATHER, INFORMATION
TECHNOLOGY, AUTOMOTIVE, AUTO
COMPONENTS, ENGINEERING, MINERAL-
BASED, AGRO-BASED
DOING BUSINESS IN TAMIL NADU

• Fastest growth rate of 700% in software LIST OF APPROVALS & DEPARTMENTS
ESTIMATED
TIME TAKEN
exports CLEARANCES REQUIRED TO BE CONSULTED
(in days)
company
• Largest it park in India
Industrial Licences
• Highest value addition in industries
Allotment of land State Department of SINGLE WINDOW
Industries/ State Industrial CLEARANCE
• Highest number of factories and export Development Corporation/
Infrastructure Corporation GUIDANCE
oriented units Permission for land use State Department of
(state’s single
window facility)
Industries, Department of
Town and Country Planning clears investments
• Leading manufacturer of automotive Site environmental approval State pollution control
of proposals in
30 days on an
average. The single
components board and Ministry
of environment and forests window obtains all
approvals
No Objection Certificate State pollution control board necessary for the
• Uninterrupted quality power supply to and consent under water
and pollution control acts
investment
proposal within the
aforementioned
industries at low tariffs Approval of construction
Activity and building plan
Town and country planning
Authority
time frame.
• Largest capacity for engineering and Sanction of power State electricity board
polytechnic education Registration under

Sales tax act and central
And state exercise act
Sales tax department,
Central and state exercise
departments
Source: IBEF
273
RETAIL REAL ESTATE IN SOUTH INDIA
The total supply of shopping centre space in South India Till date it is the largest operational mall in the region,
by end-2008 will be 19.02 million sq.ft, accounting for having 18.5 lakh square feet of built-up floor space and
an increase of more than 12 million square feet of mall 13 lakh square feet of gross leasable area. Mangal Tirth
space over the 6.84 million to be available by end-2007. Estate Ltd was the developer. Chennai had its second
According to IMAGES F&R Research data, the rate of mall 16 years later in 2006 with the opening of Chennai
growth in shopping centre space, which was only 23.1 City Centre at Dr RK Salai. However, the second mall in
percent in 2006 is to increase to 37 percent growth in the region came up in year 2000: the MPM Mall from
2007 and is likely to be a whopping 178 percent the Abid's Group. Both these early mover cities in the
increase in 2008 if projects materialise in time. South rested for a good while before starting off in the
There was a brief de-acceleration in the growth in 2006, malling activity after the initial mall. The warming up
mainly on account of the fact that a good number of started in Bangalore in 2004 with the launch of the very
mega mall projects in the South (for instance, those of successfully executed Prestige Group mall, The Forum.
Mantri Developers in Bangalore) that had been slated to Besides Bangalore, Hyderabed and Chennai, mall
become operational by 2006-07, either never took off development in the South is also picked up in cities like
or got stalled due to various reasons. But now since Kochi (one operational and five by 2010) and Mysore
many of these stalled projects are on again and newer (one operational and four by 2010). Coimbatore will
projects have been announced, the growth rate is have two malls by 2009 while Vijayavada will have two
expected to take off in a big way. operational malls a year earlier.
As per the progress in construction of mall projects in The average ratio of land area to mall space for
South India and also the feedback from developers, the Bangalore is as 1 : 2.44 while for Hyderabad it is
number of operational malls will increase from 21 in 1 : 4.65 ; for Chennai it is slightly lower at 1 : 3.66 ; in
2007 to 76 in year 2010. Most of these are mega Kochi it is 1 : 3.52 and the land to mall space ratio is
projects and as a result the growth in supply of quality again closer to that of Bangalore in Mysore (1 : 2.69).
retail space will be greater than the increase in number This implies that malls either have more levels in
of malls. From 68.4 lakh square feet in 2007, mall space centres other than Bangalore and Mysore or there is less
will increase to nearly 476 lakh square feet in 2010. open space outside.
Chennai has the distinction of giving the country its The average ratio as between mall space and gross
first modern mall, the Spencer's Plaza way back in 1990. leasable are gives an indication of the size of atrium and
274
free movement space within the mall. Here again, first modern mall, the Spencer's Plaza way back in 1990.
Bangalore malls are better placed with a ration of mall Till date it is the largest operational mall in the region,
space to GLA as 1 : 0.48 as compared to 1 : 0.53 in in having 18.5 lakh square feet of built-up floor space and
Hyderabad, 1 : 0.63 in Chennai and 1 : 0.76 in Kochi. 13 lakh square feet of gross leasable area. Mangal Tirth
With regard to projected shopping centre space in Estate Ltd was the developer. Chennai had its second
South India by 2007-end, Bangalore will account for 39 mall 16 years later in 2006 with the opening of Chennai
percent; followed by Chennai (33 percent), Hyderabad City Centre at Dr RK Salai. However, the second mall in
(15 percent) and Mysore accounting for nearly eight the region came up in year 2000: the MPM Mall from
percent of the mall space pie, respectively. That leaves the Abid's Group. Both these early mover cities in the
about five percent of available shopping centre space South rested for a good while before starting off in the
for other southern centres. malling activity after the initial mall. The warming up
started in Bangalore in 2004 with the launch of the very
Chennai has the distinction of giving the country its successfully executed Prestige Group mall, The Forum.
275
Besides Bangalore, Hyderabed and Chennai, Mall development The average ratio as between mall space and gross leasable are
in the South is also picked up in cities like Kochi (1 operational gives an indication of the size of atrium and free movement
and 5 by 2010) and Mysore (1 operational and 4 by 2010). space within the mall. Here again, Bangalore malls are better
Coimbatore will have two malls by 2009 while Vijayavada will placed with a ration of mall space to GLA as 1 : 0.48 as
have two operational malls a year earlier. compared to 1 : 0.53 in in Hyderabad, 1 : 0.63 in Chennai and
The average ratio of land area to mall space for Bangalore is as 1 : 0.76 in Kochi.
1 : 2.44 while for Hyderabad it is 1 : 4.65 ; for Chennai it is With regard to projected shopping centre space in South India
slightly lower at 1 : 3.66 ; in Kochi it is 1 : 3.52 and the land to by 2007-end, Bangalore will account for 39 percent; followed by
mall space ratio is again closer to that of Bangalore in Mysore Chennai (33 percent), Hyderabad (15 percent) and Mysore
(1 : 2.69). This implies that malls either have more levels in accounting for nearly 8 percent of the mall space pie,
centres other than Bangalore and Mysore or there is less open respectively. That leaves about five percent of available
space outside. shopping centre space for other southern centres.
276
277
BANGALORE existing catchment, retail activity is now spreading to new
Bangalore has traditionally been a leader in supermarkets which residential and office locations. Besides the traditional high
was initiated by Nilgiris and the then RPG Group's Foodworld streets of Brigade Road, MG Road and Commercial Street, new
outlets. The concept of large format, department stores like locations like Lavelle Road, CMH Road and 100 Feet Road,
Lifestyle, Shoppers' Stop and Westside has also become popular Indiranagar, are emerging as the hottest retail locations.
in the city. The city is currently witnessing a shift towards large With 20 malls in various stages of planning, it is estimated that
hypermarkets like Big Bazaar, Metro Cash & Carry, Jumbo Saver, the additional mall area from upcoming projects in Bangalore
etc. will be approximately 12 million sq.ft by 2010.
Encouraged by the success of the eight operational malls (The The sudden spurt in economic activity in 2004-05 created a
Forum, Garuda Mall, Sigma Mall, Bangalore Central, Eva Mall, shortage of space and this has pushed up retail rentals
The Pavilion, Gopalan and now Total), developers are putting in significantly. Brigade Road currently attracts the highest rental
place plans for new mall space in the city. Cashing in on the value at Rs.320/sq.ft/month. The steepest increase in rates is
278
noticed in Indiranagar (146 percent). Considering
the average retail rental across years, it is currently
at a high of around Rs.240/sq.ft/month.
The movement of commercial office space to
suburban locations like Whitefield, Koramangala
and Sarjapur Road have made these areas attractive
to increased retail investment. New retail
developments are also coming up in Jayanagar,
Bannerghatta Road and Hosur Road in South
Bangalore. Overall, the retail sector in Bangalore is
expected to accelerate 2007 onwards.
HYDERABAD
Hyderabad retail market has always been a high
volume and a cash-rich market. Increased consumer
demand, improved sourcing options and easy
availability of real estate have created the foundation for The major retail hubs of Hyderabad are Basheerbaag, Abids-
significant growth in the organised retail sector. Banks and Namapalli and Ameerpet. Leading brands like Nike, Proline,
automobile showrooms form the bulk of demand for retail space Stanza, Pantaloons, Woodlands, Food World, Reliance Fresh, ITC
leased out in the CBD of Begumpet. Global and national apparel Chaupal Fresh and Fresh@ have already opened their outlets
and F&G brands have made a strong entry into Hyderabad. here. Most outlets, however, are located as standalone retail
279
CHENNAI
A pioneer in promoting the mall culture in India in the early
'90s, with Spencer Plaza, Chennai however has not seen the
emergence of many new malls apart from Chennai Citi Centre
and the near complete Ampa Centre mall. But now the scene is
hotting up with nine more malls planned to impact the market
in the next three years. Of the nine malls coming up in various
parts of the city, four are scheduled to come up on the Old
Mahabalipuram Road (OMR) stretch. More than 10 million sq.ft
of mall space is estimated to be added on in the next three
years taking the city's total mall space to 12.5 million square
feet by year 2010 as per IMAGES F&R Research estimates.
The important high streets of the city include the CBDs of Anna
Salai, Nungambakkam, T Nagar and Pondy Bazaar. Other
prominent shopping destinations are the suburban markets of
Anna Nagar, RK Salai, Besant Nagar and Egmore.
formats or in small commercial complexes. On account of heavy A recent retail trends in Chennai has been the development of
traffic and unplanned growth, there is a shortage of parking concentrated retail hubs within developed residential pockets
space. such as Adyar in South Chennai. Most leading brands have
already opened outlets in these areas to service the ready
With the CBD and off-CBD of Begumpet and Somajiguda catchment.
becoming saturated, most retail activity is presently centred
around the suburban locations of Banjara Hills and Jubilee Hills. Despite the fact that mall development in the city is still in its
The retail triangle of Somajiguda-Raj Bhavan Road, Panjagutta initial phase, retailers are changing their view and preferring
and Banjara Hills Road No.1 has today become a prime organised retail space over traditional established locations.
shopping destination. Currently there is more than one million Corporate investments and the presence of foreign
mall space available in the twin cities of Hyderabad and multinational companies have added to the drive to modernise
Secunderabad together and it is estimated that around 7.5 retail network.
million sq.ft of mall space will be added from about 10 more However, concerns regarding the feasibility and capability of the
malls coming up by 2010; that is, there will be a total of 16 market to absorb the quantum of retail space supply remain.
operational malls with more than 8.5 million square feet of
KOCHI
prime retail space.
Cochin is the second most important city on the western coast
By year 2010, the present retail locations and high streets of
after Mumbai. It is the largest city of Kerala and the commercial
Banjara Hills and other suburban retail markets will get
and industrial capital of the state. Cochin is also a major port
saturated, resulting in a shift of retail focus to the city's outskirts
and ranks among first 11 major ports in India and is also the
and newer peripheral locations.
second largest Naval base after Goa on western coast.
280
Kochi's retail real estate can be broadly divided into two Grand Mall from IDEB Projects is the first mall to have opened
categories – traditional/established markets and emerging retail up in the city early this year. It offers 5.6 lakh square feet of
areas. The majority of the retail developments in the city are retail space. In the next two years, by 2009 end, the city will
located in the traditional high street areas. MG Road is the main have four operational malls with a total mall space of over 15.5
high street retail destination of the city followed by Banarji lakh square feet. The emergent retail stretches in the city
Road and Marine Drive Road. The emerging retail areas are include Gokulam Main Road, VV Mohalla, Kalidasa Road, etc.
concentrated along the NH 47 by-pass road and along the COIMBATORE
NH 47 at Edappally.
Coimbatore's real estate market had, in the past, been overly
Many apparel brands and jewelry showrooms are located at MG dependent on the textile industry. However, in the last decade,
Road, while automobile showrooms and the upcoming Gold Coimbatore has seen a shift from the secondary sector
Souk are at the bypass road. The development of Kinfra Park at (manufacturing) to trade and commerce. Many mills in the city
Kakkanad and Cochin SEZ at Seaport Airport road has further have either shutdown or shifted to locations outside the city.
fuelled the development in Kakkanad and surrounding localities. Furthermore, since the last 2-3 years, there is a lot of hectic
Kochi had its first and only operational mall, the Bay Pride from activity in the IT sector as Software companies are keenly
Abad Builders, in January 2006. From this small 66,000 square looking at setting up of software development units in the city.
feet mall, the city is now gearing up to taste the warmth of a The IT and services Industry boom in Coimbatore is also
mega 10.7 lakh square feet The Forum mall from Bangalore's palpable with the enhanced activity in real estate and retail
Prestige group. By 2010 the city will have five operational malls business. This is evident due to presence of a number of real
offering a total of 21.1 lakh square feet of quality shopping estate companies such as Land Marvel, Sahara Homes and
environment. Appaswamy Real Estates, coming to Coimbatore. Major
Most of Kochi's upcoming developments are concentrated in the construction activities are visible in areas like Vadavalli, Kovai
suburbs and outgrowths. The city is growing along the major Pudur, Peelamedu, Kaudampalayam and Trichy Road.
transportation corridors like NH 47 by-pass, Seaport Airport Two huge malls are coming up in the city: the 6.82 lakh square
Road and other major transportation corridors, generally on the feet Fun Republic from E-City Entertainment and the 12.5 lakh
northeastern side of the city. Kaloor-Kadavanthara road, Vytilla, square feet The Grand from the PS Group. Both are lovcated on
Kakkanad etc are upcoming residential destinations, while the Avnish Road and both are likely to be operational in year 2009.
bypass road, Seaport Airport Road are the retail-commercial/IT
potential destinations for the future development. These developments are clear indication that Coimbatore's
centre of retail activity is shifting towards south-eastern part of
MYSORE the city, which includes Trichy Road, Avanashi Road and Arts
The CBDs of D Devaraj URS Road, Sayajji Rao Road and Sivaram College Road. Currently the prime retail locations in Coimbatore
Peth are Mysore's traditional market areas. D Devaraj URS Road are Avinashi Road, Trichy Road, DB Road, Mettupalayam Road
has silk showrooms, jewellery, apparel, footwear and electronics and Race Course Road.
outlets. Sayajji Rao Road has apparel, jewellery, home stores, Guntur, Vijayavada, Calicut, Hubli, Madurai, Trivandrum,
saree stores and kirana shops. Sivaram Peth also houses Mangalore, Madurai and Calicut are some of the other smaller
jewellery, electronics, stationery and apparel outlets. cities in the South where mall projects have started off.
281
(south) MALL PROFILE
Abad Builders Pvt Ltd Aerens Gold Souk
International Ltd.
BAY PRIDE NUCLEUS MALL GOLD SOUK & WEDDING

Location: Marine Drive Location: Maradu, NH Madurai SOUK
City: Kochi City: Kochi Location: Poontihoora Village, G T
Status: Operational Status: Under Construction Road, New Vytilla Junction, Ernakulam
Operational From: January 2006 Operational From (Planned): Total Mall Area: 1,03,560.5 sq.ft
Total Investment in the Mall: May 2009 Total Built-up Area: 4,00,000 sq.ft
Rs.15 crore Total Investment in the Mall: No. of Levels: 7
Total Land Area: 22,000 sq.ft Rs.45 crore No. of Escalators & Lifts: 7 + 7
Total Mall Space: 66,000 sq.ft Total Land Area: 50,500 sq.ft Positioning/USP: Gold Souk – variety,
Gross Leasable Area (GLA): Total Mall Space: 1,55,000 sq.ft quality, ambience and convenience.
43,000 sq.ft Gross Leasable Area (GLA): Wedding Souk – a one-stop shop for all
No. of Floors: B + G + 1 1,25,000 sq.ft wedding requirements
Leased/Sold Space Ratio: 60:40 No. of Floors: B + G + 3
Leasing Agents/Companies: CAM Charges: Rs.10-12/sq.ft/month
Trammell Crow Meghraj/In-house Rental Model: Mixed
CAM Charges: Rs.7.50/sq.ft/month Atrium Area: 3,000 sq.ft
Atrium Area: 1,000 sq.ft Shopping Area: 1,05,000 sq.ft
Leisure & Entertainment Area: 5,000 sq.ft
1,000 sq.ft Services Area: 6,000 sq.ft
Services Area: 4,000 sq.ft Parking Area: 60,000 sq.ft
Parking Area: 20,000 sq.ft Space for No. of 4-wheelers: 200
Space for No. of 4-wheelers: 40 Space for No. of 2-wheelers: 100
Space for No. of 2-wheelers: 40 No. of Escalators: 6
No. of Escalators: 1 No. of Lifts: 5
No. of Lifts: 1 Catchment Area: Triparty, Marad and
Catchment Area: Heart of the city Vyttila
km radius: Many km radius: None
Average Footfall on Week Days: Mall Management: In-house
2,000
4,000
282
(SOUTH)
MALL PROFILE
Ampa Housing Ashoka Developers
Development Pvt Ltd & Builders Ltd
AMPA CENTRE ONE ASHOKA METROPOLITAN ASHOKA MALL 2

Location: Nelson Manickam Road and MALL Location: Kukatpally
Poonamallee High Road Junction Location: Banjara Hills City: Hyderabad
City: Chennai City: Hyderabad Status: Under Construction
Status: Under Construction Status: Ready for Fitout
Operational From (Planned): Operational From (Planned):
Planned Launch: January 2008 December 2008
September 2007
Total Investment in the Mall: Total Investment in the Mall:
Total Mall Space: 6,50,000 sq.ft Rs.50 crore
Rs.30 crore
No. of Floors: 9 Total Land Area: 52,272 sq.ft Total Land Area: 1,35,036 sq.ft
Gross Leasable Area: 3,85,000 sq.ft Total Mall Space: 2,50,000 sq.ft Total Mall Space: 5,00,000 sq.ft
Leased/Sold Space Ratio: 90:10 Gross Leasable Area (GLA): Gross Leasable Area (GLA):
CAM Charges: At actuals 1,45,615 sq.ft 3,00,000 sq.ft
Rental Model: Fixed Rent/Revenue Share No. of Floors: 3 basements + 6
CAM Charges: Rs.14/sq.ft/month No. of Floors: 2 basements + 6
Rental Model: Fixed Minimum Rent CAM Charges: Rs.12/sq.ft/month
Atrium Area: 2,415 Rental Model: Fixed Rent and
Food Court Area: 25,000 sq.ft Shopping Area: 10,00,000 Revenue Sharing
Leisure & Entertainment: 11,000 sq.ft Food Court Area: 18,000 Parking Area: 2,00,000 sq.ft
No. of Escalators/Lifts: 9/7 Parking Area: 1,24,000
Catchment Area: Anna Nagar, Kilpauk, Space for No. of 4-wheelers: 350
Purasaiwalkam, Egmore, Chetpet, Space for No. of 2-wheelers: 500
Nungambakkam, T Nagar, Ambattur, No. of Escalators: 4
Kodambakkam, Vadapalani, Saligramam, No. of Lifts: 5
Koyambedu, Thirumangalam, Mogappair TENANT MIX
Other shopping centres/malls in 6 km Anchor 1: Spencer's Hypermarket
radius: Ozone Mall Status/Area: Booked/19,870 sq.ft
Avg Footfall on Week Days: 8,000- Anchor 2: Pantaloons Department
12,000 Store)
Avg Footfall on Weekends: 15,000- Status/Area: Booked/17,000 sq.ft
18,000 Anchor 3: Kirby Electronics (Consumer
Mall Management : Outsourced Electronics)
Competitive Advantage: Integration of Status/Area: Booked/19,000 sq.ft
retail entertainment and dining; 30-35%of
new brands in Chennai; ample parking;
presence of PVR, McDonalds, Westside,
Apple etc.
TENANT MIX
Anchor 1: Spencer's Hypermarket
Anchor 2: Westside (Department Store)
Anchor 3: PVR (Multiplex)
Status/Screens: Booked/7 Screens
Total Capacity: 1,800 Seats
283
Chennai Citi Centre
Brigade Group
Holdings Pvt Ltd
THE ORION THE ARCADE CHENNAI CITI CENTRE

Location: Brigade Gateway, Location: Brigade Metropolis, Location: Dr RK Salai
Malleswaram Whitefield Road City: Chennai
City: Bangalore City: Bangalore Operational From: March 2006
Status: Under Construction Status: Under Construction Total Mall Investment: Rs.120 crore
Total Mall Investment: Rs.150 crore Total Mall Investment: Rs.25 crore Total Land Area: 1,20,000 sq.ft
Total Land Area: 3,04,920 sq.ft Total Land Area: 70,000 sq.ft Total Mall Space: 420,000 sq.ft
Total Mall Space: 7,00,000 sq.ft Total Mall Space: 10,00,000 sq.ft No. of Floors: 2 B + G + 6
No. of Floors: 2B+G+4 No. of Floors: G+3 Gross Leasable Area: 320,000 sq.ft
Gross Leasable Area: 9,00,000 sq.ft Gross Leasable Area: 13,50,000 sq.ft Leased/Sold Space Ratio: All leased
Leasing Agents/Companies:
Leased/Sold Space Ratio: All leased CAM Charges: Approx
Chesterton Meghraj, CBRE, Colliers,
CAM Charges: Rs.10-15/sq.ft/month Rs.5/sq.ft/month (subject to actuals)
Cushman & Wakefield, Hanu Reddy
(subject to actuals) Rental Model: All options available CAM Charges: Rs.8.90/sq.ft/month for
Rental Model: All options available Atrium Area: Arcade retail and Rs.5.60/sq.ft/month for
Atrium Area: 38,000 sq.ft Shopping Area: 50,000 sq.ft commercial setups.
Shopping Area: 6,00,000 sq.ft Food Court Area: 20,000 sq.ft Rental Model: Fixed rent per sq.ft. on
super built-up area
30,000 sq.ft Shopping Area: 1,33,457 sq.ft
Services Area: 1,50,000 sq.ft Services Area: 10,000 sq.ft
Space for No. of 4-wheelers: 1,000 No. of Lifts: 2
Space for No. of 2-wheelers: 1,000 Considerations on choice of
No of Escalators: 3 pairs location: Well connected with all parts
of the city Space for No. of 4-wheelers: 532
No. of Lifts: 4 passenger + 9 service Space for No. of 2-wheelers: 1,200
Catchment Area: Whitefield, Airport
Location Considerations: Connected Road, Indiranagar, KR Puram No. of Escalators/Lifts: 10/5
with all parts of city and Metro Station Kids’ Play/Creche Area: 4,700 sq.ft
Catchment Area: Malleswaram - km radius: None Location Considerations: Located near
Rajajinagar, and all parts of the city the Marina beach, attracting huge footfalls.
Avg Footfall on Week Days: 10,000 Catchment Area: Mylapore, Adyar,
1,00,000 approx Mount Road, Royapettah, Santhome
Avg Footfall on Weekends: 25,000 Other shopping centres/malls in 6 km
2,00,000 approx radius: Spencer Plaza
Mall Management: Outsourced Average Footfall on Week Days: 4,000
Any Other Details: Regular footfalls
Any Other Details: Regular footfalls Average Footfall on Weekends: 8,000
from within the campus will be very
from within the campus will be very high high, since 7,00,000 sq.ft of office
as 10,00,000 sq.ft of office space, space and residential blocks are within Competitive Advantage: Central
residential blocks, hospital and a five- the campus. location (CBD), large food court, first
star hotel is within the campus. multiplex, etc.
Competitive Advantage: Located at
Competitive Advantage: Located right TENANT MIX
prime area in Whitefield, with huge
within the city, easy accessibility; not upmarket residential areas. Anchor 1: Lifestyle (Department Store)
only caters to the needs of North Status/Area: Operational/75,000 sq.ft
Bangalore, but to all other areas as well. Anchor 2: INOX (Multiplex)
284
(SOUTH)
MALL PROFILE
DLF Retail Developers Ltd
DLF HYDERABAD DLF CHENNAI DLF CHENNAI

Location: Gandhi Medical College, Location: MICO Location: Madras Race Club
Basheerabagh City: Chennai City: Chennai
City: Hyderabad Status: Under Construction Status: Under Planning
Status: Under Planning Operational From (Planned): Operational From (Planned):
Operational From (Planned): To be To be decided To be decided
decided Total Land Area: 1,93,000 sq.ft Total Land Area: 2,40,000 sq.ft
Total Land Area: 2,40,000 sq.ft Total Mall Space: 7,22,000 sq.ft Total Mall Space: 8,30,000 sq.ft
Total Mall Space: 26,50,000 sq.ft No. of Floors: G+3 No. of Floors: G + 4
No. of Floors: G +7 (plus office floors Gross Leasable Area (GLA): Gross Leasable Area (GLA):
and a hotel floor) 2,80,000 sq.ft 7,60,000 sq.ft
Gross Leasable Area (GLA): Shopping Area: 2,19,000 sq.ft Shopping Area: 3,58,000 sq.ft
14,44,000 sq.ft Food Court Area: 64,000 sq.ft Food Court Area: 50,000 sq.ft
Shopping Area: 4,74,000 sq.ft Space for No. of 4-wheelers: 1,100
Food Court Area: 1,20,000 sq.ft Competitive Advantage: Location,
Competitive Advantage: Location, concept, architectural design
mixed land development
285
DLF Retail Developers Ltd E-city Entertainment (i) Pvt Ltd Express Infrastructure Pvt Ltd
DLF BANGALORE FUN REPUBLIC EXPRESS AVENUE

Location: Bhoruka, Whitefield Location: Avinashi Road Location: Off Anna Salai
City: Bangalore City: Coimbatore City: Chennai
Status: Under Planning Status: Under Construction Status: Under Construction
Operational From (Planned): Operational From (Planned): Planned Launch: September 2008
To be decided September 2009 Total Mall Investment: Rs.300 crore
Total Land Area: 6,50,000 sq.ft Total Investment in the Mall: Total Land Area: 4,32,000 sq.ft
Total Mall Space: 36,00,000 sq.ft Rs.120 crore Total Mall Space: 17,00,000 sq.ft
No. of Floors: G+4 Total Land Area: 1,72,240 sq.ft Gross Leasable Area: 8,00,000 sq.ft
Gross Leasable Area (GLA): Total Mall Space: 6,82,000 sq.ft No. of Floors: 5
16,74,000 sq.ft No. of Floors: 5 Leased/Sold Space Ratio: All leased
Shopping Area: 14,80,000 sq.ft Gross Leasable Area (GLA): Rental Model: Both rent & revenue
Food Court Area: 1,15,000 sq.ft 4,18,000 sq.ft sharing
Leisure & Entertainment Area: GLA/GFA Ratio: 62:38 Atrium Area: 15,000 sq.ft
80,000 sq.ft Leased/Sold Space Ratio: All leased Shopping Area: 8,00,000 sq.ft
Space for No. of 4-wheelers: 2,500 Leasing Agents/ Companies: EPMS Food Court Area: 55,000 sq.ft
Competitive Advantage: Location, CAM Charges: As per Actuals Leisure/Entertainment: 5,000 sq.ft
large format mall, mixed land use Rental Model: Fixed Minimum Rent
(including a hotel) Services Area: 50,000 sq.ft
Atrium Area: 7,500 sq.ft Parking Area: 6,00,000 sq.ft
Food Court Area: 16,200 sq.ft Space for No. of 4-wheelers: 2,500
Leisure/Entertainment: 9,750 sq.ft Space for No. of 2-wheelers: 2,500
No. of Escalators: 18 Catchment Area: Nungambakkam,
No. of Lifts: 8 Egmore, T Nagar, Mylapore, Alwarpet
Competitive Advantage: Best Other shopping centres/malls in 6
upcoming location in the city, km radius: Spencer Plaza, Citi Centre
automated parking, stores with front Avg Footfall on Week Days: 30,000
visibility from the atrium, etc.
Avg Footfall on Weekends: 1,00,000
Market Area: Posh new areas of
Coimbatore, plus highway traffic Other Details: First mall in India to
have a hypermarket of about
Mall Management: Outsourced to 1,00,000 sq.ft, with travellator.
EPMS
Competitive Advantage: Located on
TENANT MIX
CBD, first mixed-use development with
Anchor 1: Shoppers’ Stop (Department five-star hotel and office block; will be a
Store) landmark destination centre in Chennai.
Anchor 2: Fun Cinemas (Multiplex) TENANT MIX
Others: Hypermarket, small format Anchor 1: Pantaloon/M&S/Debenhams
retail outlets, entertainment and food Status/Area: Under Negotiation/
court 60,000 sq.ft
Anchor 2: Satyam (Multiplex)
No. of Screens: 6 Screens
286
(SOUTH)
MALL PROFILE
Ferns Builders & Developers Habitat Shelters Pvt Ltd
FERNS MALL URBAN OASIS URBAN OASIS

Location: Outer Ring Road Location: Mysore Location: Hubli
City: Bangalore City: Mysore City: Hubli
Status: Planned Status: Under Construction Status: Under Construction
Operational From (Planned): 2009 Planned Launch: June 2008 Planned Launch: September 2008
Total Mall Investment: Rs.200 crores Total Mall Investment: Rs.60 crore Total Investment in the Mall: Rs.60
Total Land Area: 68,000 sq.ft crore
Total Mall Space: 2,25,000 sq.ft Total Land Area: 1,09,000 sq.ft
Total Mall Space: 8,00,000 sq.ft
Gross Leasable Area: 2,25,000 sq.ft Total Mall Space: 3,50,000 sq.ft
No. of Floors: G+5
No. of Floors: 2B + 10 Gross Leasable Area: 2,80,000 sq.ft
Gross Leasable Area: 4,50,000 sq.ft No. of Floors: 2BF+6F+5
GLA/GFA Ratio: 1:1.40
Leased/Sold Space Ratio: All leased GLA: GFA Ratio: 1:1.40
Leased/Sold Space Ratio: 1:0.33
Leasing Agents/ Companies: Leasing Agents/Companies: Self Leased/Sold Space Ratio: 1:0.33
Trammell Crow Meghraj Property Leasing Agents/Companies: Self
CAM Charges: Rs.12 - 15/sq.ft/month
Consultants
Rental Model: Avg of Rs.55/sq.ft CAM Charges: Rs.12 - 15/sq.ft/month
Rental Model: Combination of Fixed
Atrium Area: 10,000 sq.ft Rental Model: Av. of Rs.45/sq.ft
Minimum Rent, Percentage Rent,
Food Court Area: 15,000 sq.ft Atrium Area: 6,000 sq.ft
Revenue Sharing
Leisure/Entertainment: 10,000 sq.ft Food Court Area: 15,000 sq.ft
Space for No. of 4-wheelers: 300 Leisure/Entertainment Area: 10,000
Food Court Area: 35,000 sq.ft sq.ft
Leisure/Entertainment: 20,000 sq.ft Space for No. of 4-wheelers: 300
Parking Area: 3,50,000 sq.ft Space for No. of 2-wheelers: 250
No. of Lifts: 5 x 15 passenger
No of Escalators: 4 No. of Escalators: 10
Promotion schemes: Bus pickup &
No. of Lifts: 7 drop No. of Lifts: 5x16 pasenger
Considerations on choice of Considerations on choice of location: Promotion schemes: Bus pickup & drop
location: Huge catchment area Near prime residential areas etc Considerations on choice of location:
Catchment Area: Five kilometre radius Catchment Area: Jayalakshmipuram, Near prime residential areas, colleges etc
Other shopping centres/malls in 6 Vontikopal, Mysore University, Kalidas Catchment Area: Vidyanagar
km radius: None Road Average Footfall on Week Days:
Mall Management: Outsourced Other shopping centres/malls in 6 km expected 3,000
radius: Prozone, IDEB Average Footfall on Weekends: 20,000
Competitive Advantage: Premium
Avg Footfall on Week Days: 5,000 Mall Management: In-house
Mall
Avg Footfall on Weekends: 25,000 Competitive Advantage: Prime location
TENANT MIX
Mall Management: In-house TENANT MIX
Anchor 1: Multiplex
Competitive Advantage: Best mix of Anchor 1: Spencers (Hypermarket)
Status: Under negotiation retail, gaming, fine dining, prime location, Status/Area: Booked/40,000 sq.ft
No. of Screens/Total Capacity: 250 sq.ft frontage and new generation fit-
outs Anchor 2: INOX (Multiplex)
TENANT MIX
Anchor 2: Department Store
Anchor 1: Piramyd (Department Store)
Status: Under negotiation Status/Area: Booked/55,000 sq.ft
Anchor 2: PVR Cinemas (Multiplex)
Status/Screens: Booked/2 Screens
287
Habitat Shelters Pvt Ltd Hi-lite Builders Pvt Ltd IDEB Projects Pvt Ltd
URBAN OASIS THE FOCUS MALL SIGMA MALL

Location: Davangere Location: Rajaji Road-Mavoor Road Location: Cunningham Road
City: Davangere Jn. City: Bangalore
Status: Planned City: Calicut, Kerala Status: Operational
Operational From (Planned): Status: Under Construction Total Mall Area: 2,35,000 sq.ft
January 2009 Planned Launch: September, 2007 CAM Charges: Rs.15 per sq.ft/month
Total Investment in the Mall: Total Land Area: 63,980 sq.ft Atrium Area: 20,000 sq.ft
Rs.30 crore Total Mall Space: 2,40,746 sq.ft Space for No. of 4-wheelers: 320
Total Land Area: 1,30,000 sq.ft No. of Floors: 6 Space for No. of 2-wheelers: 400
Total Mall Space: 2,40,000 sq.ft Gross Leasable Area: 1,34,847 sq.ft Catchment Area: North Bangalore
Gross Leasable Area: 2,40,000 sq.ft CAM Charges: Rs.20 per sq.ft/month Other shopping centres/malls in 6
No. of Floors: 1B + GF + 2 Rental Model: Fixed Minimum Rent km radius: MG Road
Leased/ Sold Space Ratio: 1:0.33 Atrium Area: 7,717 sq.ft Average Footfall on Week Days:
Leasing Agents/ Companies: Self Shopping Area: 1,13,544 sq.ft 10,000
CAM Charges: Rs.10 - 12per Food Court Area: 17,981 sq.ft Average Footfall on Weekends:
sq.ft/month Leisure/Entertainment Area: 3,322 40,000
Rental Model: Av. of Rs.45/- per sft sq.ft
Space for No. of 4-wheelers: 200 Services Area: 4,206 sq.ft
Space for No. of 2-wheelers: 200 Parking Area: 42,125 sq.ft
No of Escalators: 6 Space for No. of 4-wheelers: 300
No. of Lifts: 2x16 passenger Space for No. of 2-wheelers: 300
Promotion schemes: Bus pickup No. of Escalators: 6
&drop No. of Lifts: 5
Considerations on choice of Kids Play/Creche Area: 3,322 sq.ft
location: near prime residential areas
colleges etc Considerations on choice of
location: Easy access. Already a prime
Catchment Area: Main Trunk Road area.
Connecting Harihar & Davangere
Catchment Area: Stadium Complex,
Other shopping centres/malls in 6 Mavoor Road, IIM, NIT, Medical College
km radius: None
Average Footfall on Week Days: km radius: No malls, shopping centres
expected 5,000 on SM Street and Mavoor Road.
Average Footfall on Weekends: TENANT MIX
25,000
Anchor 1: Spencer's Hyper
Mall Management: In-house (Hypermarket)
Competitive Advantage: Huge Status/Area: Booked/19,686 sq.ft
student population and youthful brands
Anchor 2: Max (Department Store)
TENANT MIX
Status: Under negotiation
288
(SOUTH)
MALL PROFILE
Food Express
Inorbit Malls (india) Pvt Ltd Stores India Ltd
INOBIT MALL - CYBERABAD INORBIT VILLAGE - TOTAL

Location: Hitech City, Madhapur, POCHARAM Location: Koramangala
Cyberabad Location: Pocharam City: Bangalore
City: Hyderabad City: Hyderabad Status: Operational
Status: Under Construction Status: Under Construction Operational From: July, 2007
Total Land Area: 3,31,047 sq.ft Total Land Area: 7,08,285 sq.ft Total Mall Investment: Rs.69 crore
Total Mall Space: 12,40,641 sq.ft Total Mall Space: Total Land Area: 85,000 sq.ft
No. of Floors: 8 4,07,158 sq.ft (phase-I) Total Mall Space: 1,60,000 sq.ft
Gross Leasable Area: 4,93,883 sq.ft No. of Floors: Gr.+Mezzanine No. of Floors: 4
Atrium Area: 12,174 sq.ft Gross Leasable Area (GLA): GLA/GFA Ratio: 63.15 : 37.85
Shopping Area: 6,88,458 sq.ft 2,97,540 sq.ft Leasing Agents/Companies: In-
Food Court Area: 20,662 sq.ft Atrium Area: 45,866 sq.ft (open house
Leisure/Entertainment: 21,647 sq.ft courtyard format) CAM Charges: Rs.15/sq.ft/month
Services Area: 1,03,076 sq.ft Shopping Area: 3,62,729 sq.ft Rental Model: Fixed Rent
Parking Area: 4,23,362 sq.ft Food Court Area: 45,866 sq.ft (open Atrium Area: 3,500 sq.ft
courtyard)
Space for No. of 4-wheelers: 872 Shopping Area: 1,60,000 sq.ft
No. of Escalators: 24 Food Court Area: 40,000 sq.ft
No. of Lifts: 4 Passenger, 8 Service Space for No. of 4-wheelers: 250
(surface parking)
TENANT MIX Space for No. of 2-wheelers: 150
Anchor 1: Hypercity (Hypermarket) TENANT MIX No of Escalators: 9 travelators
Area: 84,163 sq.ft Anchor-1: Hypercity (Hypermarket) Other shopping centres/malls in 6
Anchor 2: SSL km radius: The Forum
Area: 1,16,542 sq.ft
Area: 1,03,777 sq.ft Avg Footfall on Week Days: 12,000
Avg Footfall on Weekends: 25,000
Competitive Advantage: Unique
format concept of a hypermarket, retail
brands and food court; Victorian
vintage architecture.
TENANT MIX
Anchor 1: Total (Hypermarket)
Status/Area: Operational/1,20,000 sq.ft
No. of Floors: 2
Other Brands/Retailers: McDonalds,
VIP Luggage, Peter England, Planet
Fashion, Just in Vogue, Pepe, Tamanna,
Thomas Scott, Cool Cottons, Spykar,
Café Coffee Day, Identiti, Hollywood
Shoes, Reebok, W, Kanz, City Deli,
Oxygen Bar and Ozone Spa, Dominos
Pizza, Ohri's Food Court and concept
289
Food Express Kshitij Investment
Stores India Ltd Advisory Co.Ltd
TOTAL HYDERABAD – UPPAL TRIVANDRUM - PALAYAM

Location: Sarjapur Road Location: Uppal JUNCTION
City: Bangalore City: Hyderabad Location: Palayam Junction
Status: Under Construction Operational From (Planned): City: Thiruvanathapuram
Operational From (Planned): April 2008 Operational From (Planned):
October 2007 Project Type: PRIL leased Mall February 2009
Total Investment in the Mall: Total Mall Space: 2 ,15,000 sq.ft Project Type: Kshitij Mall
Rs.72 crore Space for No. of 4-wheelers: 172 Total Mall Space: 2,71,000 sq.ft
Total Land Area: 1,55,000 sq.ft No. of Floors: G + 4 Space for No. of 4-wheelers: 168
Total Mall Space: 2,10,000 sq.ft Floor Plate: 43,000 sq.ft No of Floors: G + 4
No. of Floors: 4 Positioning of Mall: Value/Lifestyle Floor Plate: 54,000 sq.ft
GLA/GFA Ratio: 65 : 35 TENANT MIX Positioning of Mall: Value/Lifestyl e
Leasing Agents/Companies: In- Anchor 1: Super/Hypermarket TENANT MIX
house Anchor 2: Department Store Anchor 1: Super/Hypermarket
CAM Charges: Rs.18/sq.ft/month Anchor 3: Multiplex Anchor 2: Department Store
Rental Model: Fixed Rent Anchor 4: Food court Anchor 3: Multiplex
Shopping Area: 2,10,000 sq.ft. Anchor 5: Entertainment arcade Anchor 4: Food court
Food Court Area: 42,000 sq.ft. Anchor 6: Consumer Anchor 5: Entertainment arcade
Space for No. of 4-wheelers: 450 Durables/Electronics anchor Anchor 6: Consumer
Space for No. of 2-wheelers: 200 Anchor 7: Home Furnishing anchor Durables/Electronics anchor
No of Escalators: 9 travelators Anchor 8: Books & Music anchor Anchor 7: Home Furnishing anchor
Other shopping centres/malls in 6 Anchor 9: Gym/Beauty anchor Anchor 8: Books & Music anchor
km radius: None Others: Vanilla Retail Anchor 9: Gym/Beauty anchor
Mall Management: In-house Others: Vanilla Retail
Competitive Advantage: Unique
format concept of a hypermarket, retail
brands, food court, restaurants and
entertainment.
TENANT MIX
Anchor 1: Total (Hypermarket)
Other Brands/Retailers: John Players,
Reebok, Levi's, Woodlands, Adidas,
Lilliput, Timex, Jockey, Spykar, Hotspot,
Crossword, Wills Lifestyle, Food Court,
restaurants, kids' entertainment zone
and roof-top lounge bar.
290
(SOUTH)
MALL PROFILE
Kshitij Investment Advisory Co. Ltd.
MADURAI - RACE COURSE COCHIN - MG ROAD MYSORE, GARUDA

ROAD Location: MG Road Location: Near Mysore Palace
Location: Madurai Race Course Road City: Cochin City: Mysore
City: Madurai Operational From (Planned): Operational From (Planned):
Operational From (Planned): September 2008 April 2008
April 2009 Project Type: Kshitij Mall Project Type: Kshitij Mall
Project Type: Kshitij Mall Total Mall Space: 4,20,000 sq.ft Total Mall Space: 2,75,000 sq.ft
Total Mall Space: 4,00,000 sq.ft Space for No. of 4-wheelers: 454 Space for No. of 4-wheelers: 500
Space for No. of 4-wheelers: 600 No. of Floors: G + 7 No. of Floors: G + 2
No. of Floors: G + 3 Floor Plate: 62,000 sq.ft Floor Plate: 96,000 sq.ft
Floor Plate: 1,00,000 sq.ft Positioning of Mall: Lifestyle Positioning of Mall: Value/Lifestyle
Positioning of Mall: Value/Lifestyle TENANT MIX TENANT MIX
TENANT MIX Anchor 1: Super/ Hypermarket Anchor 1: Super/ Hypermarket
Anchor 1: Super/ Hypermarket Anchor 2: Department Store Anchor 2: Department Store
Anchor 2: Department Store Anchor 3: Multiplex Anchor 3: Multiplex
Anchor 3: Multiplex Anchor 4: Food court Anchor 4: Food court
Anchor 4: Food court Anchor 5: Entertainment arcade Anchor 5: Entertainment arcade
Anchor 5: Entertainment arcade Anchor 6: Consumer Anchor 6: Consumer
Anchor 6: Consumer Durables/Electronics anchor Durables/Electronics anchor
Durables/Electronics anchor Anchor 7: Home Furnishing anchor Anchor 7: Home Furnishing anchor
Anchor 7: Home Furnishing anchor Anchor 8: Books & Music anchor Anchor 8: Books & Music anchor
Anchor 8: Books & Music anchor Anchor 9: Gym/Beauty Anchor Anchor 9: Gym/Beauty Anchor
Anchor 9: Gym/Beauty Anchor Others: Vanilla Retail Others: Vanilla Retail
291
(SOUTH) MALL PROFILE
CHENNAI - VELACHERY BANGALORE WHITEFIELD HYDERABAD NECKLACE

Location: Velachery Location: Whitefield ROAD
City: Chennai City: Bangalore Location: Necklace Road
Operational From (Planned): Operational From (Planned): City: Hyderabad
September 2009 June 2009
Operational From (Planned):
Project Type: Market City Project Type: Market City September 2009
Total Mall Space: 23,00,000 sq.ft Total Mall Space: 19,00,000 sq.ft Project Type: Market City (Retail +
Space for No. of 4-wheelers: 2,500 Space for No. of 4-wheelers: 2,600 Commercial + Hospitality)
TENANT MIX No of Floors: G + 3 Total Mall Space: 8,00,000 sq.ft
Anchor 1: Super/ Hypermarket Floor Plate: 4,80,000 sq.ft Positioning of Mall: Market City
Anchor 2: Department Store Positioning of Mall: Market City TENANT MIX
Anchor 3: Multiplex TENANT MIX Anchor 1: Super/ Hypermarket
Anchor 4: Food court Anchor 1: Super/ Hypermarket Anchor 2: Department Store
Anchor 5: Entertainment arcade Anchor 2: Department Store Anchor 3: Multiplex
Anchor 6: Consumer Anchor 3: Multiplex Anchor 4: Food court
Durables/Electronics anchor Anchor 4: Food court Anchor 5: Entertainment arcade
Anchor 7: Home Furnishing anchor Anchor 5: Entertainment arcade Anchor 6: Consumer
Anchor 8: Books & Music anchor Anchor 6: Consumer Durables/Electronics anchor
Anchor 9: Gym/Beauty Anchor Durables/Electronics anchor Anchor 7: Home Furnishing anchor
Others: Vanilla Retail Anchor 7: Home Furnishing anchor Anchor 8: Books & Music anchor
Anchor 8: Books & Music anchor Anchor 9: Gym/Beauty Anchor
Anchor 9: Gym/Beauty Anchor Others: Vanilla Retail
292
(SOUTH)
MALL PROFILE
SECUNDERABAD - WESLEY SECUNDERABAD - WESLEY VIZAG - WALTIER ROAD

BOYS GIRLS Location: Voltaire Road
Location: Off MG Road Location: Sarojinidevi Road, Next to City: Visakhapatnam
City: Secunderabad South Central Railway Head Office Project Type: Kshitij Mall
Operational From (Planned): City: Secunderabad Total Mall Space: 4,25,000 sq.ft
September 2008 Operational From (Planned): No of Floors: G + 5
Project Type: Kshitij Mall September 2008 Floor Plate: 70,000 sq.ft
Total Mall Space: 3,10,000 sq.ft Project Type: Kshitij Mall Positioning of Mall: Value/Lifestyle
Space for No of 4-wheelers: 206 Total Mall Space: 3,02,000 sq.ft TENANT MIX
No of Floors: 2 Basement, G + 5 Space for No. of 4-wheelers: 201 Anchor 1: Super/ Hypermarket
Floor Plate: 46,000 sq.ft No. of Floors: G + 5 Anchor 2: Department Store
Positioning of Mall: Value/Life Style Floor Plate: 50,000 sq.ft Anchor 3: Multiplex
TENANT MIX Positioning of Mall: Value/Lifestyle Anchor 4: Food court
Anchor 1: Super/Hypermarket TENANT MIX Anchor 5: Entertainment arcade
Anchor 2: Department Store Anchor 1: Super/Hypermarket Anchor 6: Consumer
Anchor 3: Multiplex Anchor 2: Department Store Durables/Electronics anchor
Anchor 4: Food court Anchor 3: Multiplex Anchor 7: Home Furnishing anchor
Anchor 5: Entertainment arcade Anchor 4: Food court Anchor 8: Books & Music anchor
Anchor 6: Consumer Anchor 5: Entertainment arcade Anchor 9: Gym/Beauty Anchor
Durables/Electronics anchor Anchor 6: Consumer Others: Vanilla Retail
Anchor 7: Home Furnishing anchor Durables/Electronics anchor
Anchor 8: Books & Music anchor Anchor 7: Home Furnishing anchor
Anchor 9: Gym/Beauty Anchor Anchor 8: Books & Music anchor
Others: Vanilla Retail Anchor 9: Gym/Beauty Anchor
293
Kshitij Investment Advisory Co. Ltd. LEPL Projects Ltd
BANGALORE - BANASWADI HIGHSTREET CITYSQUARE

Location: Banaswadi Road Location: Ring Road Location: MG Road
City: Bangalore City: Vijayawada City: Vijayawada
Operational From (Planned): Status: Under-Construction Status: Planned
October 2008 Planned Launch: May 2008 Operational From (Planned):
Project Type: PRIL leased Total Mall Investment: Rs.20 crore September 2008
Total Mall Space: 2,26,000 sq.ft Total Land Area: 47,564 sq.ft Total Investment in the Mall:
Space for No of 4-wheelers: 347 Total Mall Space: 2,28,500 sq.ft Rs.15 crore
No of Floors: G + 3 No. of Floors: 8 Total Land Area: 41,803 sq.ft
Floor Plate: 46,000 sq.ft Gross Leasable Area: 1,20,000 sq.ft Total Mall Space: 1,88,160 sq.ft
Positioning of Mall: Value/Lifestyle Leasing Agents/Companies: No. of Floors: 6
TENANT MIX Trammell Crow and LEPL Projects Gross Leasable Area (GLA):
Anchor 1: Super/Hypermarket CAM Charges: Included in Rent 1,88,160 sq.ft
Anchor 2: Department Store Rental Model: Fixed Minimum Rent CAM Charges: Included in Rent
Anchor 3: Multiplex Tenant Mix: Multiplex + Retail Rental Model: Fixed Minimum Rent
Anchor 4: Food court Shopping Area: 82,825 sq.ft Tenant Mix: Shopping + Food Court +
Entertainment
Anchor 5: Entertainment arcade Leisure/Entertainment: 55,217 sq.ft
Anchor 6: Consumer Parking Area: 90,458 sq.ft
Durables/Electronics anchor Food Court Area: 32,600 sq.ft
No. of Escalators/Lifts: 2/5
Anchor 7: Home Furnishing anchor Leisure & Entertainment Area:
Mall Management: Outsourced 65,700 sq.ft
Anchor 8: Books & Music anchor TENANT MIX
Anchor 9: Gym/Beauty Anchor Anchor 1: Shringar Cinemas (Multiplex)
Others: Vanilla Retail Status: Booked
Space for 4-wheelers: 45,850 sq.ft
No. of Screens: 4 Screens
Space for 2-wheelers: 15,000 sq.ft
Anchor 2: Shoppers Stop (Department
Store)
No. of Lifts: 3
Status: Booked
No. of Floors: 3
294
(SOUTH)
MALL PROFILE
LEPL Projects Ltd Mahavir Constructions
HYPERCITY LEPL MALL 4 MAHAVIR MALL

Location: Guntur National Highway Location: VJA - Guntur National Location: Somajiguda
City: Guntur Highway City: Hyderabad
Status: Planned City: Guntur Operational From: Operational
Operational From (Planned): Status: Under Planning Total Land Area: 43,560 sq.ft
April 2008 Operational From (Planned): 2009 Total Mall Space: 1,00,000 sq.ft
Total Mall Investment: Rs.12 crore Total Investment in the Mall: Under No. of Floors: 4
Total Mall Space: 1,30,000 sq.ft Planning No of Escalators: 2
Gross Leasable Area: 1,30,000 sq.ft Leasing Agents/Companies: IJM No. of Lifts: 6
Leasing Agents/Companies: In- Lingamaneni Township Pvt Ltd
Catchment Area: Somajiguda ,Banjara
hpuse CAM Charges: Under Planning Hills, Hitech City
CAM Charges: Included in Rent Rental Model: Fixed Minimum Rent Mall Management: Outsourced
Rental Model: Fixed Minimum Rent Tenant Mix: Under Planning
Shopping Area: 90,000 sq.ft Mall Management: JM Lingamaneni
Food Court Area: 15,000 sq.ft Township Pvt Ltd.
Leisure & Entertainment Area: NA
Space for No. of 4-wheelers:
45,000 sq.ft
Space for No. of 2-wheelers:
15,000 sq.ft
No of Escalators: NA
No. of Lifts: NA
Catchment Area: Located in the midst
of Vijayawada Guntur National Highway
surrounded by different districts where
thousands of people commute through
this corridor for trade and business.
Mall Management: Hypercity
TENANT MIX
Anchor : Hypercity (Hypermarket)
Status: Booked
295
Maheshwari Megaventures Ltd Mangal Tirth Estate Ltd
MPM MALL MPM BONSAI SPENCER PLAZA,

Location: Abids Location: Himayatnagar Location: 769 Anna Salai
City: Hyderabad City: Hyderabad City: Chennai
Status: Operational Status: Under-Construction Operational From: 1990
Operational From: 2000 Total Land Area: 27,000 sq.ft Super Built-Up Area: 18,50,000 sq.ft
Total Land Area: 55,000 sq.ft Total Mall Space: 1,20,000 sq.ft Gross Leasable Area: 13,00,000 sq.ft
No. of Floors: Ground + 3 shopping
Total Mall Space: 1,80,000 sq.ft Gross Leasable Area (GLA): + 3 Office levels
Gross Leasable Area (GLA): 1,00,000 sq.ft Atrium Area: 7,500 sq.ft
1,50,000 sq.ft Atrium Area: 2,500 sq.ft Shopping Area: 5,50,000 sq.ft
Atrium Area: 5,000 sq.ft Shopping Area: 60,000 sq.ft Entertainment Area: 80,000 sq.ft
Shopping Area: 1,00,000 sq.ft Food Court Area: 15,000 sq.ft Food Area: 14,500 sq.ft
Food Court Area: 10,000 sq.ft Leisure & Entertainment Area: Parking Space: Two-level basement
Leisure & Entertainment Area: 25,000 sq.ft parking
10,000 sq.ft Services Area: 5,000 sq.ft Space for No. of 4-wheelers: 750
Services Area: 5,000 sq.ft Parking Area: 30,000 sq.ft (3-Level) Space for No. of 2-wheelers: 600
Parking Area: 50,000 sq.ft Space for No. of 4-wheelers: 225 No. of Levels: Ground + 8
No. of Lifts: 7 (including 1 service lift)
Space for No. of 4-wheelers: 120 Space for No. of 2-wheelers: 500 Tenant Mix: 48% fashion retailing, 23%
Space for No. of 2-wheelers: 500 No. of Levels: 6 services, 22% office space and 7%
No. of Levels: 6 No. of Escalators: 4 leisure and entertainment
No. of Escalators: 0 Levels connected with Escalators: 5 Positioning/USP: Location and first
No. of Lifts: 3 No of Lifts: 3 mover advantage as, arguably, India's
first mall.
Total Lift Capacity: 28 persons Total Lift Capacity: 39 persons
Creche Area: No Creche Area: Yes
Kids Zone Area: Yes Kids Zone Area: Yes
USP of the Mall: First shopping mall in USP of the Mall: Strategic location;
the city and Multiplex anchor
Considerations on choice of Considerations on Choice of
Location: Centrally located shopping Location: Centrally located, good
area residential and commercial catchment
Catchment Area: One of the oldest Description of Catchment Area:
commercial locations in the city with Residential areas, schools, colleges
very strong high street shopping and commercial areas
destinations Average Footfalls on Week days:
Average Footfalls on Week days: 10,000 (expected)
10,000 Average Footfall on Weekends:
Average Footfall on Weekends: 20,000 (expected)
25,000 Any other details: First mall in the city
with hydraulic car-lift parking system
296
(SOUTH)
MALL PROFILE
Marg Constructions Ltd Pantaloons Retail (india) Ltd Embassy Group
RIVERSIDE MALL HYDERABAD CENTRAL BANGALORE CENTRAL

Location: Karapakkam Location: Punjagutta Cross Road, Location: Residency Road
City: Chennai Hyderabad City: Bangalore
Status: Under Construction City: Hyderabad Status: Operational
Operational From (Planned): Not Status: Operational Total Mall Area: 1,25,000 sq.ft
decided Total Mall Space: 2,50,000 sq.ft Leased/Sold Space Ratio: All leased
Total Investment in the Mall: Food Court area: 9,000 sq.ft Rental Model: Mixed Model of Fixed
Rs.300 crore Children’s play area: 2,000 sq.ft Minimum Rent/Percentage
Total Land Area: 319,730.4 sq.ft No. of Levels: 5 Rent/Revenue Sharing
Total Mall Space: 12,79,000 sq.ft Parking Capacity: 450 car parks; Space for No. of 4-wheelers: 200
Gross Leasable Area (GLA ): double basement parking area Space for No. of 2-wheelers: 1,000
8,00,000 sq.ft Catchment: Attracts consumers from Catchment Area: MG Road, Brigade
No. of Floors: 3B+13 both the Old and New City Road, Church Street and Residency
Leasing Agents/Companies: Not yet Positioning/USP: Complete family Road
decided entertainment destination Other shopping centres/malls in 6
Atrium Area: 73,969.592 sq.ft Tenants: Wills Lifestyle, Turtle, km radius: Garuda Mall, MG Road,
Shopping Area: 17,222.256 sq.ft Wrangler, Planet M, Provogue, Royal Brigade Road and Commercial Street
Sporting House, Lee, etc. Average Footfall on Week Days:
Food Court Area: 17,222.256 sq.ft
10,000
20,193.095 sq.ft Average Footfall on Weekends:
50,000
Services Area: 39,191.397 sq.ft
USP of the Mall: India's first seamless
Parking Area: 3,00,000 sq.ft mall.
No. of Lifts: 18
km radius: None
297
Prestige Estates Projects Pvt Ltd
THE FORUM EVA MALL THE FORUM VALUE MALL

Location: Hosur Road, Koramangala Location: Brigade Road, Location: Varthur Road, Whitefield
City: Bangalore City: Bangalore City: Bangalore
Status: Operational
Operational From: February, 2004 Status: Operational Status: Under-Construction
Total Land Area: 192,000 sq.ft Operational From: June, 2005 Operational From (Planned):
Total Mall Space: 650,000 sq.ft Total Mall Space: 67,000 sq.ft May 2008
No. of Floors: 4 Leased/Sold Space Ratio: All leased Total Mall Space: 5,00,000 sq.ft
Gross Leasable Area: 350,000 sq.ft Leasing Agents/Companies: Direct Leased/Sold Space Ratio: All leased
Leased/ Sold Space Ratio: All leased Leasing Agents/Companies: Direct
Leasing Agents/Companies: Direct CAM Charges: At Actuals
CAM Charges: On Actuals (average Rental Model: Fixed Minimum Rent CAM Charges: At Actuals
between Rs.12-14/sq.ft/month) No. of Lifts: 2 passenger + 1 freight Rental Model: Fixed Minimum Rent
Rental Model: Fixed Minimum Rent Kids Play/Creche Area: 2,600 sq.ft Shopping Area: 2,10,000 sq.ft
Atrium Area: 80,000 sq.ft Considerations on choice of Food Court Area: 60,000 sq.ft
Shopping Area: 1,70,000 sq.ft location: High street destination Leisure & Entertainment Area:
Food Court Area: 24,000 sq.ft 64,000 sq.ft
Leisure/Entertainment: 1,00,000 sq.ft Other shopping centres/malls in 6
Services Area: 6,000 sq.ft km radius: Garuda Mall, Bangalore Parking Area: 2,80,000 sq.ft
Parking Area: 3,00,000 sq.ft Central Space for No of 4-wheelers: 800
Space for No. of 4-wheelers: 600 Mall Management: In-house
No. of Lifts: 3 Passenger + 4 Freight
Kids Play/Creche Area: 2,000 sq.ft
Location Considerations: Quality of
catchment
Catchment Area: Prime residential
areas within 5 km radius
km radius: Garuda Mall
Avg Footfall on Week Days: 25,000
Avg Footfall on Weekends: 55,000
TENANT MIX
Anchor 1: PVR Cinemas (Multiplex)
Status/Screens: Operational/11
Anchor 2: Landmark (Bookstore)
Anchor 3: Westside (Department
Store)
Anchor 4: Transit Food Court
298
(SOUTH)
MALL PROFILE
Prestige Estates Projects Pvt Ltd
THE FORUM THE FORUM THE FORUM

Location: Vadapalani Location: Anna Salai Location: Kukatpally
City: Chennai City: Chennai City: Hyderabad
Status: Under-Construction Status: Under-Construction Status: Under - Construction
Operational From (Planned): Operational From (Planned): Operational From (Planned):
November 2008 November 2008 November, 2008
Total Mall Space: 11,00,000 sq.ft Total Mall Space: 12,75,000 sq.ft Total Mall Space: 1,060,000 sq.ft
Leased/Sold Space Ratio: All leased Leased/Sold Space Ratio: All leased Leased/Sold Space Ratio: All leased
Leasing Agents/Companies: Direct Leasing Agents/Companies: Direct Leasing Agents/Companies: Direct
CAM Charges: At Actuals CAM Charges: At Actuals CAM Charges: At Actuals
Rental Model: Fixed Minimum Rent Rental Model: Fixed Minimum Rent Rental Model: Fixed Minimum Rent
Shopping Area: 3,30,000 sq.ft Shopping Area: 3,50,000 sq.ft Shopping Area: 4,40,000 sq.ft
Food Court Area: 1,00,000 sq.ft Food Court Area: 50,000 sq.ft Food Court Area: 30,000 sq.ft
Leisure & Entertainment Area: Leisure & Entertainment Area: Leisure & Entertainment Area:
1,26,000 sq.ft 95,000 sq.ft 1,10,000 sq.ft
Parking Area: 5,25,000 sq.ft Parking Area: 5,95,000 sq.ft Parking Area: 5,25,000 sq.ft
Space for No of 4-wheelers: 1,500 Space for No. of 4-wheelers: 1700 Space for No. of 4-wheelers: 1,500
299
Prestige Estates Projects Pvt Ltd P S Group Realty Ltd
THE FORUM THE FORUM THE GRAND

Location: Mangalore Location: Cochin Location: Velachery
City: Mangalore City: Cochin City: Chennai
Status: Under-Construction Status: Under-Construction Status: Planned
Operational From (Planned): Operational From (Planned): Operational From (Planned): 2009
November 2008 November 2008 Total Land Area: 1,44,000 sq.ft
Total Mall Space: 6,25,000 sq.ft Total Mall Space: 10,70,000 sq.ft Total Mall Space: 3,50,000 sq.ft
Leased/Sold Space Ratio: All leased Leased/Sold Space Ratio: All leased Gross Leasable Area (GLA):
Leasing Agents/Companies: Direct Leasing Agents/Companies: Direct 2,39,000 sq.ft
CAM Charges: At Actuals CAM Charges: At Actuals No. of Floors: 4
Rental Model: Fixed Minimum Rent Rental Model: Fixed Minimum Rent Leased/Sold Space Ratio: All leased
Shopping Area: 2,65,000 sq.ft Shopping Area: 3,40,000 sq.ft Leasing Agents/Companies: Open
Food Court Area: 4,000 sq.ft Food Court Area: 50,000 sq.ft CAM Charges: At Actuals
Leisure & Entertainment Area: Leisure & Entertainment Area: Rental Model: All Lease
98,000 sq.ft 80,000 sq.ft Shopping Area: 1,87,000 sq.ft
Parking Area: 3,50,000 sq.ft Parking Area: 4,37,500 sq.ft Food Court Area: 15,800 sq.ft
Space for No. of 4-wheelers: 1,000 Space for No. of 4-wheelers: 1,250 Services Area: 36,359.71 sq.ft
No. of Lifts: 5
Kids' Play/Creche Area: Available
Competitive Advantage: Location
300
(SOUTH)
MALL PROFILE
P S Group Realty Ltd Puravankara Projects Ltd Trishul Developers
THE GRAND THE PAVILION TRISHUL DEVELOPERS MALL

Location: Avinashi Road Location: M G Road Location: Mysore
City: Coimbatore City: Bangalore City: Mysore
Status: Planned Status: Operational Status: Planned
Operational From (Planned): 2009 Total Mall Space: 60,482 sq.ft Operational From (Planned): 2009
Total Land Area: 2,85,000 sq.ft CAM Charges: Rs.8/sq.ft/month Total Land Area: 60,000 sq.ft
Total Mall Space: 12,50,000 sq.ft Rental Model: Fixed Minimum Rent Total Mall Space: 120,000 sq.ft
Gross Leasable Area (GLA): No of Escalators: 2 No. of Floors: 2B+G+4
8,56,000 sq.ft No. of Lifts: 2 passenger lifts + 1 Rental Model: Combination of Fixed
No. of Floors: 4 service lift Minimum Rent/ Percentage
Leased/Sold Space Ratio: All leased Considerations on choice of Rent/Revenue Sharing
Leasing Agents/Companies: Property location: Located in the primary CBD Shopping Area: Approx 70,000 sq.ft
Zone & Others area; strategic position with access Food Court Area: Approx 15,000 sq.ft
CAM Charges: At Actuals from MG Road and Brigade Road, two Leisure & Entertainment Area:
of the most commercially viable Approx 40,000 sq.ft
Rental Model: All leased space stretches in the city
Atrium Area: 10,000 sq.ft Space for No of 4-wheelers: 200
Catchment Area: Mall located in the
Shopping Area: 7,56,000 sq.ft prime shopping area of the city No of Escalators: 2
Food Court Area: 60,000 sq.ft Average Footfall on Week Days: No. of Lifts: 3
Leisure & Entertainment Area: 4,000 Other shopping centres/malls in 6
30,000 sq.ft Average Footfall on Weekends: km radius: Habitat
Parking Area: 4,50,000 sq.ft 10,000 Competitive Advantage: Close to NIE
Space for No. of 4-wheelers: 1,500 Mall Management: Outsourced college and on the way to Airport just
off Ooty Highway.
Space for No. of 2-wheelers: 1,000 Competitive Advantage: Strategic
TENANT MIX
No. of Escalators: 40 location; houses several prominent
brands, etc. Anchor 1: INOX (Multiplex)
No. of Lifts: 10
Competitive Advantage: Location;
No of Screens/ Seating Capacity:
and 12-Screen IMAX Multiplex
301
WEST & CENTRAL
INDIA
STATES OF WEST & CENTRAL INDIA
Maharashtra, Gujarat, Madhya Pradesh, Goa
WEST & CENTRAL ZONE
Population-2006 (million) Consumption Expenditure 2006-07 (INR million) Av per capita Consumption
Exp (INR/year)
WEST ZONE 142 88 230 2,124,790 2,698,023 4,822,814 14,959 30,734
ALL INDIA 796 325 1,121 13,753,864 9,646,136 23,400,000 17,287 29,652
West as % of All-India 17.8% 27.1% 20.5% 15.4% 28.0% 20.6%
T he four major Western & Central Indian

States of Maharashtra, Gujarat, Madhya
Pradesh, Goa together house 20.5
percent of country's population and account
for 20.6 percent of India's private final
Rs.4,822.8 billion out of the India total of
Rs.23,400 billion in 2006-07. The average per
capita consumption expenditure for the Western
states is also higher than the country average for
the urban population but is significantly lower
consumption expenditure; the zone's share is that the country average for the rural population.
Per capita NDP Avg Growth
Population In Share of Industry Share of
State Largest City as share of Rate of Per
Lakh (2006) Sector In NDP Services In NDP
indian mean index Capita NDP %
Maharashtra 1,057 Greater Mumbai 136.0 2.33 19.6 67.3
Gujarat 554.8 Ahmedabad 142.2 3.83 30.5 48.2
Madhya Pradesh 670.9 Damoh 70.2 1.97 16.4 49.9
Goa 15.2 Panaji 254.9 6.60 34.4 57.1
GOA
G oa, as an attractive tourist

destination, has established
itself among the fastest
growing industrial and commercial
ECONOMIC FACT FILE
Capital:
Area:
Panaji
4,000 sq.km
centres in the country. It has made Population: 1.34 million (Census 2001)
impressive strides in all round
Literacy: 82.3%
development, measured by socio-
economic indicators and ranks Sex Ratio: 960 per 1,000 males
among the leading states in the Length of Coastline: 130 km
country. Goa is a holidaymaker's National Highways Length: 224 km
paradise, with its beautiful blue
International Airport: Dabolim
beaches and rich cultural heritage.
Domestic Airports: Marmagoa, Panaji (minor
• Goa has one of the best social and operative)
economic infrastructure in India
Key Industries: Fisheries, Pharmaceuticals,
• Third largest producer of iron-ore
Tourism and Hospitality, Mining
• Has achieved 100 percent electrification and Mineral-based Industries
225
GUJARAT
G ujarat, India's leading

industrial state is a
manufacturing powerhouse
with world-class production
ECONOMIC FACT FILE
Capital:
Area:
Population:
Gandhinagar
1,96,000 sq.km
capabilities in textiles, petrochemicals,
pharmaceuticals and agro-based Literacy: 69%
products. Situated on the western tip Sex Ratio: 921 females per 1,000 males
of India, Gujarat has the longest
Length of Coastline: 1,600 km (longest in India)
coastline in the country.
GSDP: US$22 billion
The state has 41 ports that handle
most of the cargo in the country, GSDP over 10 years: 12.4%
including India's only chemical National Highways Length: 1,572 km
handling port located at Dahej, in International Airport: Ahmedabad
Bharuch district. The state has
Domestic Airports: Ahmedabad, Surat, Vadodara,
extensive road, rail and air networks. Jamnagar
Major Ports: Kandla, Dahej, Hazira, Mundra
• Largest chemical industry in the country
• Leading producer of cement and soda Key Industries: Chemicals, Drugs &
ash Pharmaceuticals, Gems &
• Largest diamond processing industry in Jewellery, Mines & Minerals,
India Textiles, Agro-based
• Vast mineral resources of bauxite,
lignite and natural gas
• Has the world's largest industrial estate
grassroots refinery at Jamnagar; and
Kandla, Asia's first SEZ
226
MADHYA PRADESH
M adhya Pradesh, in its present

form, came into existence
on November 1, 2000,
following its bifurcation to create the
new state of Chhattisgarh. The state's
ECONOMIC FACT FILE
Capital:
Area:
Population:
Bhopal
3,08,000 sq.km
central location gives it the unique Literacy: 64.1%
advantage of being the hub in India's Human Development Index: 0.394 (All India rank 12th)
national logistics network. Key
industry sectors in Madhya Pradesh are
cement, textiles, mining and edible NSDP Growth: 2.6% (10 years)
oils. The cost of basic infrastructure Per Capita Income: US$254
and skilled manpower is relatively low National Highways Length: 4,664 km
in Madhya Pradesh. The state offers
one of the lowest ratios of labour cost Rail Length: 5,992 km
to sales ratio in the country. Domestic Airports: Bhopal, Indore
Key Industries: Cement, Textiles, Minerals,
• Leading producer of cement, textiles
Edible oil
and edible oils
• First state to develop a greenfield Industries with growth potential: Automobiles,
Special Economic Zone Pharmaceuticals
• Track record of attracting private
investment in transport infrastructure
• Relatively low cost of labour and
infrastructure
227
MAHARASHTRA
M aharashtra's economy is the

largest among all states in
India. The state is a leading
producer of oil and gas,
petrochemicals, pharmaceuticals and
ECONOMIC FACT FILE
Capital:
Area:
Population:
Mumbai
3,08,000 sq.km
automobiles in the country. The state Literacy: 77%
also has one of the country's best Human Development Index: 0.523 (all India 4th)
industrial infrastructure. Mumbai is the
principal financial services centre of
the country. The apex financial NSDP Growth: 4.7% (avg annual)
institution, the Reserve Bank of India Per Capita Income: US$621
(RBI), is located at Mumbai. The city National Highways Length: 4,176 km
houses the two largest stock
exchanges, the Bombay Stock Rail Length: 5,450 km
Exchange (BSE) and the National Stock International Airport: Mumbai
Exchange (NSE) controlling over 95 Domestic Airports: Pune, Nagpur, Aurangapur,
percent of the volume in the Indian Kolhapur
equities market. Key Industries: Chemicals, Petrochemicals, Oil
· Largest economy in the country, with a
& Gas, Automobiles & Auto
high per capita income
Components, Engineering,
Financial Services, IT & ITES,
· Most attractive investment destination
Textiles
in the country, accounting for 40 per
cent of its exports Industry with growth potential: Tourism, health &
· Most industrialised state, with strong entertainment, biotechnology
presence of petrochemicals,
automobiles, financial services, IT/ITES
and textile industries
· Large network of professional education
institutions, presence of reputed R&D
centres
228
RETAIL REAL ESTATE IN WEST & CENTRAL INDIA
The total supply of shopping centre space in Western India by

end-2007 will be 20.38 million sq.ft from 75 operational malls,
which will be an increase of nearly 75 percent over the space
available in end-2006. However, till August 2007 only 47 malls
were operational with 13.1 million square feet of built-up floor
space and a good 33 projects are in the completion stage hoping
to make it by the year-end.
According to IMAGES F&R Research data, the rate of growth in
shopping centre space in the Western region, which was up to
2006 largely confined to Mumbai and its suburbs, is now
declining. From nearly 250 percent growth in mall space in
2005, it declined to a 118 percent growth in 2006 and will settle
to around 75 percent growth in 2007. But with the increased
base year after year, the current growth rate is exceedingly
strong.
The number of operational malls in the west zone will increase
from 75 in 2007 to 137 in year 2011. A good many of the
newer developments are mega projects with about 10 lakh
square feet and above mall space and such projects are taking
roots in the tier-II cities as well. From 20.38 million square feet
in 2007, mall space will more than double to nearly 55 million
square feet in 2011.
Mumbai's Crossroad Mall from Piramal Holdings was among the Kurla (for September 2009) and another from DLF Retail
earliest of the malls in India. Nirmal Lifestyle at Mulund, with Developers at NTC Mills in Lower Parel. There are also two 10
4.5 lakh square feet of space, came next followed by the R Mall lakh plus sq.ft projects from the Runwal Group (Ghatkopar) and
from the Runwal Group. The next landmark development was Nirmal Lifestyle (Mulund West).
the Inorbit mall at Malad followed by the nine lakh sq.ft Phoenix The average ratio of land area to mall space for Mumbai is as 1 :
at Lower Parel in 2005. 1.79 while for Pune it is 1 : 1.5 ; for Ahmedabad it is higher at 1
Among the mega projects under construction are two 25 lakh : 2.95 ; in Nagpur it is 1 : 2.61 and the land to mall space ratio
plus sq.ft malls -- one from Kshitij Investments at LBS Marg in for Indore is 1 : 2.84 while the average for the other cities is 1 :
West Zone: Growth in Mall Space

60000
50000 9017
3971
Space in '000sq.ft
40000
14061
30000
7281 45697
20000 41726
8710
27665
10000 6310 20384
3812
453 950 11675
150 603 1553 5365
0
end-2002 2004 2005 2006 2007 2008* 2009* 2010* 2011 P
Base Increase
229
Greater Mumbai end-2000 2002 2004 2005 2006 2007 2008* 2009* 2010* 2011 P
Number of Malls 1 2 5 11 30 53 56 62 68 77
Total Mall Space ('000 sq.ft) 150 603 1553 3323 8433 13715 15175 21713 22503 27249
Total Land Area ('000 sq.ft) 57 336 866 1853 4703 7648 8463 12108 12549 15195
Total GLA ('000 sq.ft) 108 394 1014 2171 5509 8960 9914 14184 14700 17801
Pune end-2000 2002 2004 2005 2006 2007 2008* 2009* 2010* 2011 P
Total GLA ('000 sq.ft) 352 469 1056 1773 2086 2869 3250
Ahmedabad end-2000 2002 2004 2005 2006 2007 2008* 2009* 2010* 2011 P
Total GLA ('000 sq.ft) 152 302 956 956 1591 1591 2031
Nagpur end-2000 2002 2004 2005 2006 2007 2008* 2009* 2010* 2011 P
Total GLA ('000 sq.ft) 133 398 1022 1353 1353 1871 2211
Indore end-2000 2002 2004 2005 2006 2007 2008* 2009* 2010* 2011 P
Total GLA ('000 sq.ft) 585 585 585 1387 3825 3825 4471
WEST - Other Centres end-2000 2002 2004 2005 2006 2007 2008* 2009* 2010* 2011 P
Number of Malls 1 3 6 13 16 17 22
Total GLA ('000 sq.ft) 337 543 964 3255 5357 6276 7432
WEST ZONE end-2000 2002 2004 2005 2006 2007 2008* 2009* 2010* 2011 P
Number of Malls 1 2 5 17 42 75 92 105 116 137
Total Mall Space ('000 sq.ft) 150 603 1553 5365 11675 20384 27665 41726 45697 54714
Total Land Area ('000 sq.ft) 57 336 866 2921 6226 10657 14326 21192 23268 27786
Total GLA ('000 sq.ft) 108 394 1014 3729 7806 13543 18638 28397 31133 37195
2.02. Malls in Mumbai and Pune thus have more open doubles from four percent to eight percent and Nagpur
un-built space as compared to those in the other cities. increases its share from six percent to eight percent.
The average ratio as between mall space and gross MUMBAI
leasable area gives an indication of the size of atrium
Current Scenario
and free movement space within the mall. Here again,
for Mumbai malls the ration of mall space to GLA is as Rising consumerism and increasing purchasing power
1 : 0.65 as compared to 1 : 0.78 in Pune, 1 : 0.597 in has led to a significant growth of the organised retail
Ahmedabad, 1: 0.66 in Nagpur, 1 : 0.85 in Indore and 1 market in Mumbai. However, South Mumbai, one of
: 0.66 is the average in the rest of the western cities. the most enviable addresses in the country, has lost
some of its sheen. Burdened infrastructure, lack of
Till 2006 the share of Mumbai in the total mall space
space for new construction and high real estate costs
available in the western zone was a dominating 73
has limited retail development in this part of the city.
percent -- the domination continues but the share is to
get reduced to 67 percent by end-2007. Major gainers Lured by easy availability of land and lower real estate
are Pune, whose share will increase form five percent a prices, families and businesses alike have moved to the
year ago to seven percent, while Ahmedabad's share suburbs. This has led to immense growth of the retail
230
West & Central: 2007 Distribution of Mall Space
West & Central: 2006 Distribution of Mall Space (Total Space: 20.4 million sq.ft by end-2007)
(Total Spece: 11.7 million sq.ft)
Pune
Pune 7% Ahmedabad
5% Ahmedabad 8%
4%
Nagpur
Nagpur
8%
5%
Indore Indore
6% 3%
West-Other West-Other
Centres Centres
7% 7%
Greater Mumbai
73%
Greater Mumbai
67%
MALL PROJECTS - WEST & CENTRAL ZONE

Gross
Total Land Total Mall Leasable Operational
City Developer Mall Name Location Status
Area (sq.ft) Space (sq.ft) Area (sq.ft) From
Mumbai Ajmeras Citi Mall Andheri (W) 100,000 Operational 2007
Mumbai Akruti Nirman Ltd Akruti Mall Andheri (E) 525,000 Operational 2006
Mumbai Alif Enterprises Atria Mall Worli 250,000 Operational 2007
Mumbai Anil K. Agarwal BN Agarwal Complex Vile Parle (E) 35,000 Announced 2009
Mumbai Balaji Builders & Developers, Siddhi Group Lake City Mall Thane 550,000 Operational 2006-Jan
Mumbai Cable North Point Borivali 200,000 Construction 2007
Mumbai Devashish The Eastern Mall Malad (E) 45,000 Construction 2007
Mumbai Dharmesh Jain Tulip Arcade Juhu 200,000 Construction 2007
Mumbai Dheeraj Dheeraj Kandivili 50,000 Announced 2010
Mumbai Dheeraj & Ravi Group The Mall Malad (W) 70,000 Operational 2006
Mumbai Dheeraj Builders Dheeraj Heritage Santa Cruz 60,000 Planned 2010
Mumbai DLF Retail Developers Limited Mumbai Mills NTC Mills , Lower Parel 2,615,000 1,815,000 Construction 2009
Mumbai Essel Group Fun Republic Andheri (W) 125,000 44,114 Operational 2006
Mumbai Essel Group Fun Republic Chembur 120,000 Planned 2009
Mumbai Ever Shine Evershine Mall Kandivili (E) 60,000 Construction 2007
Mumbai Evershine Group Evershine mall Link Road, Malad 380,000 Announced 2010
Mumbai Fashion Lifestyles (I) Ltd, Benzer Group Centre One Vashi 150,000 120,000 Operational 2005
Mumbai Gayatri Homes-Siddhi Group Little World Mall Navi Mumbai 57,000 150,000 Construction 2007-Oct
Mumbai Growels 101 Growels 101 Akurli Road, Kandivali (E) 425,000 700,000 500,000 Construction 2008-Apr
Mumbai Hiranandani Galleria Powai 200,000 Operational 2006
Mumbai Huma Exhibitors Huma Mall Mumbai 100,000 Operational 2005-Jul
Mumbai Hyatt Group Grand Hyatt Kalina 200,000 Operational 2006
Mumbai Inorbit Malls (India) Pvt Ltd Inorbit Mall Malad 500,000 365,000 Operational 2004-Feb
Mumbai Inorbit Malls (India) Pvt Ltd Inorbit Mall Vashi , Navi Mumbai 329,602 852,331 356,108 Construction
Mumbai K Raheja Constructions Super Mall Link Road, Andheri 200,000 Operational 2006
Mumbai Kalpataru Group Kalpataru Mall Eastern Express, Thane 300,000 Planned 2010
Mumbai Kanakia Cine Vision Thane 250,000 Operational 2007
Mumbai Kanakia Cine Wonder Gorbunder Road 100,000 Operational 2007
Mumbai Kanakia Kanakia Mall Mira Road 45,000 Planned 2009
Mumbai Karnavat Group Karnavat Mall Eastern Express 70,000 Operational 2006
Mumbai Kohinoor Planet Constructions Kohinoor City Mall Near Bandra Kurla 400,000 800,000 300,000 Construction 2007
Complex
Mumbai Krushal Dev. Destination Ghatkopar 150,000 Operational 2007
Mumbai Kshitij Investment Advisory Co Ltd Orchid City Centre Mumbai Central 210,000 Operational 2007
Mumbai Kshitij Investment Advisory Co Ltd Milan Mall Milan Subway Road 92,021 Operational 2007
Mumbai Kshitij Investment Advisory Co Ltd Mumbai-Kurla LBS Marg, Kurla 2,600,000 Planned 2009-Sep
231
Gross
Mumbai KSL Realty and Infrastructure Ltd K.Lifestyle Mumbai (Lower Parel) 20,000 Operational 2005
Mumbai KSL Realty and Infrastructure Ltd K.Lifestyle Mumbai (Fort) 20,000 Construction
Mumbai Landmark Builders The Hub Goregaon (E) 200,000 125,000 Operational 2007
Mumbai Landmark Group Suburbia Bandra 100,000 Operational 2006
Mumbai Maker Group Bandra Drive in Bandra 400,000 Construction 2007
Mumbai N Kumar Group Poonam Plaza Andheri Planned
Mumbai Neelkanth Group Hi ! Life Santacruz (West) 70,000 210,000 140,000 Operational 2006-Jan
Mumbai Nirmal Lifestyle Group Modella Mulund / Thane 200,000 Planned
Mumbai Nirmal Lifestyle Ltd. Nirmal Lifestyle Phase - I Mulund (W) 452,711 Operational 2002
Mumbai Nirmal Lifestyle Ltd. Nirmal Lifestyle Phase - II Mulund (W) 766,606 Construction
Mumbai Nirmal Lifestyle Ltd. Nirmal Lifestyle Phase - III Mulund (W) 939,568 Construction
Mumbai Nirmal Lifestyle Ltd. Nirmal Lifestyle Phase - IV Mulund (W) 1,400,000 Planned
Mumbai Oberoi Constructions Pvt Ltd Oberoi Mall Goregaon (E) 400,000 Operational 2006-Jun
Mumbai Phoenix High street Phoenix-3 Lower Parel 958,320 900,000 500,000 Operational 2005
phases
Mumbai Piramal Holdings Ltd Crossroad Mumbai 56,871 150,000 108,000 Operational 1999
Mumbai Piramal Holdings Ltd Crossroad2 Mumbai 61,000 100,000 85,000 Operational 2004-Nov
Mumbai Prime Developers Prime Mall Vile Parle (W) 130,000 Operational 2006-Jan
Mumbai Rachana-Astra Constructions Pvt Ltd Tech Mall Goregaon (West) 44,692 175,000 110,000 Construction 2007-Oct
Mumbai Raviraj Group Raviraj Mall Mumbai 136,702 235,000 195,000 Operational 2007
Mumbai RNA Group RNA Millennium Kandivili (W) 100,000 Construction 2007
Mumbai Royal Palms India Pvt Ltd Royal Palms Goregaon (East) 300,000 150,000 Construction 2007-Nov
Mumbai S Kumar's Group Landmarc Citi Lower Parel 200,000 Planned
Mumbai Satra Property Developers Prime Mall Vileparle-W 130,000 100,000 Operational 2006-Mar
Mumbai Satra Property Developers Pvt Ltd Dream - The Mall Borivili-W 450,000 300,000 Construction 2007
Mumbai Satra Property Developers Pvt Ltd Dream - The Mall Vashi 600,000 500,000 Construction 2007
Mumbai Satra Property Developers Pvt Ltd The Dream Mall Bhandup-W 800,000 600,000 Operational 2006-Dec
Mumbai Shree Laxmi Developers Sej Mall Malad (W) 60,000 100,000 Operational 2006-Sep
Mumbai Silver Group Gold County Santacruz Planned
Mumbai Silver Moon Constrn, Dudhwala Group Mega Mall New Link Road 500,000 360,000 Operational 2006-Apr
Mumbai Thakur Group Thakur Mall Kandivili (E) 150,000 Construction 2007
Mumbai The Runwal Group R Mall-Thane Godhbunder Road 260,000 Construction 2008
Mumbai The Runwal Group R City Centre Ghatkopar (West) 1,122,421 Construction 2009
Mumbai The Runwal Group R Mall-Mulland L.B.S. Road, Mulund 350,000 Operational 2003-Mar
Mumbai The Runwal Group R Mall -Odeon Ghatkopar (East) 65,659 Construction 2007-Sep
Mumbai Vijay Group Kemps Shop Kemps Corner 150,000 Operational 2005
Mumbai Vinod Goenka Dynamix Juhu (Near Chandan) 100,000 Operational 2006
Mumbai Vinod Goenka Milan Theatre Santa Cruz (W) 100,000 Operational 2006
Mumbai Wadhwa Group Raghu Leela Mall Kandivili (W) 90,000 450,000 375,000 Operational 2005
Mumbai Wadhwa Group Raghu Leela Mall Vashi 600,000 Operational 2006
Mumbai Wadhwa Group Raghu Leela Vashi 500,000 Planned 2008
PUNE
Pune Deepak Fertilisers and Petrochemicals Corp Ltd Ishanya Airport Road 473,000 550,000 520,000 Construction 2008
Pune Inorbit Malls (India) Pvt Ltd Inorbit Mall Pune-Nagar Rd,Vadgaon 444,553 901,045 614,946 Planned 2010
Sheri l
Pune Kshitij Investment Advisory Co Ltd Pune- Hadapsar Pune, Hadapsar 217,000 Planned 2008-Jan
Pune Kumar Builders KPCT Fatima Nagar 348,480 450,000 Operational 2005
-Wanowrie Road
Pune Kumar Properties - Lalit Jain Group Fun n Shop Fatima Nagar 150,000 Operational 2006
Pune Kumar Properties - Lalit Jain Group 44 Sinew Hills Karve-Paud Rd 300,000 Operational 2007
Pune Kumar Properties - Lalit Jain Group KK Market N.A. 450,000 Operational
Part 2007
Pune Kumar Properties - Lalit Jain Group Fun n Fair N.A. 150,000 Planned 2008
Pune Kumar Properties - Lalit Jain Group Kumar Ashok N.A. 400,000 Planned 2009
Pune Kumar Properties - Lalit Jain Group Fun n Food N.A. 100,000 Planned 2010
232
Gross
AHMEDABAD
Ahmedabad Essel Group Fun Republic Ahmedabad 255,085 Operational 2005
Ahmedabad Himalaya Mall Himalaya Mall Drive In road 117,000 425,000 270,000 Operational 2007-Apr
Ahmedabad JP Infrastructure Pvt. Ltd Iscon Mega Mall SG Highway 254,673 450,000 348,668 Operational 2007-Jul
Ahmedabad JP Infrastructure Pvt. Ltd Iscon Platinum Mega Mall SP Ring Road 303,590 1,063,764 553,943 Planned 2009-Oct
Ahmedabad Kshitij Investment Advisory Co Ltd Kshitij Mall Satellite Road 220,000 Planned 2007-Nov
Ahmedabad Shyam Buildcon Pvt Ltd Star Mall Ahmedabad 65,000 250,000 135,000 Operational 2006
NAGPUR
Nagpur Indo Pacific Software & Entertainment Ltd. Poonam Mall Wardhaman Nagar 100,000 300,000 200,000 Operational 2006-Aug
Nagpur Indo Pacific Software & Entertainment Ltd. Poonam Mall VIP Road 70,000 240,000 140,000 Construction 2007-Oct
Nagpur Indo Pacific Software & Entertainment Ltd. Poonam Mall Khamla 150,000 500,000 350,000 Construction 2008-Nov
Nagpur KSL Realty and Infrastructure Ltd Empress City Nagpur 700,000 Construction 2007-Dec
Nagpur N Kumar Group Poonam City Pulse Nagpur 120,680 200,000 Operational 2005
Nagpur N Kumar Group Poonam Mall Nagpur 72,527 100,000 Operational 2006
INDORE
Indore EWDPL India Pvt Ltd Treasure Island M.G. Road 100,000 410,000 375,000 Operational 2005-Dec
Indore EWDPL India Pvt Ltd Treasure Island Opp RNT Marg 311,000 260,000 Construction 2008-Jun
Indore EWDPL India Pvt Ltd Treasure Island MR-10, Indore 1,835,000 1,556,500 Construction 2009-Jun
Indore EWDPL India Pvt Ltd Treasure Island Annapurna 1,023,000 908,000 Construction 2009-Jun
Indore Kshitij Investment Advisory Co Ltd Kshitij Mall RNT Marg, Close to 255,000 Planned 2008-Apr
MG Road
Indore M2K Entertainment Pvt. Ltd. M2K Mega Mall AB Road 350,000 Construction 2008-Mar
Indore Mangal Resources (P) Ltd Mangal City INDORE 150,000 300,000 210,000 Operational 2005-Dec
OTHER CENTRES - WEST ZONE
Anand Himalaya Mall Himalaya Mall Anand 195,000 450,000 400,000 Construction 2008-Dec
Aurangabad Prozone Enterprises Pvt. Ltd Prozone Golden Mall Aurangabad 862,110 2,169,723 1,064,972 Construction 2009-Mar
Baroda Kshitij Investment Advisory Co Ltd Kshitij Mall Baroda-Sarabhai Circle 140,475 Operational 2007-Aug
Baroda JP Infrastructure Pvt. Ltd Iscon Mega Mall Baroda 180,249 493,673 304,030 Planned 2008-Dec
Bhavnagar Himalaya Mall Himalaya Mall Bhavnagar 240,000 625,000 575,000 Construction 2008-Dec
Bhopal Collage Group Viva Collage Bhopal 1,306,800 1,400,000 900,000 Planned 2010-Oct
Gwalior ARG Group Deendayal City Mall Gwalior 85,388 300,000 210,000 Operational 2006-Dec
Kolhapur KSL Realty and Infrastructure Ltd Deccan City Kolhapur 1,000,000 400,000 Planned 2008-Dec
Mehsana Himalaya Mall Himalaya Mall Mehsana 195,000 450,000 400,000 Construction 2008-Dec
Nanded EWDPL India Pvt Ltd Treasure Island Nanded 120,000 234,000 184,000 Construction 2008-Nov
Nashik City Center Mall Nashik Pvt Ltd Nashik City Center, Nashik 263,287 427,070 336,792 Operational 2005
Lawate Nagar
Nashik Suyojit Infrastructure Ltd The Ozone Mall Nashik 100,000 Operational 2006
Rajkot JP Infrastructure Pvt. Ltd Iscon Mega Mall Rajkot 87,116 176,295 167,474 Construction 2007-Oct
Surat JP Infrastructure Pvt. Ltd Iscon Mall Surat 123,709 325,000 233,777 Operational 2007-May
Surat JP Infrastructure Pvt. Ltd Iscon Mega Mall Surat 216,979 724,583 538,704 Construction 2009-Jan
Ujjain EWDPL India Pvt Ltd Treasure Island Ujjain 98,200 235,510 202,000 Construction 2008-Sep
Vadodara EWDPL India Pvt Ltd Treasure Island Vadodara 307,000 Construction 2009-Mar
sector in the suburban locations. Several malls have the Western Suburbs.
sprung up in the suburbs and many more are in the The new generation of consumers is more discerning
pipeline, so much so that experts apprehend a situation towards brands and their demand is drawing many
of mall over-supply in the coming times. retailers to the Indian markets. Around 23 new malls
As on date, Greater Mumbai boasts of 33 operational will be added to MMR by end-2008 and this will
malls, totaling to about 9.12 mn.sq.ft. Notably, more translate to approximately 15.18 mn.sq.ft. of new retail
than 50% of the malls adding up to a cumulative retail space.
stock of approximately 4.45 mn.sq.ft., are located in
233
Island City
Crossroads at Tardeo, CR2 at Nariman Point and
Highstreet Phoenix at Lower Parel continue to enjoy
their dominant status in organised retail in the Island
City, though they somewhat pale in comparison to
their glitzy and spacious counterparts only a few
miles away in the suburbs.
The sale of mill land in the Central Mumbai region is
likely to create a considerable supply of land for
residential and commercial development. This would
create the requisite catchment as well as an
opportunity for future retail developments.
Central Suburbs and Thane
Over the last 18-24 months, a number of malls have
mushroomed in the Central Suburbs and Thane belt.
This has been aided by the availability of land and a
rapidly growing population. The erstwhile industrial
plots of defunct factories in Vikhroli, Bhandup,
Mulund and Thane micro-markets have been
converted into commercial developments by
promoters.
Like in other locations, most of the malls in the
Central Suburbs like R-Mall, Nirmal Lifestyle at
234
Mulund and Huma Adlabs at Kanjurmarg are Family In recent times, a number of Grade-A residential projects have
Entertainment Centers (FECs) and integrate a multiplex with the come up in the Central Suburbs belt. This has led to a number of
retail component. Increasing population with high disposable malls being constructed and planned here and some of the
income and purchasing power in their catchment areas has led largest malls of Mumbai are being developed on this stretch.
to the success of these malls. These includes R-City Centre (1,122,000 sq.ft.) at Ghatkopar,
Dreams Mall (600,000 sq.ft.) at Vashi.
Thane has emerged as a popular destination for malls, both from
the developers and the consumers perspective. The rise in Central suburbs, which currently has 16% of the total retail
population in this developing suburb has led to increased space in Mumbai will see an infusion of close to around 6.5
footfalls in the existing malls and created demand for new ones. mn.sq.ft. of new retail space by 2008.
Thane currently boasts of about seven operational malls, five Western Suburbs
more are in various stages of construction. These will infuse 1.7
The Western Suburbs from Bandra to Borivali have witnessed a
mn.sq.ft. of new retail space in this micro-market.
spurt of development in the residential, office and retail
segments. A number of malls have come up along the Link Road
and Western Express Highway. Some of the malls have been
developed adjacent to and as part of large residential projects
and thus have an ensured customer base.
N New retail developments (malls and multiplexes) are being
MUMBAI planned in existing retail destinations of Bandra and Andheri and
Dahisar
also in locations like Kandivali, Borivali and Vasai. Close to 22
malls with an average size of 250,000-300,000 sq.ft. are coming
up in this micro-market.
k
Borivali
ree
iC
or
an
According to Knight Frank Research, approximately 6.4 mn.sq.ft.

M
Manori Beach
Kandivli
of new retail space will be added in the Western Suburbs and
this will account for 37% of the new retail space in MMR by
Marve
Malad
2008.
Beach
Goregaon
Navi Mumbai
Erangal
Beach
Aarey In the recent years, Navi Mumbai has become an important
Madh
Beach Jogeshvari
IT/ITES hub. Software parks by CIDCO, MIDC, Haware, RCL and
Versova
Rahejas have given it the requisite image of being an IT
Beach
Andheri
destination. This coupled with the 35,000 acres Reliance SEZ
(size likely to be curtailed as a result of new policy
Ville Parle
Juhu
Beach Juhu announcements) coming up in the region and firming up of
ARABIAN SEA Santa Cruz
plans of making the second international airport, has
Khar Road
transformed Navi Mumbai into an important real estate micro-
market.
Khar
Bandra
Chunabhatti Govandi
Various mid to high-end residential projects are underway in
Bandra Point
Dharavi Sion Navi Mumbai and this will provide the required catchment for
Mahim
Guru Tegbahadur Nagar
Mahim Bay Matunga King’s Circle Kolwada
Trombay
retail development. The potential target market, apart from the
Road Matunga
Dadar Dadar
Wadala
existing residential population arises from close to 45,000
Worli
Prabhadevi Elphiunstone
Road
Parel IT/ITES industry workforce traveling to Navi Mumbai daily. This
Sewn
Lower Curry
segment forms a large consumer base for the retail industry.
ParelRoad Cotton
Chinch Pokli
Byculla
Green
Reay Road
By the end of 2008, it is expected that Navi Mumbai will have
Mahalakshmi
Mumbai Mazagaon
Central
an addition of about 2.1 mn.sq.ft. of new retail space with malls
Grant Road Dockyard
Cumbala Tardeo
HillGirgaum
MandviSandhurst
Road Elephanta
Island like Inorbit (852,331 sq.ft.) in Vashi
Thakurdwar Road Butcher
Island
Chami Road Kalbadev Masjid
Chowpatty
Outlook
Chatrapati Shivaji
Beach
Terminus (VT)
Malabar Point
Back Bay Church Gate Road Retailing in Mumbai has undergone a considerable shift and a
Fort
Nariman Point Railway Line more radical change is foreseen in the near future. Organised
Gateway of India Beach
Colaba 235
MUMBAI RETAIL VALUES: (Rs per ft2 pm)/ Rs per ft2
MALLS
Micro Market 2004 2005 2006 May-07
Average Capital Average Capital Average Capital Average Capital
Rental Values Rental Values Rental Values Rental Values
Tardeo 195 19500 225 24545 260 31200 280 34000
Lower Parel 160 16000 225 24545 265 31800 325 33000
Malad 65 6500 110 12000 170 20400 190 22000
Link Road, Andheri (W) 135 13500 160 17454 190 22800 220 28000
Mulund 80 8000 120 13090 145 17400 200 22000
HIGH STREETS
Micro Market 2004 2005 2006 May-07
Average Capital Average Capital Average Capital Average Capital
Rental Values Rental Values Rental Values Rental Values
Linking Road 290 29000 370 40363 550 60000 575 62500
Colaba 180 18000 225 24545 270 32400 310 35000
Lokhandwala 135 13500 160 17454 210 25200 245 28000
Breach Candy 210 22000 235 34000 320 45000 480 50000
retailing has grown manifold and has become the preferred date, the Western Suburbs have led the way, both in terms of
retail format. The success of malls like Inorbit and Nirmal mall development and retail space availability.
Lifestyle has shaken developers out of their cautious wait-and-
watch approach and has encouraged new mall developments.
PUNE
Mumbai has the second highest density of malls in the country, Current Scenario
just behind NCR. Pune has been experiencing a retail boom since the last 2-3
Luxury retail and lifestyle stores that require large spaces and an years. In 2005, approximately 1.25 mn.sq.ft. of new retail space
exquisite ambience have so far been restricted to Mumbai's five was added to Pune real estate market. This led the current retail
star hotels, but this may soon stand to change. They may be stock of the city to grow to 3.5 mn.sq.ft. Growth in commercial
built as “appendages” to mid segment malls or else as activities and the migrant population of young, white-collar
standalone shopping destinations which provide an “experience” workers has been the chief driver of real estate growth in the
complete with a crèche, seating area and tea/coffee lounge city.
aimed at building brand loyalty. Lured by the high propensity to With 23 mall projects in the pipeline, the city is expected to
spend, many high-end brands are lined up to enter the market in have cumulative retail stock of approximately 4.5 mn.sq.ft. by
the near future. end-2006 and infusion of another 4.2 mn.sq.ft. of new retail
Hypermarkets like Shoprite and Hypercity have been successful space over the next two years. The total retail stock in Pune by
formats and have emerged as major crowd pullers. The end-2008 is estimated to be about 8.7 mn.sq.ft.
popularity of the organised retail formats in the Island City and The city has been witnessing an interesting trend of retail space
the suburbs has encouraged developers to replicate the same in being created in multiplex developments. There is also a reverse
the extended suburbs of Dahisar, Vasai and even Kalyan. trend of movie screens being located in large format mall
Most of the large format malls have opted for leasing out of developments. Another noticeable trend in the retail format is
retail space resulting in effective mall management and ensuring the advent of specialty malls or niche malls. 'Ishanya Mall'
higher returns in the long term. Sale of mall space may result in developed by Pune-based Deepak Fertilizers and Petrochemicals
an inappropriate tenant mix and could hamper the growth Corporation Ltd., would be a project dedicated exclusively to
prospects of a mall in the long term. 'interiors and exteriors'.
In an interesting turn of events, it is expected that by 2008 the Central Locations
Central Suburbs will overtake the Western Suburbs in terms of The locations where retail developments have flourished
mall space as larger malls are coming up in those locations. Till traditionally are the highstreets of M.G. Road, F.C. Road and J.M.
236
Road in the central part of the city. shifting to suburban and peripheral multiple outlets in the city. This maybe
These markets have a unique mix of locations of Aundh, Hadapsar, Karve attributed to the changing demographic
local brands along with national and Road, Kondhwa and Yerawada-Kalyani structure of the city. The 'R.K. Swamy-
international retailers - both of which Nagar. The Mumbai-based Piramyds BBDO Guide to
are known to generate substantial Group is coming up with their Urban Markets, 2005' has ranked Pune as
revenues along with heavy footfalls. Crossroads Mall the eighth richest city in the country.
However, the development of malls in (350,000 sq.ft.) at Yerwada-Kalyani About 30% of the households in the city
the neighbouring locations is anticipated Nagar and this will be operational by earn an annual income of over Rs.
to affect the footfalls of these traditional end-2007. Another noteworthy mall 140,000, while 26% of the population
highstreets. A case in point is the development, Sudev Axis (350,000 sq.ft.) spends between Rs. 50,000 and Rs.
presence of Magnum Mall (175,000 would be operational by 2007. This 100,000 on various goods and services.
sq.ft.) in the Camp area which has micro-market is expected to witness a Given the size of the Pune retail market,
created a 'pull effect' on the consumer number of large-scale mall the increase in population, the rise in
stronghold of M.G. Road. developments, amounting to income and with optimistic employment
At present, organised retail by way of approximately 2.3 mn.sq.ft. of new retail outlook, the amount of new retail
mall development in Pune is space by 2008. development should be readily absorbed.
concentrated in the up-market high- Together with the above, peripheral NASHIK
income central locations of Camp and locations like Nagar Road and Kharadi Nashik is an important commercial and
Bund Garden Road. Developer and are also developing up as IT hubs, religious centre in the state and has a
retailers alike have been successful in thereby increasing the demand for population of 4.9 million. It has a
their organised retail ventures in these ancillary services like quality retail space. significant presence of automobile and
micro-markets, more so due to the Locations like Karve Road and Satara auto-components, engineering and grape
proximity of up-market residential Road in the south-western part of the processing industries. The major players
catchment of these locations. city, are all witnessing new mall in Nashik include Mahindra and
Nucleus Mall (200,000 sq.ft.) in Camp, developments. Among the important Mahindra, Schneider Electric, Siemens
which became operational in 2005, had developments, 44 Sinew Hills (165,000 and Crompton Greaves. It has seven
Shoppers Stop take up space for its sq.ft.) and Kakde City mall (600,000 industrial areas facilitating the industrial
second outlet in the city. Another large- sq.ft.) are scheduled to be operational by
2007 and 2008 respectively. growth in the region, with a focus on
scale project, Pune Central (130,000 engineering and automobiles. Nashik is a
sq.ft.), a mall by Pantaloon Retail on Outlook potential destination for engineering,
Bund Garden Road, has Food Bazaar as The retail sector in Pune has prospered food processing and biotechnology
its anchor tenant and caters to the and the retail space development in the industries in the state.
domestic needs of the bulk of the city is on the rise. Organised retailing is
resident population of central Pune. increasingly shifting towards the newer
NAGPUR
These retail markets in the central residential pockets of Bavdhan, Nagpur has a population of
locations of the city currently house Hinjewadi, Baner, etc. and this trend is approximately 4.5 million. It has
approximately 1.78 mn.sq.ft of retail likely to continue. Moreover, the excellent road and rail connectivity to all
stock. A new mall, Fun n Travel (100,000 Yerwada-Kalyani Nagar region is parts of the country. Its unique location
sq.ft.) has been planned in the Bund anticipated to turn into an important in the Indian sub
Garden region while two malls, Ascent retail hub of the city. With around eight continent makes it a viable passenger
(93,654 sq.ft.) and One Centre Port proposed malls, the region would and cargo hub. It is a growing industrial
(250,000 sq.ft.) are coming up on contribute to approximately 45% of the centre and has 10 industrial areas. It is
University Road. These developments are total new retail space by end-2008. home to reputed companies including
slated to enter the market by 2007. The past year has seen a drastic Indo-Rama Synthetics, Electrolux and
Suburban and Peripheral Locations transformation in the brands/retail Voltas. It is a potential destination for
While the retail markets in Camp and occupier typology in Pune. Well-known food processing, chemicals and
Bund Garden Road continue to mature, national brands have not only entered engineering industries.
retail sector activity is increasingly the market but have also expanded with
237
(WEST) MALL PROFILE
Arg Group Balaji Builders & Developers Collage Group
DINDAYAL CITY MALL LAKE CITY MALL VIVA COLLAGE

Location: MLB Road City: Thane Location: Kolar with Hoshangabad
City: Gwalior Location: Kapurbawadi Circle, Near Road, Bye Pass
Total Land Area: 85,388 sq.ft Ashapura Temple, Old Bhiwandi Road, City: Bhopal
Total Mall Space: 3,00,000 sq.ft Thane (W) Status: Planning
Gross Leasable Area (GLA): 2,10,000 Total Mall Area: 5,50,000 sq.ft. Planned Launch: October, 2010
sq.ft Parking capacity: Free car parking for Total Land Area: 13,06,800 sq.ft
Shopping Area: 1,59,000 sq.ft 1000 cars Total Mall Space: 14,00,000 sq.ft
Atrium Area: 8,000 sq.ft Catchment: Bhiwandi, Mulund, Thane No. of Floors: 4 (ground + 3)
(East and West), Virar, Vasai, Dahisar
Food Court Area: 10,000 sq.ft and Mira Road Gross Leasable Area: 9,00,000 sq.ft
Leisure & Entertainment Area: Frontage: 1200 sq.ft. Rental Model: Fixed Rent
32,000 sq.ft Shopping Area : 7,20,000 sq.ft.
Positioning/USP: Lake City Mall banks
No of Levels: Basement+ Ground+2 on the interesting environment it has in Food Court Area: 50,000 sq.ft
No od Escalators: 4 Thane, known as 'the city of lakes'. The Leisure/Entertainment: 1,00,000 sq.ft
No of Lifts: 8 mall also has 28ft. wide lobby and three Services Area: 40,000 sq.ft
Creche & Kids Zone Area: 1,000 sq.ft atriums for events at the ground level. Parking Area: 4,35,600 sq.ft
Parking Space: 300 cars Anchors & Confirmed Tenants: Big Space for No. of 4-wheelers: 1,500
Catchment Area: Gwalior,Bhind, Bazaar, one of the anchors is already
open.Around forty brands have already Space for No. of 2-wheelers: 6,000
Murena, Dabra & Shivpuri No. of Lifts: 8 passenger + 6 service
confirmed to join. Raymond, Reid &
Taylor, Spykar, Pepe Jeans, Provogue, Other shopping centres/malls in 6
Café Bollywood, Nike, Lee Cooper, 9 to km radius: 6
9, 4 to 14, Samsonite, Planet Fashion Mall Management: In-house
and Archies are some of them who are TENANT MIX
going to occupy Gr.+ 3 level of
Anchor 1: Hypermarket
shopping space. Centrally air
conditioned, the mall has 5-screen Area: 1,00,000 sq.ft
multiplex by Fame Cinema and Time Anchor 2: Anchor to be decided
Zone for entertainment. Area: 1,00,000 sft.
Anchor tenants: Pantaloons, Big Anchor 3: Food Court
Bazaar and Mc Donald's Area: 25,000 sq.ft
Anchor 4: Multiplex
Area: 40,000 sq.ft
238
(WEST)
MALL PROFILE
Dlf Retail Developers Limited EWDPL India Pvt Ltd
MUMBAI MILLS DLF PATTO PLAZA TREASURE ISLAND

Location: NTC Mills , Lower Parel Location: Panjim Location: Vasarani, Latur-Nanded
City: Mumbai City: Goa Road
Status: Under Construction Status: Under Planning City: Nanded
Operational From (Planned): 2009 Operational From (Planned): 2009 Status: Under Construction
Total Mall Area: 26,15,000 sq.ft Total Land Area: 4,48,000 sq.ft Operational From (Planned):
No. of Floors: G+ 4 ( of retail space ) No. of Floors: G+6 ( including office November, 2008
and 17 floors of office space space) Total Investment in the Mall: Rs 43
Gross Leasable Area (GLA): Gross Leasable Area (GLA): Crore
18,15,000 sq.ft 7,05,000 sq.ft Total Land Area : 1,20,0000 sq.ft
Shopping Area: 14,00,000 sq.ft Shopping Area: 5,28,000 sq.ft Total Mall Area : 1,84,000 sq.ft
Food Court Area: 2,35,000 sq.ft Food Court Area: 80,000 sq.ft No. of Floors (incl basement): 8
Space for No of 4-wheelers: 3,600 Competitive Advantage: Location, Gross Leasable Area (GLA): 2,34,000
Competitive Advantage: Location, Mixed land development sq.ft
super mall, design Leasing Agents/ Companies: Jones
Lang LaSalle Meghraj
CAM Charges : Rs 21per sq.ft/month
Rental Model: Fixed for Retail
shops/Revenue Sharing for F & B
24,390 sq.ft
No of Escalators: 3 sets
No. of Lifts: 5 passenger, 4 service
Catchment Area: Vajirabad, CIDCO,
Sarafa, Vishnupuri, Vasarani, Asarjan
Competitive Advantage: First mall in
Nanded with a star category hotel and
futuristic developments in nearby areas
and a
TENANT MIX
Status/Area: Booked/4 Screens
Anchor 2: Big Bazaar (Hypermarket)
239
(WEST) MALL PROFILE
EWDPL India Pvt Ltd

Location: M.G. Road Location: Dhanvantri Chikitsa Kendra Location: MR-10,
City: Indore Yojana, Nana Kheda City: Indore
Status: Operational City: Ujjain Operational From (Planned): June,
Operational: December, 2005 Status: Under Construction 2009
Total Land Area: 1,00,000 sq.ft Operational From: September, 2008 Total Mall Area: 15,56,500 sq.ft
Total Mall Area: 4,10,000 sq.ft Total Investment in the Mall: Rs 33 Gross Leasable Area (GLA):
No. of Floors (incl basement): 8 Crore 18,35,000 sq.ft
Gross Leasable Area : 3,75,000 sq.ft Total Land Area: 98,200 sq.ft Leasing Agents/ Companies: Jones
Total Mall Area: 2,02,000 sq.ft Lang LaSalle Meghraj
Leasing Agents/ Companies: Jones
Lang LaSalle Meghraj No. of Floors (incl basement): 7 Rental Model: Fixed for Retail
Gross Leasable Area: 2,35,510 sq.ft shops/Revenue Sharing for F & B
CAM Charges : Rs 21per sq.ft/month
Leasing Agents/ Companies: Jones Catchment Area: Bengali Colony,
Rental Model : Fixed for Retail Nepania
shops/Revenue Sharing for F & B Lang LaSalle Meghraj
CAM Charges : Rs 21per sq.ft/month Other shopping centres/malls in 6
Atrium Area: 16,050 sq.ft km radius: Mangal City Shopping
Food Court Area: 28,000 sq.ft Rental Model : Fixed for Retail Centre (operational), M2K Mall, Indore
Leisure/ Entertainment: 62,000 sq.ft shops/Revenue Sharing for F & B Central, 21st Century & Cinemall
Parking Area: 1,90,000 sq.ft Atrium Area: 6,566 sq.ft (under construction)
Space for No of 4-wheelers: 500 Shopping Area: 62,000 sq.ft Competitive Advantage: Will be the
Space for No of 2-wheelers: 1000 Food Court Area: 28,980 sq.ft largest mall of Indore ith more than a
Leisure/Entertainment: 21,270 sq.ft million sqare feet, a five-star hotel, an
No of Escalators/lifts: 5 Sets, 2 each office complex located on the
capsule and passenger, 4 service lifts, 2 Services Area: 14,566 sq.ft
upcoming commercial hub of Indore,
car lifts Parking Area: 1,57,326 sq.ft MR-10. Located within new and
Catchment Area: Old Palasia, New No. of Lifts: 5 passenger, 3 service upcoming residential and commercial
Palasia, Race Course, Tukoganj, Saket, Catchment Area : Rishi Nagar, projects.
Srinagar Mahananda Nagar, Subhash Nagar, TENANT MIX
Average Footfall on Week Days: Sant Nagar Anchor1: Geant
40,000-50,000 Mall Management: In-house Category/Format: Hypermarket
Average Footfall on Weekends: Competitive Advantage: First mall in Status: Under Negotiation
80,000-1,10,000 the city, close to the beautiful ISCKON
Anchor2: Spencer’s
Mall Management : In-house temple and lot of futuristic development.
Anchor1: Big Bazaar(Hypermarket) Anchor1: Globus( Department Store) Status: Under Negotiation
Status: Operational Status: Booked
Anchor2:Pantaloon(Department Store) Anchor2: Fun Republic(Multiplex)
Status: Operational Status: Booked
Anchor-3: Max (Department Store) No of Screens/Total Seating
Status: Operational Capacity/Area occupied: 4 Screens
Anchor-4: PVR Cinemas (Multiplex)
240
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MALL PROFILE
EWDPL India Pvt Ltd

Location: Annapurna Location: Vadodara Location: Opp RNT Marg
City: Indore City: Vadodara City: Indore
Operational From (Planned): June, Operational From (Planned): March, Operational From (Planned): June,
2009 2009 2008
Total Mall Area: 9,08,000 sq.ft Total Mall Area: 3,07,000 sq.ft Total Mall Area : 2,60,000 sq.ft
Gross Leasable Area (GLA): No. of Floors (incl basement): 6 Gross Leasable Area (GLA): 3,11,000
10,23,000 sq.ft Gross Leasable Area (GLA): 3,70,000 sq.ft
Leasing Agents/ Companies: Jones sq.ft Leasing Agents/ Companies: Jones
Lang LaSalle Meghraj Leasing Agents/ Companies: Jones Lang LaSalle Meghraj
Rental Model: Fixed for Retail Lang LaSalle Meghraj Rental Model: Fixed for Retail
shops/Revenue Sharing for F & B CAM Charges : Rs 21per sq.ft/month shops/Revenue Sharing for F & B
Catchment Area : Annapurna Road, Rental Model: Fixed for Retail Catchment Area: Old Palasia, New
Kesar Bagh Road, Palsikar, Sindhi shops/Revenue Sharing for F & B Palasia, Race Course, Tukoganj, Saket,
Colony, Katju Nagar Shopping Area: 1,30,167sq.ft Srinagar
Other shopping centres/malls in 6 Food Court Area: 29,557 sq.ft Other shopping centres/malls in 6
km radius: Mangal City Shopping km radius: Mangal City Shopping
Centre (operational), M2K Mall, Indore Leisure & Entertainment Area: Centre (operational), M2K Mall, Indore
Central, 21st Century & Cinemall 33,870 sq.ft Central, 21st Century & Cinemall
(under construction) Parking Area: 1,11,158 sq.ft (under construction)
Competitive Advantage: Located in Catchment Area: Fatehgunj, Jetalpur Competitive Advantage: Located
the midst of a thickly populated area Road, Karelibaug, VIP Road, Alkapuri exactly in the Centre of the city
dominated by upper middle class.. Other shopping centres/malls in 6 equidistant from the Old CBD and the
km radius: Seven Seas Mall, Baroda new CBD. Also close to the Railway
Central, National Plaza, Alkapuri station
Arcade, Centre Point, Inox,
Competitive Advantage : Located in
the heart of the city, close to Railway
Station and University opposite to the
Sayaji Garden.
241
(WEST) MALL PROFILE
E-city Entertainment (I) Pvt Ltd Fashion Lifestyles (I) Ltd
Benzer Group.
FUN REPUBLIC FUN REPUBLIC CENTER ONE

Location: Andheri Location: Satellite Road Location: Sector 30-A, Vashi, Navi
City: Mumbai City: Ahmedabad Mumbai 400 705
Operational From: June, 2005 Operational From: June, 2005 Operation From (Planned): 2003
Total Mall Area: 1,25,000 sq.ft Total Mall Area: 2,55,085.37 sq.ft Total Mall Area : 1,50,000 sq.ft
Atrium area: 3,250 sq.ft Atrium area: 4840.4157984 sq.ft Gross Leasable Area : 1,20,000 sq.ft
Shopping Area: 2,778 sq.ft Shopping Area: 26,642.49 sq.ft Atrium Area :15,000 sq.ft
Food Court Area: 7,394 sq.ft Food Court Area: 8,513 sq.ft Shopping Area:1,00,000 sq.ft
Leisure & Entertainment Area: Leisure/Entertainment: 30,801.8 sq.ft Food Court Area:20,000 sq.ft
37,730.86 sq.ft Space for No. of 4-wheelers: Leisure/Entertainment :5,000 sq.ft
No of Levels: B+G+7 36,520.85 sq.ft Services Area:10,000 sq.ft
No of Escalators: 4 Space for No. of 2-wheelers: No. of Levels: Ground + 3 Levels
Levels connected with Escalators: 18,100.96 sq.ft No. of Escalators & Lifts: 6
GRND + 4floors No of Levels: B1+B2+G+6 Escalators, 2 guest elevators & 1
No of Lifts: 4 No of Escalators: 4 service elevator
Description of Catchment Area: Levels connected with Escalators: USP of the Mall: Location, Mall for All
Andheri (W), Santacruz, Jogeshwari G+1st+2nd+3rd Brand mix (Retail and food court)
No of Lifts: 5 Average Footfalls on Week days:
16,000 +
Total Lift Capacity: 56
Average Footfall on Weekends :
Creche Area: 200 sq.ft
40,000 +
Kids Zone Area: 600 sq.ft
Any special schemes to attract
USP of the Mall: An integrated customers: Purchase link Promotions
entertainment facility with a huge atrium and Events at regular intervals.
space to do a lot of events and
Catchment Area: New Bombay i.e
promotions.
from Airoli till Panvel, Chembur &
Any special schemes to attract Ghatkopar,
customers: A Rewards program based
Considerations in deciding Retail-Mix:
on 3 parameters of providing instant,
to be a 'MALL FOR ALL' i.e. catering to
tangible benefits and value for each
all demographic and socio economic
rupee spent.
segments.
Description of Catchment Area:
TENANT MIX
Satellite, Vejalpur, Bodakdev, Thaltej,
Vastrapur, Bopal & Sarkhej Anchor1:Pantaloons(DepartmentStore
Gandhinagar Highway )
Considerations in deciding Retail- Status/Area: Operational/ 28,000sq.ft:
Mix: Retail mix in tandem with the USP Anchor2:Food Bazaar(Supermarket)
of providing integrated entertainment of Status/Area:Operational/18,900sq.ft
movies, food, games and shopping. Anchor3: Mc Donalds – Food Court
Average Footfalls on Week days: Status/Area:Operational/2,000sq.ft
7,000
Anchor 4: Bombay Blues & Noodle Bar
Average Footfall on Weekends: 18,000
242
(WEST)
MALL PROFILE
Gayatri Homes- Golden Circle Business
siddhi Group Services (p) Ltd. Growels 101
LITTLE WORLD MALL MANGAL CITY GROWELS 101

Location: Navi Mumbai Location: Vijay Nagar AB Road , Indore Location: Akurli Road, Kandivali (E)
City: Kharghar City: Indore (MP) City: Mumbai - 101
Status: Ready for Fitouts Total Land Area: 1,50,000 sq.ft Status: Phase I - Operational
Planned: October, 2007 Total Mall Area: 3,00,000 sq.ft Phase II & III under construction.
Total Land Area: 57,000 sq.ft Total Floor Space: 40,000 sq.ft Date of Launch/ Planned launch
Total Built-up Area: 1,50,000 sq.ft Gross Leasable Area: 2,10,000 sq.ft schedule: Phase II - April 2008
No. of Floors: G+4 Atrium area: 5,000 sq.ft Total Investment in the Mall: Rs. 150
Shopping Area: 1,60,000 sq.ft Crore
Food Court Area: 15,000 sq.ft Total Land Area: 4,25,000 sq.ft
Leased/ Sold Space Ratio: Leased
Mall Leisure/ Entertainment: 45,000 sq.ft Total Mall Area: 7,00,000 sq.ft
Leasing Agents/ Companies: Services Area: 5,000 sq.ft No. of Floors: Ground + 4
FINESTATEINDIA/ Alliance Property Parking Area: 1,00,000 sq.ft Gross Leasable Area: 5,00,000 sq.ft
Services Space for No of 4-wheelers: 600 CAM Charges: At actuals + 10%
CAM Charges: Under Computation management fees
No of Levels: 4
Rental Model: Fixed Rent Rental Model: Fixed Rent
No of Escalators/lifts: 4 each
Atrium Area: 9,500 sq.ft Parking Area: 1,00,000 sq.ft
Creche/kids zone:600 sq.ft /
Shopping Area: 1,80,000 sq.ft 2,000sq.ft No of Escalators: Planned - 18
Food Court Area: 30,000 sq.ft USP of the Mall: Location, Proper No. of Lifts: Planned - 7 Passenger +
Leisure/Entertainment: 30,000 sq.ft retail mix & Design of mall 7 Service Lifts.
Services Area: 20,000 sq.ft Any special schemes to attract Catchment Area: Dahisar to
customers: Throughout the year such Jogeshwari (East & West)
scheme go around Other shopping centres/malls in 6
Space for No of 2-wheelers: 300 km radius: Raghuleela Mall & The Hub
No of Escalators/lifts:6 &8 Average Footfall Week Days: 5,000
Location: Most prime strategic location
Kids Play/Creche Area: 10,000 sq.ft in MP, Most visible Plot with four-side +
Catchment Area: Nerul to Panvel open with service road & major road Average Footfall Weekends: 10,000
Other shopping centres/malls in 6 km facing all the side. +
radius: 2 Description of Catchment Area: Most Mall Management: In-house
Mall Management: Outsourced prime residential & hospitality area with Competitive Advantage: Ideal Location
TENANT MIX effective catchments of hi-class & the mall designed by Architects from
Anchor1: Adlabs (Multiplex) population around 10 lacs resident. USA
No of Screens/Total Seating Considerations in deciding Retail-Mix: TENANT MIX
Capacity: 4 screens/1,400 seats Catchments Population, Competition, Anchor1: Big Bazaar(Hypermarket)
supply in the immediate vicinity, cross
Anchor2: Food Bazaar (supermarket) Status/Area: Operational/68,000 sq.ft
component, demand, & Activity with
Area occupied: 10,000 sq.ft conversion factor. Anchor2: Cinemax (Multiplex)
Anchor3: Max Lifestyle(Department) Average Footfalls on Weekdays: Status: Operational
Status/Area:Booked/10,000sq.ft 20,000 to 25,000 No of Screens/Total Seating
Average Footfall on Weekends: Capacity: 4 Screens/1,250 seats
35,000.00
243
(WEST) MALL PROFILE
Himalaya
Mall
HIMALAYA MALL HIMALAYA MALL HIMALAYA MALL

Location: Drive In road Location: 130 Feet Ring Road, Nr. Location: 100 Feet Ring Road, Anand.
City: Ahmedabad Waghawadi Road. City: Anand - Gujarat.
Status: Operational City: Bhavnagar Status: Under Construction
Operational: April, 2007 Status: Under Construction Planned: December, 2008
Total Investment: Rs.100 Crore Planned: December, 2008 Total Investment in Mall: Rs.200
Total Land Area: 117,000 sq.ft Total Investment in Mall: Rs.250 Crore
Total Mall Space: 425,000 sq.ft Crore Total Land Area: 1,95,000 sq.ft
Gross Leasable Area: 270,000 sq.ft Total Land Area: 2,40,000 sq.ft Total Mall Space: 4,50,000 sq.ft
GLA: GFA Ratio: 100 : 60 Total Mall Space: 6,25,000 sq.ft Gross Leasable Area: 4,00,000 sq.ft
Leased/ Sold Space Ratio: 100 : 70 Gross Leasable Area: 575,000 sq.ft GLA: GFA Ratio: 100 : 60
Leasing Agents/ Companies: Jones GLA: GFA Ratio: 100 : 60 Leasing Agents/ Companies: Jones
Lang Lasalle Meghraj Pvt. Ltd. Leasing Agents/ Companies: Jones Lang Lasalle Meghraj Pvt. Ltd.
CAM Charges: Rs.14 per sq.ft/month Lang Lasalle Meghraj Pvt. Ltd. Rental Model: Lease
Rental Model : Lease Rental Model: Lease Atrium Area: 20,000 sq.ft
Atrium Area: 22,000 sq.ft Atrium Area: 30,000 sq.ft Shopping Area: 2,44,000 sq.ft
Shopping Area: 204,735 sq.ft Shopping Area: 3,45,000 sq.ft Food Court Area: 36,000 sq.ft
Food Court Area: 17,865 sq.ft Food Court Area: 30,000 sq.ft Leisure/ Entertainment: 65,000 sq.ft.
Leisure/ Entertainment:47,400 sq.ft Leisure/ Entertainment: 50,000 sq.ft Services Area: 10,000 sq.ft.
Services Area: 10,000 sq.ft Services Area: 15,000 sq.ft Parking Area: 75,000 sq.ft.
Parking Area: 123,000 sq.ft Parking Area: 1,45,000 sq.ft Space for No of 4-wheelers: 300
Space for No of 4-wheelers: 350 Space for No of 4-wheelers: 600 Space for No of 2-wheelers: 1,000
Space for No of 2-wheelers: 1500 Space for No of 2-wheelers: 1500 No. of Escalators/Lifts: 7/8
No of Escalators/lifts: 7 and 6 No of Escalators/Lifts: 14/9 Kids Play/Creche Area: 5,000 sq.ft.
Kids Play/Creche Area: 2,000 sq.ft Kids Play/Creche Area: 5,000 sq.ft Considerations on choice of
Average Footfall on Week Days& Considerations on choice of location: High Population and Good
Weekends:15,000 / 50,000 location: High Population and Good Spending Power
Spending Power Other shopping centres/malls in 6
Mall Management : Outsourced
Competitive Advantage: Location and km radius: None
TENANT MIX
tenant mix. Hyper Market, Multiplex, Mall Management: Not Operational
Anchor1: Big Bazaar(Hypermarket): Food Court, Entertainment zone, huge Competitive Advantage: Location and
Status/Area:Operational/61,637sq.ft atrium and parking area. tenant mix. Hyper Market, Multiplex,
Anchor2: Croma TENANT MIX Food Court, Entertainment zone, huge
Status: Operational Anchor1: Big Bazaar (Hypermarket) atrium and parking area.
Area occupied: 28,420 sq.ft Status/Area: Booked/42,000sq.ft TENANT MIX
Anchor3: Adlabs (Multiplex) Anchor2:Pantaloons(Department Store) Anchor1: Big Bazaar (Hypermarket)
Status: Operational Status/Area: Booked/ 14,400sq.ft Status/Area: Booked/42,000sq.ft
No of Screens/Total Seating Anchor3: Adlabs (Multiplex) Anchor2: Pantaloons-Department
Capacity/Area occupied: 5 Status/Area: Booked/50,000 sq.ft Status/Area: Booked/15,000sq.ft
Screens/1,200 seats
Anchor4: Globus- Department Store Anchor3: Fame (Multiplex)
244
(WEST)
MALL PROFILE
Himalaya Indo Pacific Software
Mallhimalaya Mall Huma Exhibitors
& Entertainment Ltd.
HIMALAYA MALL HUMA MALL POONAM MALL

Location: N. H. No. 8, Nagalpur, Location: Mumbai Location: Wardhaman Nagar
Mehsana City: Mumbai City: Nagpur , Maharashtra
City: Mehsana - Gujarat Status: Operational Status: Operational
Status: Under Construction Operational From: July, 2005 Operational From: August, 2006
Planned: December, 2008 Total Land Area: 43,055 sq.ft Total Investment in Mall: Rs.65 Crore
Total Investment in Mall: Rs.150 Total Mall Space: 1,00,000 sq.ft Total Land Area: 1,00,000 sq.ft
Crore
Atrium area: 5,000 sq.ft Total Super Built-up: 3,00,000 sq.ft
Shopping Area: 30,000 sq.ft No. of Floors: G + 4
Total Mall Space: 4,50,000 sq.ft
Food Court Area: 20,000 sq.ft Gross Leasable Area: 2,00,000 sq.ft
Leisure/ Entertainment: 50,000 sq.ft Leased/ Sold space ratio: 1 : 0
GLA: GFA Ratio: 100 : 60
Space for No of 4-wheelers: 200 CAM Charges: Rs.15 per sq.ft/month
Leasing Agents/ Companies: Jones
Lang Lasalle Meghraj Pvt. Ltd. Space for No of 2-wheelers: 100 Rental Model: Fixed Charges
Rental Model : Lease No of Levels: Gr plus 4 Space for No of 4-wheelers: 800
Atrium Area: 20,000 sq.ft No of Lifts: 3 Space for No of 2-wheelers: 400
Shopping Area: 2,44,000 sq.ft USP of the Mall: 1st Factor Outlet Mall No of Escalators/Lifts: 1/4
with Multiplex Competitive Advantage: Apart from
Any special schemes to attract location , the mall is very well planned
Leisure/Entertainment: 65,000 sq.ft. customers: Genuine discounts from and implemented
Services Area : 10,000 sq.ft. factory run stores through out the year Promotion schemes: Customer
Parking Area: 75,000 sq.ft. Description of Catchment Area: Loyalty Programme
Space for No of 4-wheelers: 300 Powai, Hiranandani Gardens, Considerations on choice of
Space for No of 2-wheelers: 1000 Bhandup,Kanjurmarg Location: Prime Area of Nagpur - East
No of Escalators/Lifts: 7/8 Considerations in deciding Retail- Market Area: Wardhaman Nagar,
Kids Play/Creche Area: 5,000 sq.ft Mix: 75 Brands for Garments, Home Deshpande Layout, Central Avenue,
Linen etc Gandhibagh , Itwari , H.B. Colony
Considerations on choice of location:
High Population and Good Spending Average Footfalls on Week days/ Average Footfalls on Week days &
Power Weekends: 5,000/20,000 Week ends: 30,000 & 50,000
Competitive Advantage: Location and Any other details: It's the 1st factory Mall Management: In-house
tenant mix. Hyper Market, Multiplex, outlet mall with multiplex and TENANT MIX
Food Court, Entertainment zone, huge restaurants, lounge in the Country. Anchor1: Big Bazaar (Hypermarket)
atrium and parking area. TENANT MIX Status/Area:Operational/ 1,20,000sq.ft
TENANT MIX Anchor1: Adlabs Anchor2: Inox/ Multiplex
Anchor-1: Big Bazaar (Hypermarket) Anchor2: Globus Status/Screens: Operational/4
Status/Area: Booked/42,000sq.ft Anchor3: Megamart Anchor3: Odyssey (Leisure)
Anchor2: Cinemax (Multiplex) Anchor4: Primus Status/ Area: Operational/ 15,000sq.ft
Status/Area: Booked/45,000sq.ft Other Brands/Retailers: Daks, Other Brands/Retailers: Rajdhani
Anchor3: Spice & Vices Food Court Weekender, Sheetal Samudra Thali , Archies , Reid & Taylor , Levis
Status/Area: Booked/ 36,000 sq.ft Resturant,Cheers Lounge, Sheisha Signature , Welspun
Resturant, Welspun Home Mart,
Anchor-4: Galaxy Entertainment
Provogue, United Colours of
Status/Area: Booked/10,000sq.ft
245
(WEST) MALL PROFILE
Indo Pacific Software
& Entertainment Ltd. Inorbit Malls (india) Pvt Ltd
POONAM MALL POONAM MALL INORBIT MALL

Location: VIP Road Location: Khamla Location: Malad
City: Nagpur , Maharashtra City: Nagpur , Maharashtra City: Mumbai
Status: Under Construction Status: Under Construction Status: Operational, Februry, 2004
Planned: October, 2007 Operational: November, 2008 Total Land Area: 5,00,000 sq.ft
Total Investment in Mall: Rs.95 Crore Total Investment in Mall: Rs.150 Total Mall Area: 5,00,000 sq.ft
Total Land Area: 70,000 sq.ft Crores No. of Floors: Ground +2
Total Mall Area: 1,40,000 sq.ft Total Land Area: 1,50,000 sq.ft Gross Leasable Area: 3,65,000 sq.ft
No. of Floors: 4 (Retail) + 9 (Hotel) Total Mall Area: 5,00,000 sq.ft Leased: 100% leased
Gross Leasable Area: 2,40,000 sq.ft Gross Leasable Area: 3,50,000 sq.ft CAM Charges: Rs.40 per
Leased/ Sold space ratio: 1 : 0 Leased/ Sold space ratio: 1 : 0 sq.ft/month for stores, Rs.65 per
Rental Model: Fixed Charges sq.ft/month for Food court
CAM Charges: Rs.15 per sq.ft/month
Space for No of 4-wheelers: 900 Rental Model: Rental
Rental Model : Fixed Charges
Space for No of 2-wheelers: 300 Atrium Area: Approx 650 sq.ft
No of Escalators/lifts: 8 each Shopping Area: 3,65,000 sq.ft
Competitive Advantage: Well planned Food Court Area: 24,000 sq.ft
No of Escalators/ Lifts: 7/6
. Size of the Mall is the advantage as it Leisure/ Entertainment: 55,000 sq.ft
Competitive Advantage: Central
Business District of Nagpur will host almost every category . Services Area: 1,50,000 sq.ft
Considerations on choice of Considerations on choice of Parking Area: 1,20,000 sq.ft
Location: Prime Area of Nagpur - West Location: Prime Area of Nagpur - Space for No of 4-wheelers: 1,380
South
Market Area: Civil Lines , Ramdaspeth, Space for No of 2-wheelers: 200
Dharampeth , Sitabuldi , Bajaj Nagar , Market Area: Khamla , Pratap Nagar ,
No. of Lifts: 4
VIP Road , Sadar , Laxmi Nagar , Civil Lines , Ramdaspeth , New Nagpur
Kids Play/Creche Area: Yes
Khamla , Dhantoli , Byramji Town , Mall Management: Inhouse
Chhaoni , Raj Nagar , Vijay Nagar , New TENANT MIX
km radius: Infinity Andheri, Raghuleela,
Colony Anchor1: Hypermarket Hub, Growel, Coming Soon - Oberoi,
Mall Management : In-house Status/Area: Under Negotiation, Infinity Malad, Evershine, Megamall
TENANT MIX 75,000 sq.ft Average Footfall on Week Days &
Anchor1: Lifestyle Max (Department) Anchor2: Multiplex Weekends: 30,000 & 55,000
Status/Area: Booked/24,000 sq.ft Status: Under Negotiation Mall Management : In-house
Anchor2: Odyssey (Leisure) Anchor3: Departmental Store TENANT MIX
Status/Area: Booked/15,000 sq.ft Status: Under Negotiation Anchor1: Shoppers’ Stop– Department
Anchor 3: Pizza Hut(Catering) Area occupied: 50,000 sq.ft Status/Area: Operational/64,530 sq.ft
Status/Area: Booked/3,000 sq.ft Anchor4: Fast Food Chain & Food Anchor2: Lifestyle – Department Store
Anchor 4: Entertainment (Leisure) Court Status/Area: Operational/46,174 sq.ft
Status: Booked Status: Under Negotiation Anchor3: Spencer's Hyper
Area occupied: 14,000 sq.ft Area occupied: 6,000 sq.ft Status/Area: Operational/47,108 sq.ft
Other Brands/Retailers: Food Court Anchor5: Entertainment Anchor4: Fame Malad (Multiplex)
Status: Under Negotiation Status: Operational
Area occupied: 35,000 sq.ft No of Screens/ Total Seating
Capacity: 6 screens/1,500 seats
246
(WEST)
MALL PROFILE
Inorbit Malls (india) Pvt Ltd Deepak Fertilisers And
Petrochemicals Corp Ltd
INORBIT MALL - VASHI INORBIT MALL- PUNE ISHANYA

Location: Vashi , Navi Mumbai Location: Pune-Nagar road,Vadgaon Location: Opp Golf Course Road,
City: Navi Mumbai Sheri Village Airport Road
Status: Under Construction City: Pune City: Pune
Total Land Area: 3,29,602 sq.ft Status: Planned Status: Under Construction
Total Mall Area: 8,52,331 sq.ft Total Land Area: 4,44,553.20 sq.ft Total Investment in Mall: Rs 150
No. of Floors: Retail- 4 ,Parking- 1 and Total Built-up Area : 9,01,045 sq.ft crore
part 1 No. of Floors: Retail -4 lvls., Parking 2 Total Land Area: 4,73,000 sq.ft
Gross Leasable Area: 3,56,108 sq.ft lvls. and part 3 rd lvl. Total Mall Area: 5,50,000 sq.ft
Shopping Area: 5,55,677 sq.ft Shopping Area: 5,00,357 sq.ft No. of Floors: 5
Leisure/ Entertainment: 13,756 sq.ft Food Court Area: 31,998 sq.ft Gross Leasable Area: 5,20,000 sq.ft
Services Area: 38,512 sq. ft Leisure & Entertainment Area: GLA: GFA Ratio: 70:30:00
Parking Area: 2,58,148 sq.ft 15,745 sq.ft Leased/ Sold space ratio: NA
Space for No of 4-wheelers: 668 Services Area: 39,081 sq.ft Leasing Agents/ Companies:
No of Escalators: 14 Parking Area: 3,61,607 sq.ft TrammellCrowMeghraj
No. of Lifts: 4 Passenger, 7 Service Space for No of 4-wheelers: 883 CAM Charges: At Actuals
Other shopping centres/malls in 6 No of Escalators: 15 Rental Model: Leave and Licensed
km radius: Centre one, Palm Beach No. of Lifts: 3 Passenger, 5 Service Format
Galleria Other shopping centres/malls in 6 Shopping Area: 5,00,000 sq.ft
TENANT MIX km radius: Pune Central Food Court Area: 16,000 sq.ft
Anchor-1: SSL TENANT MIX Leisure/ Entertainment: 7,700 sq.ft
Area occupied: 63,492 sq.ft Anchor-1: SSL Services Area: 27,550 sq.ft
Anchor-2: Hypercity Area occupied: 71,316 sq.ft. Parking Area: 1,66,290 sq.ft
Category/Format: Hypermarket Space for No of 4-wheelers: 600
Status: Operational Space for No of 2-wheelers: 900
Area occupied: 76,693 sq.ft No of Escalators: 12 + 2 travelators
Levels connected with Escalators:
all
No. of Lifts: 22
Kids Play/ Creche Area: 2,200 sq.ft
Considerations on choice of Location: *
Located just within 5 kms radius from
the Pune airport and the Railway
station. Pune is Western India's 7
fastest growing cities (as per ICICI
study) * Conveniently located near the
city's upmarket residential and
commercial areas
Market Area: Pune, Nashik,
Aurangabad, Satara, Kolhapur,
Ahmednagar, Icchalkaranji, Thane,
247
(WEST) MALL PROFILE
Jp Infrastructure Pvt. Ltd
ISCON MEGA MALL ISCON PLATINUM MEGA ISCON MEGA MALL

Location: SG Highway MALL Location: Dumas Road
City: Ahmedabad Location: SP Ring Road City: Surat
Status: Operational, July, 2007 City: Ahmedabad Status: Under Construction
Total Investment in Mall: Rs.140 Status: Planned Planned: January, 2009
Crore Planned: October, 2009 Total Investment in Mall: Rs.175
Total Land Area: 2,54,673 sq.ft Total Investment in Mall: Rs.250 Crore
Total Mall Area: 4,50,000 sq.ft Crore Total Land Area: 2,16,978.90 sq.ft
No. of Floors: Basement + 3 Level Total Land Area: 3,03,589.79 sq.ft Total Mall Area: 7,24,583 sq.ft
Gross Leasable Area: 3,48,667.87 Total Mall Area: 10,63,764 sq.ft No. of Floors: Basement+ 5 Level
sq.ft No. of Floors: Basement+5 Level Gross Leasable Area : 5,38,704 sq.ft
Leased/ Sold Space Ratio: 100% Gross Leasable Area: 5,53,943 sq.ft Leasing Agents/ Companies: Multiple
Leasing Agents/ Companies: Mutiple Leasing Agents/ Companies: Multiple Rental Model: Fixed Rent
CAM Charges: On Actuals Rental Model: Fixed Rent Atrium Area: 25,120 sq.ft
Rental Model: Fixed Rent Atrium Area: 16,509.57 sq.ft Shopping Area: 4,16,532 sq.ft
Atrium Area: 22,000 sq.ft Shopping Area: 4,32,193 sq.ft Food Court Area: 44,032 sq.ft
Shopping Area: 3,33,561.55 sq.ft Food Court Area : 35,133 sq.ft Leisure/Entertainment : 1,22,172 sq.ft
Food Court Area: 14,549.88 sq.ft Leisure/ Entertainment: 1,21,747 sq.ft Parking Area: 1,66,388 sq.ft
Leisure/Entertainment Area: 29,678 Parking Area: 3,02,109 sq.ft Space for No of 4-wheelers: 957
sq.ft Space for No of 2-wheelers: 803
Parking Area: 1,32,630.06 sq.ft No. of Escalators/lifts: 12/ 11 + 2
Space for No of 4-wheelers: 650 Travalator
Space for No of 2-wheelers: 791 Kids Play/Creche Area: 13,666 sq.ft
No. of Lifts: 11 + 2 Travelator
No of Escalators/Lifts: 12/8 Considerations on choice of
Kids Play/Creche Area: 15,000 sq.ft location: On the Dumas Road
Promotion: Iscon Loyalty Programme location: On the SP Ring Road Competitive Advantage: Prime
Considerations on choice of Location, Near Airport, Centrally Air-
Competitive Advantage: Prime
location: On the main S.G. Highway conditioned mall with all the hi-tech
Location, Centrally Air-conditioned mall
facilities and famous brands.
Average Footfall on Week Days& with all the hi-tech facilities and famous
Weekends:14,000-18,000 & 60,000- brands. TENANT MIX
80,000 TENANT MIX Anchor1: Star India Bazaar
Mall Management : In–house Anchor1: Star India Bazaar Status/Area: Booked/70,000 sq.ft
Competitive Advantage: Prime Status/Area: Booked/80,000 sq.ft Anchor2: Westside
Location, Centrally Air-conditioned mall Status/Area: Booked/30,000 sq.ft
Anchor2: Westside- Deparment Store
with all the hi-tech facilities and famous Anchor3: Landmark
brands. Status/Area: Booked/35,000 sq.ft
Anchor3: Landmark -Leisure Status/Area: Booked/ 25,000 sq.ft
TENANT MIX
Status/Area: Booked/25,000 sq.ft Anchor4: At Home
Anchor1: Reliance (Hypermarket)
Anchor4: Croma Status/Area: Booked/16,000 sq.ft
Status/Area: Operational/1,80,000 sq.ft
Anchor2: Westside (Department Store) Status/Area: Booked/25,000 sq.ft
Anchor3: Landmark (Leisure)
248
(WEST)
MALL PROFILE
Jp Infrastructure Pvt. Ltd
ISCON MEGA MALL ISCON MALL ISCON MEGA MALL

Location: Gotri Road Location: Dumas Road Location: Nana Mava Road
City: Baroda City: Surat City: Rajkot
Status: Planned Status: Operational, May, 2007 Status: Under Construction
Operational From: December, 2008 Total Investment in Mall: Rs.70 Crore Operational From: October, 2007
Total Investment in Mall: Rs.125 Total Land Area: 1,23,708.92 sq.ft Total Investment in Mall: Rs.40 Crore
Crore Total Mall Area: 3,25,000 sq.ft Total Land Area: 87,116 sq.ft
Total Land Area: 1,80,249 sq.ft No. of Floors: Basement + 4 Level Total Mall Area: 1,76,295 sq.ft
Total Mall Area: 4,93,673 sq.ft Gross Leasable Area: 2,33,777.14 No. of Floors: Basement + 4 Level
No. of Floors: Basement+ 4 Level sq.ft Gross Leasable Area :1,67,474.38
Gross Leasable Area: 3,04,030 sq.ft Leased/ Sold Space Ratio: 100% sq.ft
Leasing Agents/ Companies: Multiple Leasing Agents/ Companies: Mutiple Leased/ Sold Space Ratio: 87%
Rental Model: Fixed Rent CAM Charges: On Actuals Leasing Agents/ Companies: Multiple
Atrium Area: 22,155 sq.ft Rental Model: Fixed Rent Rental Model: Fixed Rent
Shopping Area: 2,21,685 sq.ft Atrium Area: 16,617 sq.ft Atrium Area: 12,550 sq.ft
Food Court Area: 14,544 sq.ft Shopping Area: 2,00,669.15 sq.ft Shopping Area: 1,24,926.78 sq.ft
Leisure/ Entertainment: 82,345 sq.ft Food Court Area: 28,032.34 sq.ft Food Court Area: 15,145.8 sq.ft
Parking Area: 1,14,053 sq.ft Leisure/Entertainment: 7,932.2 sq.ft Leisure/Entertainment : 32,452.8 sq.ft
Space for No of 4-wheelers: 466 Parking Area: 77,224.19 sq.ft Parking Area: 47,853.62 sq.ft
No of Escalators: 6 Space for No of 2-wheelers: 293 Space for No of 2-wheelers: 225
No. of Lifts: 8 + 2 Travalator No of Escalators/lifts: 8/4 No of Escalators/lifts: 6 & 3
Kids Play/Creche Area: 12,963 sq.ft Kids Play/Creche Area: 10,000 sq.ft Kids Play/Creche Area: 8,000 sq.ft
Considerations on choice of Promotions: Iscon Loyalty Programme Considerations on choice of
location: On the Gotri Road Considerations on choice of location: On the Ring Road
TENANT MIX location: On the Ring Road Competitive Advantage: Prime
Anchor-1: Star India Bazaar Average Footfall on Week Days & Location, Centrally Air-conditioned mall
Category/Format: Hypermarket Weekends: 10,000–12,000 &40,000- with all the hi-tech facilities and famous
60,000 brands.
Status: Booked
Mall Management : In -house TENANT MIX
Competitive Advantage: Prime Anchor1 Westside(Deparment Store)
Anchor-2: Pyramid
Location, Centrally Air-conditioned mall Status/Area: Booked/3,000 sq.ft
Category/Format: Department Store with all the hi-tech facilities and famous Anchor2 Jumbo Electronics
Status: Booked brands. Status/Area: Booked/9,000 sq.ft
Area occupied: 30,000 sq.ft TENANT MIX Anchor3: Cinemax (Multiplex)
Anchor-5: Mutilplex Anchor1: Westside (Department Store) Status/Area: Booked/35,000 sq.ft
Category/Format: Multiplex Status/Area: Operational/30,000 sq.ft
Status: Under Negotiation Anchor2: Pantaloon(Department Store)
Area occupied: 30,000 sq.ft Status/Area: Operational/40,000 sq.ft
Anchor5: Collection i ( Home Store)
249
(WEST) MALL PROFILE
Ksl Realty And
Infrastructure Ltd
EMPRESS CITY DECCAN CITY K LIFESTYLE

Location: Nagpur Location: Kolhapur Location: Mumbai
City: Nagpur City: Kolhapur City: Mumbai (Lower Parel)
Status: Under-construction Status: Planned Status: Operational
Operational : December,2007 Operational From (Planned): Operational From (Planned):
Total Land Area: 7,00,000 sq.ft December,2008 Launched
No. of Floors: 4 Total Land Area: 10,00,000 sq.ft Total Land Area: 20,000 sq.ft
Gross Leasable Area: 7,00,000 sq.ft No. of Floors: 4 No. of Floors: 1
Leased/ Sold Space Ratio: 80% Gross Leasable Area (GLA): 4,00,000 Gross Leasable Area: 20,000 sq.ft
Leasing Agents/ Companies: JLL sq.ft Leased/ Sold Space Ratio: 100%
Meghraj & Others Leased/ Sold Space Ratio: 50% Leasing Agents/ Companies: JLL
CAM Charges : At Actual Leasing Agents/ Companies: JLL Meghraj & Others
Atrium Area: 23,000 sq.ft Meghraj & Others CAM Charges : As Per Actual
Shopping Area : 5,00,000 sq.ft CAM Charges: As Actual Shopping Area : 20,000 sq.ft
Food Court Area : 40,000 sq.ft Atrium Area: 6,490 sq.ft Food Court Area: 1,000 sq.ft
Leisure/ Entertainment: 60,000 sq.ft Shopping Area: 3,00,000 sq.ft
Parking Area: 1,83,692 sq.ft Food Court Area: 35,000 sq.ft
Space for No of 4-wheelers: 1141 Leisure & Entertainment Area:
cars 55,000 sq.ft
No of Escalators: 24 Parking Area : 70,000 sq.ft
No. of Lifts: 6 passenger / 8 service Space for No of 4-wheelers: 294 cars
TENANT MIX
Anchor1: Big Bazaar (Hypermarket)
Anchor2: McDonald's (Catering)
Anchor3: Fame Adlabs (Multiplex)
Anchor4: Lifestyle(Department Store)
Anchor5: Galaxy Entertainment
Category/Format: Leisure
Status: Booked
250
(WEST)
MALL PROFILE
Ksl Realty And Kohinoor Planet Kshitij Investmentadvisory
Infrastructure Ltd Constructions Pvt. Ltd. Co Ltd
K LIFESTYLE KOHINOOR CITY MALL ORCHID CITY CENTRE

Location: Mumbai (Fort) Location: Near Bandra Kurla Complex Location:, Bellasis Road, opposite
City: Mumbai City: Mumbai Mumbai Central Bus Station
Status: Under-construction Catchment: Thane to Mahim, Chembur City: Mumbai
Operational From (Planned): to Bandra Project Type: PRIL leased
Launched Total Mall Area: 4,00,000 sq.ft Total Mall Space: 210,000sqft
Total Land Area: 20,000 sq.ft Gross Leasable Area: 3,00,000 sq.ft No of Floors: G + 3
No. of Floors: 1 Positioning/USP: Indian markets with Floor Plate: 42,000 sq.ft
Gross Leasable Area (GLA) : 20,000 western efficiencies
sq.ft
Leased/ Sold Space Ratio: 100%
Leasing Agents/ Companies: JLL
Meghraj & Others
CAM Charges: As per actual
251
(WEST) MALL PROFILE
Kshitij Investmentadvisory
Co Ltd
MILAN MALL MUMBAI - KURLA PUNE, HADAPSAR

Location: Milan Subway Road Location: Mumbai, LBS Marg, Kurla Location: Pune, Hadapsar, From
City: Mumbai Project Type: Market City (Retail + Solapur Road
Project Type: PRIL Leased Mall Commercial + Hospitality) Project Type: PRIL leased
Total Mall Space: 92,021sq.ft Size: 2.6 million sq.ft Size: 217,000 sq.ft
No of Floors: G + 3 Retail Floors: 1.9 Million sq.ft Retail Floors: G + 4
Floor Plate: 21,900 sq.ft Car Park: 2900 car park lots Floor plate: 52,000 sq.ft
Car Park :160 car park lots Expected Handover for Fitout: Car Park: 200 car park lots
Expected Handover for Fit-out: September, 2009 Expected Handover for Fitout:
Operational Positioning of Mall: Market City January 2008
Positioning of Mall: Value/Lifestyle
TENANT MIX
Anchor1: Super/ Hypermarket
Anchor2: Department Store
Anchor3: Multiplex
Anchor4: Food court
Anchor5: Entertainment arcade
Anchor6: Consumer
Durables/Electronics anchor
Anchor-: Home Furnishing anchor
Anchor8: Books & Music anchor
Anchor9: Gym/ Beauty Anchor
Anchor10: Vanilla Retail
252
(WEST)
MALL PROFILE
Kshitij Investmentadvisory
Co Ltd
KSHITIJ MALL KSHITIJ MALL KSHITIJ MALL

Location: Sarabhai Circle, Opposite Location: Sarabhai Circle, Opposite Location: RNT Marg, Close to MG
Baroda Central, Baroda Baroda Central, Baroda Road, Treasure
Project Type: Kshitij Mall Project Type: Kshitij Mall Island, Indore
Size: 140,475 sqft Size: 140,475 sqft Project Type: Kshitij Mall
Retail Floors: G + 3 Retail Floors: G + 3 Size: 2,55,000sq.ft
Floor plate: 38,000 sq.ft Floor plate: 38,000 sq.ft Retail Floors: LG + G + 7
Car Park: 115 car park lots Car Park: 115 car park lots Floor plate: 35,000sq.ft
Expected Handover for Fit-out: Expected Handover for Fit-out: Car Park: 300 car park lots
August 2007 August 2007 Expected Handover for Fitout: April
Positioning of Mall: Lifestyle Positioning of Mall: Lifestyle 2008
TENANT MIX TENANT MIX Positioning of Mall: Lifestyle
Anchor1: Super/ Hypermarket Anchor1: Super/ Hypermarket TENANT MIX
Anchor2: Department Store Anchor-2: Department Store Anchor-1: Super/ Hypermarket
Anchor3: Multiplex Anchor-3: Multiplex Anchor-2: Department Store
Anchor4: Food court Anchor-4: Food court Anchor-3: Multiplex
Anchor5: Entertainment arcade Anchor-5: Entertainment arcade Anchor-4: Food court
Anchor6: Consumer Anchor-6: Consumer Anchor-5: Entertainment arcade
Durables/Electronics anchor Durables/Electronics anchor Anchor-6: Consumer
Anchor7: Home Furnishing anchor Anchor-7: Home Furnishing anchor Durables/Electronics anchor
Anchor-8: Books & Music anchor Anchor-8: Books & Music anchor Anchor-7: Home Furnishing anchor
Anchor9: Gym/ Beauty Anchor Anchor-9: Gym/ Beauty Anchor Anchor-8: Books & Music anchor
Anchor10: Vanilla Retail Anchor-10: Vanilla Retail Anchor-9: Gym/ Beauty Anchor
Anchor-10: Vanilla Retail
253
(WEST) MALL PROFILE
Kumar Builders
FUN N SHOP 44 SINEW HILLS KK MARKET

City: Pune City: Pune City: Pune
Status: Under Construction Status: Under Construction Status: Partly Operational
Gross Leasable Area (GLA): 1,50,000 Gross Leasable Area (GLA): 3,00,000 Gross Leasable Area (GLA): 4,50,000
sq.ft sq.ft sq.ft
Space for No of 2-wheelers: 200 No of Levels: 4 Space for No of 2-wheelers: 700
No of Levels:3Levels connected Levels connected with Escalators: 3 No of Levels: 4
with Escalators: 1 No of Lifts: 10 Levels connected with Escalators: 3
No of Lifts: 4 USP of the Mall: A unique combination No of Lifts: 16
Description of Catchment Area: MIG of retail and commercial USP of the Mall: Discount mall
& EIG Description of Catchment Area: MIG Description of Catchment Area: MIG
Average Footfalls on Weekdays: & EIG Average Footfalls on Week days:
6,000 Average Footfalls on Week days: 10,000-15,000
Average Footfall on Weekends: 10,000-15,000 Average Footfall on Weekends:
10,000 Average Footfall on Weekends: 20,000-25,000
20,000-25,000
254
(WEST)
MALL PROFILE
Kumar Builders
KUMAR ASHOK FUN N FAIR FUN N FOOD

City: Pune City: Pune City: Pune
Total Mall Area: 4,00,000 sq.ft Total Mall Area: 1,00,000 sq.ft
Gross Leasable Area (GLA): 4,00,000 sq.ft Gross Leasable Area (GLA): 1,00,000
sq.ft Space for No of 4-wheelers: 200 sq.ft
Space for No of 4-wheelers: 300 Space for No of 2-wheelers: 100 No of Levels: 3
Space for No of 2-wheelers: 250 No of Levels: 3 No of Lifts: 2
No of Levels: 4 Levels connected with Escalators: 1 USP of the Mall: Food court and
No of Lifts: 3 entertainment
Levels connected with Escalators: 3
USP of the Mall: Shoppertainment
No of Lifts: 6 Description of Catchment Area: MIG
Description of Catchment Area: MIG &
USP of the Mall: Very Strategically & EIG
EIG
located Average Footfalls on Week days: Average Footfalls on Weekdays:
Description of Catchment Area: MIG 4,000-6,000 4,000+
& EIG Average Footfall on Weekends: Average Footfall on Weekends:
Average Footfalls on Weekdays: 10,000-15,000 6,000-8,000
6,000-8,000
15,000-20,000
255
(WEST) MALL PROFILE
Neelkanth Sunshine
Landmark Builders Developers Nirmal Lifestyle Ltd
THE HUB HI ! LIFE NIRMAL LIFESTYLE

Location: Nirlon Compound, Off. Location: Santacruz (west), Near the Location: Mulund (W)
Western Express station City: Mumbai
Highway, Goregaon (East), Mumbai City: Mumbai Status: Operational
Status: Operational, April 2004 Total Land Area: 70,000 sq.ft. Operational From (Planned): 2002
Total Land Area: 200,000 Sq.ft Total Mall Area: 2,10,000 sq.ft. Total Mall Area: 4,52,711 sq.ft
Gross Leasable Area: 125,000 Sq.ft. Total Floor Space: 1,40,000 sq.ft. No. of Floors: G+1+2
No. of Levels: Lower Ground, Upper Gross Leasable Area: 1,40,000 sq.ft. Leased/ Sold Space Ratio: 95%
Ground + 3 Levels Atrium area: 5,000 sq.ft Leasing Agents/ Companies: Please
No. of Escalators & Lifts: 2 Shopping Area: 1,12,000 sq.ft. find the Worksheet below.
Escalators + 1 Lift Food Court Area: 6,500 sq.ft. seating CAM Charges: Rs. 18 per sq.ft/month
Schemes to attract customers: area (excluding kitchen/pantry area) Rental Model: Rs. 150 per sq.ft/month
Seasonal Promotions, Schemes etc. Leisure/ Entertainment: 10,000 sq.ft. Atrium Area: 1,00,000 sq.ft
Catchments Area: This location is Services Area: 5,000 sq.ft. Shopping Area: 2,50,000 sq.ft
conveniently accessible to people from
all part of the suburbs. It is reachable in Parking Area: 2 levels Leisure & Entertainment Area:
am minimum driving distance of 5- 10 Space for No of 4-wheelers: 300+ 50,000 sq.ft
mins from Goregaon Station, No of Levels: 7 Space for No of 4-wheelers: Approx
Jogeshwari, a NSC Colony, Malad, No of Escalators: 1 for going up and 1 4,000
Andheri, Santacruz and Vile Parle and for coming down at each of the No of Escalators: 4
other parts in the vicinity. shopping levels Competitive Advantage: 1) India's 1st
Considerations in deciding Retail- Levels connected with Escalators: 5 Open Mall Concept. 2) Largest Glass
Mix: Consistent effort to make it No of Lifts: 6 passenger lifts and 2 car Dome in South East Asia.
complete shopping destination.. lifts TENANT MIX
TENANT MIX Kids Zone Area: 10,000 sq. ft. of Anchor-1: Shoppers Stop
Anchor 1: Food Bazaar(Supermarket) podium garden besides the Category/Format : Department Store
Anchor 2: Vijay Sales( Consumer entertainment zones Status: Operational
Electronics) Description of Catchment Area: A Anchor-2: Mc Donald's
Anchor 3: Mc Donaldls (Catering) heavily inhabited residential & shopping
Category/Format: Catering
Anchor 4: My Dollar Store suburb, with an affluent population of
Anchor 5: Movietime Multiplex over 10 lakhs in a radius of 3 kms. Right Status: Operational
Others Brands/Retailers: Welspun, near the Santacruz station (W) which is Anchor-3: PVR
Century, Biba, Venus Tapes, Oxemberg, alredy well known as a shopping hub. Category/Format: Multiplex
Jashn etc There is no organized retail or banquet Status: Operational
or food court nearby which makes up
Anchor-4: Shoprite Hyper
for a classic combination required for a
successful mall. Category/Format: Hypermarket
Status: Operational
Anchor-5: Fashion Station
Status: Operational
256
(WEST)
MALL PROFILE
Nirmal Lifestyle Ltd The Phonenix
NIRMAL LIFESTYLE NIRMAL LIFESTYLE LTD Location: Lower Parel

Location: Mulund (W) Location: Mulund (W) City: Mumbai
City: Mumbai City: Mumbai Status: Operational
Status: Under Construction Status: Conceptual Stage Total Mall Space: 9,58,320 sq.ft
Total Mall Area: 7,66,606 sq.ft Total Mall Area: 14,00,000 sq.ft Gross Leasable Area (GLA): 9,00,000
No. of Floors: UG+LG+1+2 sq.ft
Leased/ Sold Space Ratio: 75% Shopping Area: 5,50,000 sq.ft
CAM Charges: Rs.20 per sq.ft./month Parking Area: 4,00,000 sq.ft
Rental Model: Rs.175 per sq.ft./month USP of the Mall: Retail Mix and
Atrium Area: 20,000 sq.ft Location
Shopping Area: 4,00,000 sq.ft Average Footfalls on Weekdays:
25,000
Food Court Area: 1,00,000 sq.ft
Average Footfalls on Weekends:
Leisure/ Entertainment : 25,000 sq.ft
60,000+
No of Escalators: 6
Competitive Advantage: An iconic
structure of Hotel
TENANT MIX
Anchor1: Hypercity
Status: Booked
Anchor2: Odyssey
Status: Booked
Anchor-: Pantaloon's
Status: Booked
Anchor4: Madura Garments
Status: Booked
Anchor5: Jumbo
Status: Booked
257
(WEST) MALL PROFILE
Piramal Holdings Ltd Prime Developers
CROSSROADS CR2 PRIME MALL

Location: Maharastra City: Mumbai City: Mumbai
City: Mumbai Status: Operational Location: Irla, Ville Parle West
Status: Operational Operation From: November, 2004 Catchment: Irla
Operation From: August,1999 Total Land Area: 61,000 sq.ft Total Mall Area: 1,30,000 sq.ft
Total Land Area: 56,871 sq.ft Total Mall Area: 1,00,000 sq.ft Positioning/USP: Amusement Park
Total Mall Area: 1,50,000 sq.ft Total Floor Space: 75,000 sq.ft With Garden
Total Floor Space: 1,25,000 sq.ft Gross Leasable Area: 85,000 sq.ft Anchors & Confirmed Tenants:
Pantaloon, Tribhovandas Zaveri, Food
Gross Leasable Area: 1,08,000 sq.ft Atrium area: 2,000 sq.ft
Bazar
Atrium area: 9,098 sq.ft Shopping Area: 19,000 sq.ft
Food Court Area: 12,100 sq.ft Leisure/ Entertainment : 26,700 sq.ft
Leisure/ Entertainment : 6,270 sq.ft Parking Area: Basement and multi-
Parking Area: Basement and terrace level (7 levels) car park
Space for No of 4-wheelers: 140 Space for No of 4-wheelers: 500
Space for No of 2-wheelers: 30 No of Levels: Basement plus Gr plus
No of Levels: Gr plus 4 10
No of Escalators: 8 No of Escalators: 4
Levels connected with Escalators: Levels connected with Escalators:
Gr to 4 level Gr to 2 level
No of Lifts: 4 No of Lifts: 4
Kids Zone Area: 8,500 sq.ft USP of the Mall: 5-Screen Multiplex
(1400 seating), High end brands,
USP of the Mall: Exclusive brands, eg Premium fine dining options, Large food
Ermenegildo Zegna, Piramyd court
Megastore, etc + China Garden (India's
best Chinese restaurant), Jammin' Any special schemes to attract
(Family Entertainment Center) customers: Events and promotions
Any special schemes to attract Considerations on choice of
customers: Events and promotions Location: Proliferation of HNI
Customers
Location: Proliferation of HNI Description of Catchment
Customers Area:South Mumbai
Description of Catchment Area: Considerations in deciding Retail-
South Mumbai Mix: Range, proposition uniqueness,
profile of TG
Considerations in deciding Retail-
Mix: Range, proposition uniqueness, Average Footfalls on Week days:
profile of TG 9,000 per day
Average Footfalls on Week days: Average Footfall on Weekends:
12,500 per day 20,000 per day
30,000 per day
258
(WEST)
MALL PROFILE
Prozone Enterprises Pvt Ltd Royal Palms
India Pvt Ltd
The Runwal Group-mumbai
PROZONE GOLDEN MALL ROYAL PALMS

Location: Plot D-5/ P 80 Chikhalthana Location: Goregaon (East)
Road, MIDC, Aurangabad 431201 City: Mumbai R MALL-MULLAND
City: Aurangabad Status: Under Construction Location: L.B.S. Road, Mulund
Status: Under Construction Operational From: November, 2007 City: Mumbai
Planned launch : March, 2009 Total Investment in Mall: Rs.90 Crore Status: Operational March 2003
Total Investment in the Mall: 270 Total Land Area: 98,01,000 sq.ft No. of Floors: 4 Levels
Crore Gross Leasable Area: 3,50,000 sq.ft
Total Land Area: 1,88,62,110 sq.ft CAM Charges : Currently @Rs15/- per
Total Built-up Area: 21,69,723 sq.ft sq ft per month on Chargeable Area
No. of Floors: Basement, Lower Rental Model: Fixed
GLA: GFA Ratio: 50%
Ground, Ground and First Floor Space for No of 4-wheelers: 150
Leased/ Sold Space Ratio: 60 / 40
Gross Leasable Area : 10,64,972 sq.ft Space for No of 2-wheelers: 600
CAM Charges : Rs.4.15 per
GLA: GFA Ratio: 65:100 No of Escalators: 6
sq.ft/month
Leased: 100% Leased Mall No. of Lifts: 5 Passenger Elevators,2
Leasing Agents/ Companies: All Service Elevators
IPC's and Local Brokers Kids Play/Creche Area: Yes
Rental Model: Rs. 85/- or 15% Promotion schemes : Yes
(whichever is higher) Leisure/ Entertainment: 4,596 sq.ft
Services Area: 60,000 sq.ft Considerations on choice of
Atrium Area: 11,000 sq.ft location: Primary & Secondary
Shopping Area: 9,85,553 sq.ft Parking Area: 83,948 sq.ft Catchment, Accessibility, Frontage
Food Court Area: 55,853 sq.ft Space for No of 4-wheelers: 313 Catchment Area: Mulund, Thane,
Leisure/Entertainment: 19,466 sq.ft No of Escalators/lifts: 2/10 Bhandup, Airoli
Services Area: 1,08307 sq.ft Kids Play/Creche Area: 2,500 sq.ft Other shopping centres/malls in 6
Parking Area: 12,34,822 sq.ft Promotion schemes: In Process km radius: Eternity, Nirmal Mall,
Catchment Area: Royal Palms & Dearms Mall, Magnet Mall, Color
Mumbai Suburbs Space
Other shopping centres/malls in 6 Average Footfall on Week Days:
No. of Escalators/lifts: 11 Pairs and 1 8,700
km radius: Hub / Rodas / Galleria
Pair of Travolators,10 Passenger and 10
Average Footfall on Week Days & Average Footfall on Weekends:
Service
Weekends: 6,000 & 13,000
Mall Management : In-house
TENANT MIX
Anchor1: Hypercity (Hypermarket)
Area occupied: 1,54,484 sq.ft
Anchor2: Shoppers Stop (Department)
Anchor3: Westside (Department Store)
Area occupied 37,060 sq.ft
Anchor4: Pantaloons (Department)
259
(WEST) MALL PROFILE
The Runwal Group-mumbai
R CITY CENTRE R MALL-ODEON R MALL-THANE

Location: Ghatkopar (West, Mumbai) Location: Ghatkopar (East), Mumbai Location: Godhbunder Road
City: Mumbai City: Mumbai City: Thane
Operational From (Planned):Phase Operational From (Planned): Operational From (Planned): Mid
1:- Mid 2008, Phase 2:- Mid 2009 Septmber, 2007 2008
No. of Floors: 4 Levels No. of Floors: 6 Levels No. of Floors: 4 Levels
Gross Leasable Area: 11,22,421 sq.ft Gross Leasable Area : 65,659 sq.ft Gross Leasable Area : 2,60,000 sq.ft
CAM Charges : Proposed @Rs15/- CAM Charges: Proposed @Rs15/- per CAM Charges: Proposed @Rs15/- per
per sq ft per month on Chargeable Area sq ft per month on Chargeable Area sq ft per month on Chargeable Area
Rental Model: Fixed Rental Model: Fixed Rental Model: Fixed
Space for No of 2-wheelers: 2,600 Space for No of 2-wheelers: 150 Space for No of 2-wheelers: 300
No of Escalators: 26 No of Escalators: 6 No of Escalators: 6
No. of Lifts: 18 Passenger Elevators, 9 No. of Lifts: 4 Passenge Elevators, 2 No. of Lifts: 3 Passenge Elevators
Service Elevators Service Elevators 3 Service Elevators
Kids Play/Creche Area: Yes Kids Play/Creche Area: Yes Kids Play/Creche Area: Yes
Promotion schemes: Yes Promotion schemes : Yes Promotion schemes : Yes
Catchment Area: Ghatkopar, Powai, Considerations on choice of Catchment Area: Thane and
Chembur location: Primary & Secondary Surrounding Areas
Other shopping centres/malls in 6 Catchment Other shopping centres/malls in 6
km radius: Market City, Kohinoor City, Accessibility, Frontage km radius: Cinewonder Mall, Lake City,
Hiranandani Galleria, Magnet Mall, Catchment Area : Ghatkopar, Megapolis, Eternity
Huma Mall, Dreams Mall, R Mall Odeon Chembur TENANT MIX
TENANT MIX Other shopping centres/malls in 6 Anchor1: Le Marche(Hypermarket)
Anchor1: Lifestyle( Department Store) km radius: Platinum Mall, Neelyog Status/Area: Booked/65,000 sq.ft
Status/Area: Booked/ 70,000 sq.ft Mall, R City Centre, Magnet Mall,
Anchor2: Pantaloon Home Store
Hiranandani Galleria, Huma Mall
Anchor2: Croma Status/Area: Booked/95,000 sq.ft
Mall Management : In House
Status/Area: Booked/ 25,000 sq.ft Other Brands/Retailers: Jashn, OLA,
TENANT MIX
Anchor3: Pantaloon Le Marshe, Welspun, Bombay Dyeing,
Anchor1: PVR UCB Hobby Ideas, Blackberrys, ZOD,
Category/Format: Multiplex Zodiac, Adams, M & B, Lap-Kok, GKB,
Anchor4: Big Bazaar(Hypermarket)
Status: Booked BIBA, Archies, Harra, Reynolds,
Status/Area: Booked/70,000 sq.ft Archies, Finger Chip, Spykar, Planet M,
Anchor5: Fitness First (Fitness) NIKE, Adidas, Lilliput, 365-Ruffkids,
Status/Area: Booked/20,000 sq.ft Timex, Oxemberg, John Player, Reid &
Anchor6: Adlabs (Multiplex) Taylor, Koutons, Home Solution.
Anchor7: Shoppers Stop
Status/Area: Booked/1,10,000 sq.ft
260
(WEST)
MALL PROFILE
Satra Property
Wadhwa Group
Developers Pvt Ltd.
THE DREAM MALL DREAM THE MALL RAGHULEELA MEGA MALL

Location: Bhandup-W Location: Borivili -W Location: Kandivili
City: Mumbai City: Mumbai City: Mumbai
Total Land Area: 8,00,000 sq.ft Total Land Area: 4,50,000 sq.ft Status: Operational
Gross Leasable Area (GLA): 6,00,000 Gross Leasable Area : 3,00,000 sq.ft Operational From: 2005
sq.ft
Parking Space: 700 cars Total Land Area: 90,000 sq.ft
Atrium area: 40,000 sq.ft
USP of the Mall: Amusement Park Total Mall Space: 4,50,000 sq.ft
Parking Area: 1600 cars
Description of Catchment Area: Gross Leasable Area: 3,75,000 sq.ft
USP of the Mall: Snow World Borivili, Malad, Kandivili,South Gujarat- Shopping Area: 2,50,000 sq.ft
Description of Catchment Area: Vapi, Surat Atrium Area: 17,500 sq.ft
Kanjur, Powai, Thane,Bhandup, Retail Mix: 10% Amusement,
Ghatkopar Food Court Area: 20,000 sq.ft
12%Food, 20% Anchor , 58% Fashion
Retail Mix: 10% Food, 13% and Retail Leisure/Entertainment : 52,000 sq.ft
Entertainment, 15% Anchors and 60% Parking Area: 80,000 sq.ft
No of Levels: Basement+ Ground+4
No od Escalators: 12
No of Lifts: 7
261
(WEST) MALL PROFILE
Satra Property Shree Laxmi Developers
Developers Pvt Ltd.
DREAM THE MALL PRIME MALL SEJ MALL

Location: Vashi Location: Vileparle-W City: Malad , Mumbai
City: Mumbai City: Mumbai Location: Intersection of S.V. Rd Nad
Marve Rd, Malad West
Total Land Area: 6,00,000 sq.ft Total Land Area: 1,30,000 sq.ft
Catchment: Malad
Gross Leasable Area (GLA): 5,00,000 Gross Leasable Area (GLA): 1,00,000 Total Mall Area: 1,00,000 sq.ft
sq.ft sq.ft
Gross Leasable Area: 60,000 sq.ft
Description of Catchment Area: Description of Catchment Area:
Positioning/USP: location and
Kharghar, NerulL, Vashi, Belapur, Vileparle, Lokhandwala, Juhu, Andheri
accessibility
Thane, Chembur Retail Mix: 10%Food, 5%Amusement, Anchors & Confirmed Tenants: Pizza
Retail Mix: 10% Amusement, 65% Fashion and Retail, 20% Anchors Hut
12%Food, 20%Anchor , 58%Fashion Tenant Mix
(Percentage of fashion, food and
entertainment retail):
Retail: 55%
Food and Entertainment: 25%
Office Space: 20%
262
(WEST)
MALL PROFILE
Shyam Buildcon Pvt Ltd Silver Moon Suyojit Infrastructure Ltd
Constructions Pvt Ltd.
STAR MALL MEGA MALL THE OZONE MALL

Location: Opp. Havmor Restaurant, C. City: Mumbai Location: Near BYK College, College
G. Road, Ahmedabad. Location: Nr. Lokhandwala Complex, Road, Nashik
Total Land Area: 65,000 sq.ft New Link Road Total Built-up Area: 1,00,000 sq.ft
Total Mall Area: 2,50,000 (approx) Catchment: Andheri, Lokhandwala, Gross Leasable Area: 1,00,000 sq.ft
sq.ft Malad, Goregoan
Gross Leasable Area: 1,35,000 sq.ft Total Mall Area: 5,00,000 sq.ft
Atrium Area: 8,000 sq.ft Gross Leasable Area: 3,60,000 sq.ft.
Positioning/USP: The glass dome Leisure & Entertainment Area: 5000
Food Court Area: 11,000 sq. ft sq.ft
atrium
Leisure/ Entertainment: 14,000 sq. ft Service Area: 5000 sq.ft
Anchors & Confirmed Tenants:
Services Area: 5,000 sq ft Le Marche Hypermarket Parking Area: 30,000 sq.ft
Parking Area: 1,00,000 sq.ft Mall USP: First time in India No of Levels: Basement and Ground
No. of Levels: Ground + 3 Floors introducing moving walks (escalator to No of Escalators and Lift: 4 Lifts
No. of Escalators & Lifts: 8 carry your trolley until the car parking
space), all the escalators and lifts are of Average Footfalls on Weekdays:
Escalators, 3 Passenger lifts & 2 service 10,000 sq.ft
lifts Mitsubishi and above the atrium there
will be a space frame with glass waves Average Footfall on Weekends:
Crèche & Kids Zone Area: 800 sq.ft 15,000 sq.ft
(which will be for the 1st time in Asia).
USP of the Mall: Very Prime Location, Any special schemes to attract
Premium profile Tenant Mix with all customers: Adjoining Big-Bazar
conveniences
Average Footfalls on Weekdays
& Weekends: 1,000 / 4,000
Considerations in deciding Retail-
Mix: Premium segment as it shall be
first Shoppers Stop for Ahmedabad.
Any other details: Low running costs
have been kept in mind.
TENANT MIX
Anchor 1: Shoppers Stop
Status: Booked
Area Occupied: 50,000 sq.ft
Category/Format : Departmental store
Anchor 2: Time Zone
Status: Booked
No. of Floors: Top Floor
Area Occupied: 14,000 sq.ft
263
KEY FINDINGS
The industry has come a long way, albeit in a very short NORTH ZONE FINDINGS
span of time. The 126 percent growth in mall activity in
2004 was just the start-up of the engine following which ¡ Total supply of shopping centre space in the Northern
growth rate climbed down to 99 percent in 2005 and further region by end-2007 will be 16.75 million sq.ft from 69
fell to 61 percent in 2006. All this while the solid foundation operational malls, which will be an increase of nearly
of the Indian Shopping Centre industry was being laid, mall 85.7 percent over the space available in end-2006.
space had increased from 8.4 million sq.ft in 2005 to 16.7
million sq.ft in 2006. ¡ Till August 2007 only 53 malls were operational with
11.43 million sq.ft of built-up floor space and a good 16
In the second edition of the Malls in India 2005 research
projects are in the completion stage hoping to make it by
publication we projected a growth of 97.4 percent in 2005
the end of 2007.
and 61.7 percent in 2007, with 32.7 million sq.ft and 54.3
million sq.ft of mall space for the two years respectively. ¡ The number of operational malls in the North zone will
Today, when we take stock of the situation, we find that the increase from 69 in 2007 to 195 by 2011
clock is back by one year, mainly because several announced
projects did not take off. ¡ Average ratio of land area to mall space for Delhi and the
The earlier projection of 87.8 million sq.ft of mall space by NCR is as 1 : 2.04, while for Jaipur it is 1 : 3.17; for
year 2007 is now likely to be achieved in year 2008 when Ludhiana it is higher at 1 : 3.64; in Lucknow it is 1 : 2.48
there will be more than 290 operational malls. The positive and the land to mall space ratio for Sonepat is the lowest
side of the picture is that the growth rate was projected to at 1.
be around 62 percent in 2007, which will now be in the
vicinity of 76 percent. Based on the status of mall projects ¡ For Delhi NCR malls the ration of mall space to GLA is as
under progress, this growth will further accelerate to 1 : 0.67, as compared to 1 : 0.94 in Sonepat, 1 : 0.65 in
85 percent in 2008, which will ensure availability of more Lucknow, 1: 0.42 in Ludhiana, 1 : 0.82 in Jaipur and
than 154 million sq.ft of quality retail space in 2009. The 1 : 0.76 is the average in the rest of the northern cities.
market will be at a mature height by year 2010 with nearly
205 sq.ft of mall space. WEST ZONE FINDINGS
Even modest growth thereafter should be able to push the ¡ Total supply of shopping centre space in Western India
mall space supply in the country to a level beyond by end-2007 will be 20.38 million sq.ft from 75
350 million sq.ft by 2015, with more than 750 malls operational malls, which will be an increase of nearly
operational by then. 75 percent over the space available in end-2006
This study also identifies 36 mega mall projects, each of
these with a built-up floor space of more than 10 lakh (one ¡ As on August 2007 only 47 malls were operational with
million) sq.ft. The South zone accounts for 15 of these 13.1 million sq.ft of built-up floor space and a good 33
projects, the prominent ones being the Shobha Global Mall projects are in the completion stage hoping to make it by
in Bangalore (29.9 lakh sq.ft), DLF Bangalore (36 lakh sq.ft), the year-end.
DLF Hyderabad (26.5 lakh sq.ft) and a project by Kshitij
¡ Rate of growth in shopping centre space in the Western
Investment in Chennai (23 lakh sq.ft).
region, which was up to 2006 largely confined to
Prominent among the 10 mega mall projects in the West Mumbai and its suburbs, is now declining.
zone are DLF’s mall in Lower Parel, Mumbai (26.15 lakh
sq.ft), Prozone Golden Mall in Aurangabad (21.7 lakh sq.ft) ¡ From nearly 250 percent growth in mall space in 2005, it
and the Mumbai-Kurla Mall project by Kshitij (26 lakh sq.ft). declined to a 118 percent growth in 2006 and will settle
There are 10 such mega mall projects identified in the North to around 75 percent growth in 2007.
zone, which include the Mall of India at Gurgaon by DLF
Retail Developers (55.23 lakh sq.ft). ¡ Number of operational malls in the West zone will
increase from 75 in 2007 to 137 by 2011.
335
¡ Newer developments are mega projects with about 10 ¡ Besides Bangalore, Hyderabed and Chennai, mall
lakh sq.ft and above of mall space; and such projects are development in the South has also picked up in cities like
taking roots in the region’s tier-II cities as well. Kochi (one operational and five by 2010) and Mysore
(one operational and four by 2010). Coimbatore will have
¡ From 20.38 million sq.ft in 2007, mall space will more two malls by 2009, while Vijayavada will have two
than double to nearly 55 million sq.ft by 2011. operational malls a year earlier.
¡ Mumbai’s Crossroad Mall from Piramal Holdings was ¡ Average ratio of land area to mall space for Bangalore is
among the earliest of the malls in India. as 1 : 2.44, while for Hyderabad it is 1 : 4.65; for Chennai
it is slightly lower at 1 : 3.66; in Kochi it is 1 : 3.52 and the
¡ Average ratio of land area to mall space for Mumbai is as land to mall space ratio is again closer to that of
1 : 1.79, while for Pune it is 1 : 1.5 ; for Ahmedabad it is Bangalore in Mysore (1 : 2.69).
higher at 1 : 2.95 ; in Nagpur it is 1 : 2.61 and the land to
mall space ratio for Indore is 1 : 2.84; while the average ¡ Bangalore malls are better placed with a ration of mall
for the other cities is 1 : 2.02. space to GLA as 1 : 0.48 as compared to 1 : 0.53 in
Hyderabad, 1 : 0.63 in Chennai and 1 : 0.76 in Kochi.
¡ For malls in Mumbai the ration of mall space to GLA is as
1 : 0.65 as compared to 1 : 0.78 in Pune, 1 : 0.597 in ¡ Projected shopping centre space in South India by
Ahmedabad, 1: 0.66 in Nagpur, 1 : 0.85 in Indore and 2007-end, Bangalore will account for 39 percent; followed
1 : 0.66 is the average for the rest of the Western cities. by Chennai (33 percent), Hyderabad (15 percent) and
Mysore accounting for nearly eight percent of the mall
¡ Till 2006 the share of Mumbai in the total mall space space pie, respectively.
available in the Western zone was a dominating
73 percent – the domination continues but the share is to EAST ZONE FINDINGS
get reduced to 67 percent by end-2007.
¡ The East zone had its first mall in 2002 with The City
¡ Major gainers are Pune, whose share will increase form
Centre.
five percent a year ago to seven percent, while
Ahmedabad’s share doubles from four percent to eight ¡ By the end of this year there will be a total of 14 malls
percent and Nagpur increases its share from six to eight operational in the East, out of which nine are located in
percent. Kolkata and five in the other major urban centres.
SOUTH ZONE FINDINGS ¡ Together, these 14 malls will offer 11.91 million sq.ft of
quality retail space.
¡ Total supply of shopping centre space in South India by
end-2007 will be 19.02 million sq.ft, accounting for an ¡ A total of 47 malls will be operational in the East by 2010.
increase of over 12 million sq.ft of mall space by
end-2006. ¡ Besides Kolkata, maximum activity on this front is
happening in Asansol, Guwahati, Raipur and Siliguri.
¡ The rate of growth in shopping centre space (which was
only 37 percent in 2006 over the previous year) is now ¡ Average ratio of land area to mall space for Kolkata is as
going to see a whopping 178 percent increase in 2007! 1 : 2.24, while for the other urban centres it is as 1 : 2.08.
¡ From 68.4 lakh sq.ft in 2007, mall space will increase to ¡ Kolkata malls have more movement space within
nearly 476 lakh sq.ft in 2010. (1 : 0.67) as compared to the other centres, where for
every one square feet of mall space there is slightly larger
¡ Chennai has the distinction of giving the country its first GLA (1 : 0.69).
modern mall, Spencer’s Plaza, way back in 1990.
336
CONTRIBUTORS
ALAN A ALEXANDER
Alan A. Alexander is the president of Alexander Consultants for over twenty five years specialising
in the Management, Leasing and Consulting for income producing properties through out the
Western United States and South America. He is the former senior vice president of Fox &
Carskadon Management Corporation with a responsibility for a portfolio of commercial and
residential properties worth in excess of US$300 million dollars in four Western States. As
Director of Leasing for Fox & Carskadon Financial, Mr Alexander was responsible for the leasing of
all shopping centres owned by the company throughout the United States with a total portfolio in
excess of US$800 million dollars.
Mr Alexander was a member of the National Faculty of the Institute of Real Estate Management as a senior instructor
for both Shopping Centres and Office Buildings (1982-1998). In addition to classes taught in almost every major city in
the United States, he has instructed in Singapore, Canada, Mexico, Malaysia, Taiwan, Hong Kong, the Philippines,
Poland, China, Thailand, Holland, India, Argentina, Turkey and Jamaica.
AMIT BAGARIA & SUSMITA DASGUPTA

Amit Bagaria is Chairman and CEO of Asipac Group, India's leading provider of strategy, ideas,
concepts, planning and marketing solutions to the real estate industry, and India's No.1 real estate
marketing company. Since 1996, Asipac has worked on projects of ~356 million square feet,
valued at more than Rs.88,000 crores, including Mall/retail projects of 19.3 million square feet.
Currently, Asipac has sole selling rights for projects of 57.3 million square feet, valued at over
Rs.10,400 crores.
Susmita Dasgupta is an MBA from the Great Lakes Management Institute and Asst Vice President
in the Chairman's Office at Asipac.
ABOUT ASIPAC
Since 1996, Asipac has provided strategies, concepts, planning and marketing solutions for projects of >357 million
sq.ft, with value of >Rs.885 billion. Today, Asipac is India's No.1 property marketing company, with sole-selling rights
for >57 million sq.ft with a value of >Rs.101 billion.
Asipac has 14 large and four small ongoing projects in 10 cities. Our large projects have an average size of 3.05 million
sq.ft and value of Rs.6.9 billion. We are constantly shaping thought and building value. We were the first in India to:
● Plan and Lease a Shopping Mall of over one million square feet
● Lease retail spaces on a 'transparent' Actual Carpet Area basis
● Conceptualise, Plan and Sell themed villas of Rs.5-17 crore each
● Use printed Price Lists (with Validity Dates) for marketing Homes
● Sell Homes on MRP, with no hidden costs
● Theme a multi-product SEZ or a Business Park
ANSHUMAN MAGAZINE
Anshuman Magazine is the Managing Director of CB Richard Ellis, the world's largest Real Estate
consulting firm, for the South Asia region.
His association with the real estate industry began in the year 1994, with him being instrumental
in setting up operations for CB Richard Ellis practice in the Indian subcontinent.
In his current role, Anshuman has led the organization with a consistent and undivided focus,
resulting in CB Richard Ellis emerging among the largest Real Estate service provider in India. He
has been involved in some of the largest and most prestigious advisory assignments in the post
liberalization era in India, including the privatization of the four international airports (across the
four metropoliton cities in India) and disinvestment exercise for a portfolio of 26 Government owned hotel properties.
During his tenure, he assumed the lead role in assisting large number of Indian, American and other Multinational
Corporates to establish operations in India Under his guidance, CBRE has successfully delivered several projects across
India to provide effective real estate solutions for a diverse range of projects including IT Parks, Special Economic Zones,
Optimum Utilization of Real Estate Assets, Urban Infrastructure Developement, Industrial Estate Projects, Commercial
and Housing Projects, Hotels, IT / ITES / BPO, Retail and Entertainment, and townships etc. He has been advising
various international real estate financial institutions and private equity funds for investment in Indian real estate
market.
338
ANKUR ABOUT DTZ
SRIVASTAVA DTZ is a leading global real estate advisory and consultancy firm. More than 10,000
staff advise and act for leading multi-national companies, major financial institutions,
Ankur Srivastava is the governments, developers and investors in 40 countries around the world. With 200
Managing Director of DTZ, offices in 163 cities, DTZ provides integrated services in corporate consulting, agency,
India. Ankur has more than brokerage, valuation, corporate finance, property management and research. In the
eleven years of experience in Americas, DTZ delivers capital markets services and solutions to investors through DTZ
real estate consulting, Rockwood, and occupational real estate solutions to multi-national corporates through
transactions and corporate- our US alliance with The Staubach Company. DTZ Holdings plc, which is the largest
finance advisory for several shareholder in the DTZ operations, is a publicly quoted company, listed on the London
corporate and investor clients across the globe. Stock Exchange since 1987.
His diverse experience includes pioneering work on DTZ has an enviable presence in the important strategic markets of North East and
some of the largest IT infrastructure parks and South East Asia. DTZ set up operations in India in the year 2004. With the opening of
townships in the Indian sub-continent. He has worked offices in Bangalore, New Delhi and Mumbai and a project office in Chennai, DTZ is
in Singapore, UK and has been involved with advisory, now placed to provide an integrated service to global corporates throughout the
transaction and investment assignments across the subcontinent.
South and South-east Asian property markets.
ABHILASH LAL SHUBHENDU SAHA GAUTAM SARIN

Abhilash Lal is Director North Shubhendu Saha is Senior Gautam Sarin is Assistant
India and Head of Research & Manager with the Investment Manager with the Research
Consulting with DTZ India. Advisory group having more and Consulting team in DTZ
Abhilash has more than 18 than seven years of experience India. Gautam has varied
years of experience handling as a management consultant experience in real estate
senior roles in business in the field of urban & research domain and has also
development, strategy and transport infrastructure been involved in numerous
operations. including real estate. consulting assignments.
ANUJ PURI
As Chairman & Country Head of Jones Lang LaSalle Meghraj, Anuj Puri is responsible for the overall direction,
strategy and growth of the firm, which is the largest premiere real estate services firm in India. He is a
respected leader in the Indian real estate industry and speaks regularly as a subject matter expert to bring
awareness of Indian real estate opportunities both within India and across the globe.
In this capacity, Anuj Puri oversees a team of over 2,800 staff in 10 cities across India. He enjoys strong
relationships with both private investors as well as local and global corporates and interacts regularly with
key clients to uncover opportunities in the rapidly moving Indian market.
ABOUT JONES LANG LASALLE MEGHRAJ
Jones Lang LaSalle Meghraj results from a landmark merger between the former Trammell Crow Meghraj and Jones Lang Lasalle. It is the
pre-eminent and largest real estate services provider in India. The firm services international investors, corporates and local clients who
are growing rapidly, both in India and globally.
Jones Lang LaSalle Meghraj provides a strong and deep pool of management expertise with a staff of over 2800, and the largest
geographic footprint across India with offices in ten cities. This gives the firm a matchless competitive edge. The company expects to
exceed USD 100 million in revenue in the next two years. It represents a robust platform of service delivery, coverage and depth for
clients.
Jones Lang LaSalle Meghraj specializes in providing real estate advice to corporates and institutions who have either recently arrived in
the country or already have an established presence. It is the range of international real estate experience supported by a thorough
understanding of local and regional markets in India that allows us to advice on how a property portfolio can best contribute to a
Corporation's overall profitability.
With a team of over 2800 professionals, carefully selected for their capability, professionalism and the ability to appreciate clients'
requirements, Jones Lang LaSalle Meghraj services clients in ten key cities in India. It currently manages 44 million square feet of real
estate space.
Jones Lang LaSalle Meghraj operated in the following Indian cities:
● Bangalore ● Kochi
● Chandigarh ● Kolkata
● Chennai ● Mumbai
● Coimbatore ● New Delhi
● Hyderabad ● Pune
339
PHILIP EVANS
Philip Evans is a Partner and Head of Retail, Greece, Cushman & Wakefield. With over 20
years of experience, Philip Evans is a recognised Retail Asset Management specialist.
Based in Athens, Philip is the Head of Retail services in Greece and is responsible for the
firms International Retail Management services.
As head of all retail services, including leasing, investment, development and Asset
management, he also oversees the firm's retail development and Asset Management
activities in the emerging markets of Central and South-Eastern Europe. Prior to
relocating to Athens in 2006, Philip was based in London as Head of Retail Asset
Management, Europe.
He has been responsible for delivering and managing some of the largest and most
prestigious retail developments throughout Europe. Philip is actively involved with the
International Council of Shopping Centres (ICSC) and is the Vice President of the Greek committee. He was
previously a Board member of the British Council of Shopping Centres (BCSC).
ABOUT CUSHMAN & WAKEFIELD
Cushman & Wakefield is the largest privately held premier real estate services firm in the world. Founded in
1917, the firm today has 201 offices in 55 countries around the globe with over 12,000 talented professionals.
Cushman & Wakefield is involved in every stage of the real estate process, from strategy to execution,
representing clients in buying, selling, financing, leasing, managing and valuing buildings that shape the skylines
of the world; and provide strategic planning and research, portfolio analysis, site selection, space location, project
and property management services.
● Acquisition ● Market Analysis

● Retail Advisory & Agency ● Occupancy Analysis
● Appraisal ● Project Management
● Demographic Studies ● Property Management
● Disposition ● Research
● Facilities Management ● Strategic Account Management
● Land & Industrial Agency ● Strategic Advisory
● Investment Advisory ● Tenant Representation
● Investment Sales ● Industrial Project Management
● Landlord Representation ● Construction Management
● Lease Advisory ● Residential Agency
● Commercial Agency ● Valuation
● Location & Site Selection ● Development Consulting
We strongly believe in maintaining integrity and achieving excellence in all that we do, creating a name that our clients
would always like to associate with.
OFFICES
New Delhi Kolkata Mumbai Bangalore

Cushman & Wakefield India Cushman & Wakefield India Cushman & Wakefield India Cushman & Wakefield India
B-6/8, Commercial Complex Apeejay House, Block A, 8th Floor First Floor, Mafatlal House 578, Syndicate Bank Road
Safdarjung Enclave 15 Park Street Padma Bhushan H. T. Parekh Marg Indiranagar, Ist Stage
New Delhi 110 029 Kolkata 700 016 Churchgate, Mumbai 400 020 Bangalore 560 038
Tel : 91 11 26192512-17 Tel : 91 33 2217 1136 Tel : 91 22 2281 3317 / 19 / 20 Tel : 91 80 2521 9631 / 9756-8
Fax : 91 11 26195829 Fax : 91 33 2217 1137 Fax : 91 22 2202 5165 Fax : 91 80 2521 9755
Gurgaon Chennai Hyderabad Pune

Cushman & Wakefield India Cushman & Wakefield India Cushman & Wakefield India Cushman & Wakefield India
14th Floor, Tower C 'Paramount Plaza, 5th Floor Suite No. 201, DBS House. Unit No. 804-B, 8th Floor, B Wing
Building No. 8, DLF Cyber City #7A/22 Nungambakkam 1-7-43-46, Sardar Patel Road ICC Trade Towers
Gurgaon 122 002 High Road Secunderabad 500 003 Senapati Bapat Road
Tel: 95 124 469 5555 Chennai 600034 Tel : 91 40 2784 6970 Pune 411 016
Fax : 91 124 469 5566 Tel: 91 44 4299 5555 Fax : 91 40 2784 6855 Tel : 91 20 4003 2223-26
Fax : 91 44 4299 5565 Fax : 91 20 4003 2227
340
N V SIVAKUMAR
NV Sivakumar is the Executive Director, PricewaterhouseCoopers Private Limited,
based in Bangalore. This Chartered Accountant also has a Commerce degree from
the Indian Institute of Management and Commerce, Hyderabad.
Sivakumar has over two decades of experience in PwC, assuming varied roles
within the Assurance and Advisory Services practice disciplines. Based in
Bangalore, he has been the lead partner for several of the firms key clients. He
also has an international experience having worked in PwC Offices in the Middle
East and London for over three years.
Sivakumar has been lead Partner for several of the firm's key accounts, including, Britannia Industries Limited
(Danone Group), Birla 3M Limited (3M Inc.,), Volvo India Private Limited, ITC Filtrona Limited, Parry Monsanto
Seeds Private Limited, to name a few. He has also audited/advised large MNCs in the Retail and Consumer
Industry sectors, including Metro Cash and Carry, Landmark Group, Britannia Industries, UB Group, etc.
ABOUT PRICEWATERHOUSECOOPERS
PricewaterhouseCoopers Pvt. Ltd. (www.pwc.com/india) provides industry - focused tax and advisory services to
build public trust and enhance value for its clients and their stakeholders. PwC professionals work collaboratively
using connected thinking to develop fresh perspectives and practical advice.
Complementing our depth of industry expertise and breadth of skills is our sound knowledge of the local
business environment in India. PricewaterhouseCoopers is committed to working with our clients to deliver the
solutions that help them take on the challenges of the ever-changing business environment.
PwC has offices in Bangalore, Bhubaneshwar, Chennai, Gurgaon, Hyderabad, Kolkata, Mumbai, New Delhi and
Pune.
“PricewaterhouseCoopers”, a registered trademark, refers to PricewaterhouseCoopers Private Limited (a limited
company in India) or, as the context requires, other member firms of PricewaterhouseCoopers International
Limited, each of which is a separate and independent legal entity.
PANDRANG ROW
Pandrang Row is a Partner and Chief Brand Communication
Officer at Vertebrand Management Consulting, one of India's leading brand consultancies.
Prior to this assignment he has worked with various advertising agencies including J Walter
Thompson, McCann Ericsson and Ogilvy & Mather.
ABOUT VERTEBRAND
Vertebrand helps its clients to grow their business by helping then grow their brands. The
company has developed a range of consultancy products that cover every aspect of brand building:
Vertebrand has a real edge that comes from the composition of its personnel. Thanks to a unique combination
of left-brain and right-brain thinking the brand consultancy has the capacity to add a creative edge that stems
from a scientific core. Professionals at Vertebrand largely comprise MBAs from IIM-C, IIM-A, Symbiosis and
international institutions. They also have people with a background of branding and marketing creativity from
some of India's top advertising agencies.
SHILPA MALIK
Shilpa Malik is a senior professional in the development industry, currently, the General
Manager of Select Infrastructure Pvt Ltd, a niche development firm, she has developed
the 1.3 million Sq.Ft. SELECT CITYWALK, a US$100 million Shopping Centre and
Mixed-Use Development in Saket, South Delhi.
She has also authored the first ever book on the Indian Retail and Shopping Centre
Industry, The IMAGES Malls in India, which was released in 2004 and circulated
industry-wide in India and overseas.
341

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SHOPPING CENTRE

DEVELOPERS & DEVELOPMENTS

IMAGES has received global recognition for its bold initiatives –

IMAGES also officially represents India in various international fora.

IMAGES’ concepts of demand creation among consumers have excited

www. imagesfashion .com • www. indiaretailing . com • www. imagesretail .com

IMAGES Multimedia, New Delhi, 2007

Cover Price: Rs.2,500 • Overseas: US$100

CONSUMER DEMOGRAPHICS & CHANGING CONSUMPTION

PART II: Mall Profiles 157

KEY FINDINGS 334

EXECUTIVE SUMMARY The Forum, Bangalore

Malls in India 2007

tenant profile to organised retail chains alone. It

patterns of mall development in detail, while

The Forum, Kolkata

MGF Metropolitan Mall, Gurgaon

the evolution of shopping centres in less than 10

the latter being a reflection of sustainability of

SRS Mall, Delhi NCR

In the last couple of years the growth in commercial

Food court at a popular Indian mall

The Tata Group has joined hands with private equity

Brand Factory, Hyderabad

In what could perhaps become a trend in the booming

BIG DEALS IN REALTY

traditional retailers, are now planning to expand within

With GDP growth expected to continue at a level above

economy at large, and one realises exactly why the

Reliance Mart, Ahmedabad

The need for Grade-A Office Space is on the rise in India

With all indicators pointing to continued robustness in

DLF Corporate Park Gurgaon

of the Indian RE market in terms of value. Low per capita housing

is expected to grow to 56 million sq.ft in 2007. The Indian

absorption of 2.4 million sq.ft in 2005 that grew to 10.6

Hospitality Segment Commercial real estate is an important component of the real

India: 2020 Households Earning more than US$5,000 pa

sector and also to reduce inflationary pressures in the economy by

IT Park at Hi-Tech City, Hyderabad

COMMERCIAL REAL ESTATE OVERVIEW

Source: Cushman & Wakefield

Source: Cushman & Wakefield

Source: Cushman & Wakefield

between supply and demand. Activity levels are set to remain at

The West End of London once again

On average, European vacancy was trending down due to the

and significantly above the 2006 global average of 12.2

Office space at Abu Dhabi

Source: Cushman & Wakefield Source: Cushman & Wakefield

Top Ten Locations In The Americas

Toronto Bloor Street 187 1,571

rise of hypermarkets and shopping centres, although it is clear

Samaritaine Mall, France

Top Ten Locations In Europe Top Ten Locations In Asia Pacific

retailers and investors. Rents have been boosted by steady

Ibn Battuta Mall, Dubai

the growth in intra-regional trade should

As far as retail property is concerned,

Beijing delivered another good performance in 2006. Take-up

Global Office Rents

Global Retail Rents