Report-Malls in India

Malls in India
NORTHBRIDGE CAPITAL
Asia Investment Banking Research

Northbridge Capital is an Investment Bank (Category I Merchant Bank) regulated by SEBI. SEBI Registration : INM000011500
Copyright 2011. Northbridge Capital. All Rights Reserved. www.norhbridgaasia.com

Analyst Vikrant More July 2011
vikrant.more@northbridgeasia.com

EXECUTIVE SUMMARY
- Retail is Indias largest sector, and contribution
of retail sector in the GDP is estimated in the
range of 10 to 12%
- Retail sector in India contributes 8% of total
employment which makes it 2
nd
largest
employment provider after agriculture.
- More than 80% of the retail sector in the
country is concentrated in the large cities.
- Indian Retail sector is the fifth largest global
retail destination. India retail market is
dominated by the unorganized sector and
organized sector roughly accounts for 5% of
the total market.
- This report summarizes the information about
various malls in India and states upcoming
malls in the country also classifies them as
Luxury malls, Type A and B malls.
- This report also includes profiles of major mall
developers and major malls in the country.
- As per the report existing and upcoming malls
together in 7 metros and top 50 cities are
approximately 850 in number.
- Following table will give brief idea about the
contribution of few cities to this number.
-
Name of the City No of Malls
Mumbai (MMR) 122
Delhi (NCR) 185
Chennai 36
Kolkata 32
Bangalore 77
Hyderabad 54
Pune 36
Bhopal 23
Lucknow 22
Kanpur 22
kochi 14
Jaipur 12

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CONTENTS

Overview of Retail Sector in India _____________________________________________________ 1

FDI in Retail _______________________________________________________________________ 2

Market Structure ___________________________________________________________________ 3

Prices Of Real Estate __________________________________________________________________ 4

Major Players ________________________________________________________________________ 8

Upcoming Malls In India In Year 2013 ________________________________________________ 21

Upcoming Malls In India In Year 2012 ________________________________________________ 23

Upcoming Malls In India In Year 2011 _________________________________________________ 25

Mall Categories - Luxury, Type A, Type B ______________________________________________ 27

Major Malls In India _________________________________________________________________ 43

Outlook ____________________________________________________________________________ 51

About Northbridge Capital ___________________________________________________________ 52

Malls in India
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Overview of Retail Sector in India
- The Q311 BMI India Retail Report forecasts
that total retail sales will grow from INR 19
trn (US$395.96bn) in 2011 to INR 30.23 trn
(US$785.12bn) by 2015.
- Strong underlying economic growth,
population expansion, the increasing
wealth of individuals and the rapid
construction of organized retail
infrastructure are key factors behind the
forecast growth.
- There will also be opportunities in Indias
second and third tier cities due to
expanding middle and upper class
consumer base. The greater availability of
personal credit and a growing vehicle
population providing improved mobility
also contribute to a trend towards annual
retail sales growth of 12.2%. Tourism is
also a major contributor to the Indian retail
sector.
- The growth in the overall retail market will
be driven largely by the explosion in the
organized retail sector. Domestic retailers
such as Reliance Retail and Pantaloon
Retail continue to invest heavily in
increasing their store networks and
improving in-store offerings, and the
impact they have on growth will be
boosted by the arrival of expansion
orientated multinationals.
- The Indian middle class, target consumers
for many companies, is expected to swell
up to 267 million people in the next five
years, up 67 per cent from the current
levels, thus providing a great market
opportunity for firms, according to
NCAER.
- Growth of IT/ITES and other service
sectors has increased the disposable
income of middle class in India. This
resulted into high spending on food,
apparels, luxury products etc realizing an
opportunity to develop Supermarkets,
hypermarkets and malls across the
country.
- Recession have affected the India causing
it to grow at less pace but the rebounce of
economy after recession has boosted
confidence of consumers and thus of mall
developers and owners.

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FDI in Retail Sector
Liberalization of FDI norms for real estate in 2005 has set the growth path for the sector.

Government has permitted FDI in single brand retail upto 51% in joint venture for the retail of
branded products. Brands like Adidas, Nokia; Amway, Samsung, Sony etc are the examples of
single brand products which are an outcome of FDI.

The present FDI regime allows 100 percent FDI in wholesale cash and carry. No FDI is allowed
in multi brand retail.

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Market Structure
Major formats in retail are;
Format Description Value proposition
Branded stores
Exclusive showrooms either
owned or franchised out by a
manufacturer.
Complete range available for
a given brand, certified
product quality
Specialty Stores
Focus on a specific consumer
need, carry most of the brands
available
Greater choice to the
consumer, comparison
between brands is possible
Department Stores
Large stores having a wide
variety of products, organized
into different departments
such as clothing, house wares,
furniture, appliances, toys, etc
One stop shop catering to
varied/ consumer needs.
Supermarkets
Extremely large self-service
retail outlets
One stop shop catering to
varied consumer needs
Discount Stores
Stores offering discounts on
the retail price through selling
high volumes and reaping
economies of scale
Low Prices
Hypermarkets
Larger than a supermarket,
sometimes with a warehouse
appearance, generally located
in quieter parts of the city
Low prices, vast choice
available including services
such as cafeterias.
Convenience stores
Small self-service formats
located in crowded urban
areas.
Convenient location and
extended operating hours.
Shopping Malls
An enclosure having different
formats of in-store retailers,
all under one roof.
Variety of shops available to
each other.

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Prices of Real Estate

The chart below shows the property rates in different metros:

Mumbai Min Rs per sq Ft Max Rs per sq Ft
South Mumbai (Grade A) 50,000 80,000
South Mumbai (Grade B) 32,000 43,000
Worli (Grade A) 25,000 43,000
Worli ( Grade B) 18,500 32,000
Bandra (W) 20,000 30,000
Andheri (W) 12,000 18,000
Goregaon 7,500 10,000
Borivali 6,000 8,000
Ghatkopar 5,000 9,000
Thane 4,000 8,500
Vashi 5,000 8,000
Mulund 5,000 9,500
Powai 6,000 15,000
Bhandup 5,000 7,500
Sion / Chembur 6,000 10,500
Central Mumbai (Parel, Sewri, Byculla etc) 10,500 17,500

NCR Min Rs per sq Ft Max Rs per sq Ft
Chanakyapuri 42250 48000
Jor Bagh 42500 48000
Golf Links 42000 46500
Greater Kailash I & II 12000 16500
Defence Colony 13500 20500
Rohini / Pitampura 3500 6800
East Delhi 4250 7200
Anand Niketan 15000 24000
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NCR Min Rs per sq Ft Max Rs per sq Ft
Anand Niketan 15000 24000
Friends Colony (W) 13500 22500
Green Park 11750 18500
New Friends Colony 12500 18000
Janakpuri 4500 7600
Dwarka 3800 6800
Vasant Kunj 6000 10000
Old Ghaziabad 1800 5500
Vaishali / Vasundhara- Ghaziabad 2250 3400
NH- 24 - Ghaziabad 1800 2400
Indirapuram - Ghaziabad 2600 3800
Pockets in Gurgaon
DLF Phase 1-4 / Sushant Lok 3500 8200
Golf Course Road - Gurgaon 5000 8000
Extended Golf Course Road / Sohna Road - Gurgaon 2500 5850
Noida 3200 6200
Express Highway - Noida 2590 6500
Greater Noida 1995 3000
Greater Noida (Grade A Only) 3150 6500
Nehar Par- Faridabad 1800 2600
Suraj Kund 3250 5000
Old Faridabad 4000 6000
NH - 2 Faridabad 3700 4500

Chennai Min Rs per sq Ft Max Rs per sq Ft
Egmore/Kilpauk 5500 6800
Boat Club 14000 16500
Poes Garden 13000 15500
T Nagar 7300 9000
RA Puram 8000 10000
Ashok Nagar 5500 7400
Guindy 3200 6100
Vadapalani 3200 4800
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Chennai Min Rs per sq Ft Max Rs per sq Ft
Anna Nagar 7500 8500
Velachery- OMR Road 2700 3700
Moggapair 3300 4800

Kolkata Min Rs per sq Ft Max Rs per sq Ft
Ballygunge 8050 12000
Alipore 7600 10500
South of Park Street 4800 6200
Behala 2000 3000
New Town Rajarhat 2350 3400
Salt Lake 3050 4300

Bangalore Min Rs per sq Ft Max Rs per sq Ft
MG Road 12000 17000
Koramangala 6500 8000
Indira Nagar 6500 8500
Malleshwaram 5800 8000
JP Nagar 3000 5000
Basavangudi 4500 6500
Rajaji Nagar 3500 5900
Banaswadi 2700 4500
Bellary Road 3000 4500
Whitefield 2300 4500
BTM Layout 3300 5500

Pune Min Rs per sq Ft Max Rs per sq Ft
Koregaon Park 5800 12000
Boat Club Road 6000 12000
Deccan 7100 8500
Sopan Baug / Uday Baug 3500 5000
Kalyaninagar 5500 10000
Aundh 4000 6500
Hadapsar 2600 5000
Kothrud 3500 5250
Viman Nagar 3200 5500
Wanorie 3000 4500

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Pune Min Rs per sq Ft Max Rs per sq Ft
Kondhwa - Undri 2000 4500
Karve Road 4000 7000
Baner 2800 8500
(Source : Times of India)

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Major Players

DLF
- It is India's largest real estate company in
terms of revenues, earnings, market
capitalisation and developable area.
- DLF's primary business is development of
residential, commercial and retail
properties. DLF has also forayed into
infrastructure, SEZ and hotel businesses.
- The Retail Malls business is a major thrust
area for DLF.
- Currently, DLF is actively creating new
shopping and entertainment spaces all over
the country.
- With over 18 retail and entertainment
projects spanning across 8.5 million sq.ft of
area under operation, planning and
development.
- DLF has 11 operational malls and 5
upcoming malls. Most of the malls
developed by DLF are in NCR region.

DLF has following formats/models in retail
space;
DLF Emporio
- 150K - 200K sq.ft (18,580 sq.mt) of Retail
space
- Luxury brands and designer stores
- Exclusive offerings for cre'me de la cre'me
DLF City Centre Malls
- 150K - 350K sq.ft (32,516 sq.mt)
- Located in established shopping centers
- Premium retail, food and entertainment
offerings
Mall of India - Destination Malls
- Over 750K sq.ft (69,677 sq.mt)
- International standard design and
product
- Unparalleled scale and varied offerings
Galleria - Shopping Centers
- 50K - 100K sq.ft (9,290 sq.mt)
- Neighborhood centers located in
residential catchments
- For local retail and commercial players

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Following table summarizes the Mall profile of DLF

Name Of The Mall Location Area in Sq Ft
DLF City Center Mall Mehrauli Gurgaon Road, Gurgaon 260,000
DLF Grand Mall Mehrauli Gurgaon Road, Gurgaon 210,507
DLF Mega Mall Golf Course Road, Sector 28, Gurgaon 290,000
DLF Star Mall Sec 30. NH 8, Gurgaon 212,000
DLF South Point Mall Golf Course Road, Sector 53, Gurgaon 300,000
DLF Emporio Vasant Kunj, New Delhi 175,000
DLF Town Square Mall Sec 18, Noida 1,500,000
DLF Promenade Vasant Kunj, Delhi 225,000
DLF Galleria Mayur Vihar, New Delhi 210,000
DLF Place Saket, New Delhi 480,000
DLF Place Vasant Kunj 460,000
DLF Courtyard Saket, South Delhi 600,000
Mall Of India NOIDA 1,400,000
Mall Of India Sec 18, Noida 1,400,000
The South Court Saket District Centre,New Delhi 400,000
City Centre Kishengarh, Chandigarh 187,000
DLF Mall Lucknow 150,000
City Centre Kishengarh, Chandigarh 187,000

Unitech
- It offers the most diversified product mix
comprising residential, commercial/IT
parks, retail, hotels, amusement parks and
SEZs.
- Unitech has developed Metro Walk in
Rohini, The Great India Place in Noida, and
Central in Gurgaon.
- Unitech expects to have malls in Mumbai,
Kolkata, Bengaluru, Hyderabad,
Chandigarh, Dehradun, Amritsar, Bhopal,
Mysore, Mangalore, Lucknow, Kochi,
Trivandrum and Siliguri by 2012.
- Two amusement parks Worlds of Wonder
in Noida and Adventure Island in Rohini
are designed to fulfill a long felt need in
Delhi.
- Unitech has completed 3 mall projects and
11 projects are in pipeline.

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Profile of Uniech in retail space is as follows;
Name Of The Mall Location Area In Sq Ft
Gurgaon Central Mehrauli Gurgaon Road, Gurgaon 125,000
Metro Walk Rohini, Delhi 200,000
The Great India Place Sec 38, Noida 900,000
The Couture NH 8, Delhi Gurgaon Border -
Gardens Galleria JP Nagar, Bengaluru 420,000
Downtown Uniworld City, New Town , Kolkata 400,000
The Chambers Rashbihari Connector, Kolkata -
The Great India Place Kolar Road, Bhopal 900,000
Gardens Galleria Rae Barelli Allahabad Highway, Lucknow 150,000
Unitech Great India Place Kochi 650,000

Parsvanath Developers
- Parsvnath Developers Limited is one of
Indias leading Real Estate Developers, with
pan India presence across 44 cities in 15
states.
- Parsvnath Developers Limited has a
portfolio which includes, Integrated
Townships, Group Housing, Commercial
Complexes, Hotels, I.T. Parks, B.O.T.
Projects, SEZs and 3rd Party Contracting.
- Till date, the company has total developable
area of over 196.83 million square feet
across all real state verticals.

Parsvnath Mall Manhattan Mathura Road, Faridabad 150,000
Parsvnath City Mall Faridabad 200,000
Parsvnath Mall Sec 10, Rohini, New Delhi 260,000
City Center Seelampur Seelampur -
Metro Malls Akshardham Akshardham Metro, New Delhi -
Metro Malls Azadpur Azadpur Metro -
Metro Malls Inderlok Inderlok Metro 142,000
Metro Malls Kashmere Gate Kashmere Gate Metro -
Metro Malls Pratapnagar Pratapnagar Metro -
Metro Malls Seelampur Seelampur Metro -

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Metro Malls Tis Hazari Tis Hazari Metro -
Metro Malls Welcome Welcome Metro -
Parsvanath Mall Sec 10, Rohini, New Delhi 2,40,000
Parsvanath Kaushambi Mall Ghaziabad -
Parsvanath Bibhab Plaza Greater Noida
Parsvanth City Centre Sec 3, Bhiwadi -
Parsvanath Mall Sec 8, Sonepat, Haryana -
Parsvanath City Centre
Railway Road, Sonepat,
Haryana -

Ansal API
- Ansal API currently operates in a range of
business verticals such as Integrated
Townships, Condominiums, Group
Housing, Malls, Shopping Complex, Hotels,
SEZs, IT Parks and Infrastructure and
Utility Services.
- Ansal API is focusing on ushering in new
realty and other infrastructure ventures in
cities like- Bhatinda, Mohali, Amritsar,
Ludhiana, Jalandhar, Jaipur, Jodhpur,
Ajmer, Sonepat, Panipat, Karnal,
Kurukshetra, Faridabad, Gurgaon, Greater
Noida, and Ghaziabad, Meerut, Agra,
Lucknow.

Ansal Plaza Palam Vihar,Gurgaon 260,000
Ansal Crown Plaza Sec 15 300,000
Ansal Plaza Khel Gaon Marg 175,000
Ansal Plaza Pari Chowk, Greater Noida 525,000
Ansal Plaza Vaishali, Ghaziabad 150,000
Ansal Plaza Vaishali, Ghaziabad 165,000
Ansal's Khazana Aashiana, Lucknow 800,000
Ansal Royal Plaza Jodhpur 130,000
Ansal Plaza Panipat 200,000
Ansal Plaza Ajmer 300,000

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Omaxe
- The company has completed more than
63.34 mn sq ft 30 mn sq ft of construction
projects and 33.34 mn sq ft of real estate
developments.
- The company is currently working on 40
real estate projects - 17 Integrated
Townships including a Township, 14 Group
Housing projects, 7 Shopping Malls &
Commercial Complexes, and 2 Hotel
projects.
- Omaxe has a portfolio of infrastructure and
construction contracting businesses as well.
In this vertical, there are 15 ongoing projects
that comprises of EPC Contracts, Roads &
Bridges construction. Omaxe has its
presence in 40 cities and 12 states across the
country.
- The company posted consolidated net
revenue of Rs 1522 cr and net profit of Rs
92.7 cr (on consolidated basis) in the Fiscal
year 2010-11.

Pearls Omaxe Mall Pitampura, Delhi 203,000
Celebration Mall Sohna Road, Gurgaon 180,000
Omaxe Square Jasola,Delhi 350,000
Pearls Omaxe Wazirpur, Delhi 350,000
Omaxe Gurgaon Mall Sohna Road, Gurgaon 165,000
Omaxe Arcade
Off Greater Noida Express Way, Greater
Noida
125,000
Omaxe NRI City Centre
Off Greater Noida Express Way, Greater
Noida
1,900,000
House2Home Gurgaon 200,000
Omaxe City Centre Sec 49, Gurgaon 400,000
Omaxe Connaught Place Beta 2, Greater Noida 1,000,000
Omaxe Mall Arera Colony,Bhopal 300,000
Omaxe City Centre Mall Lucknow 700,000
Omaxe Sangam City Mall Allahabad -
Omaxe Waterfront Mall Allahabad -
Omaxe SRK Mall Agra 190,000
Omaxe Plaza Ferozepur Road, Ludhiana 170,000
Omaxe Mall Jalandhar Bypass, GT Road, Ludhiana 350,000
Omaxe Terminal Mall Airport Road, Amritsar 400,000
Omaxe Novelty Mall Lawrence Road, Amritsar 125,000
Omaxe Mall Opp Kali Devi Temple, Patiala 275,000
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K. Raheja
- K Raheja Corp are the pioneers in
organized retail with early establishment of
a retail store know as Shopper's Stop.
- Crossword, Inorbit Mall & Hyper City are
some of the ventures of the company and
has a major footprint in retail space in India.
Its retail profile is as follows;
Inorbit Mall Malad West 550,000
Inorbit Mall Vashi 550,000
Infinity Mall Andheri, Mumbai 265,000
Hypercity Mall Malad 120,000
Raheja Hypercity Malad 100,000
Infinity Mall Goregaon, Mumbai 700,000
Raheja Mall Sohna Road, Gurgaon 290,000
Raheja Innovation Mall Sec 84, Gurgaon 210,000
Inorbit Mall Whitefield, Bangalore 339,000
Inorbit Mall Cyberabad 580,000
Inorbit Pune 527,000
Raheja Lakshya Jaipur -
Raheja Olympia Jaipur -
Raheja Expo Mall Panipat 300,000

MGF Developers
- It is a leading player in the field of retail
real estate and property development in
India. It was first in the sector to introduce
the concept of condominiums in the
country.
- MGF is one of the largest shopping mall
developers in the National Capital Region,
with almost 3 million sq.ft. of retail space
under development.
- Some of MGF Developments landmark
projects include the Metropolitan, The Plaza
and the City Square Mall in Gurgaon in
2003.
- MGF has 12 projects in its retail profile most
of them being in NCR.

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Its retail profile is as follows;
Gurgaon Metropolitan Mall Mehrauli Gurgaon Road, Gurgaon 250,000
MGF Mega City Mall Mehrauli Gurgaon Road, Gurgaon 200,000
MGF Metropolitan Mall Gurgaon 245,000
MGF Metropolitan Mall Saket District Centre 335,000
Emerald Plaza Golf Course Extension Road, Gurgaon 187,600
MGF Market Place North Delhi 100,000
MGF Metropolis Mall MG Road, Gurgaon 1,100,000
The City Square West Delhi 500,000
MGF City Mall Khyber Pass, North Delhi 550,000
The Metropolitan Mall Mall Road, Amritsar 250,000
MGF Metropolitan Mall Bais Godam Circle, Jaipur 250,000

TDI Group
- It has developed integrated townships and
commercial complexes in various locations
of North India.
- It has 5 operational and 7 upcoming
projects.
- TDI is also developing Mall cum
multiplexes in major cities of Delhi,
Haryana, Punjab, Uttar Pradesh and
Madhya Pradesh.
- Presently, TDI has 11 Malls cum
Multiplexes, 8 ultra modern offices cum
Retail complexes.

Retail profile of TDI is as follows;
TDI Mall Rajouri Garden,Delhi -
TDI Mall Kundli, Delhi 550,000
TDI Paragon Mall Rajori Garden,Delhi -
Rodeo Drive Kundli, Delhi 400,000
TDI Mall Sec 17, Chandigarh -
TDI Mall Agra 120,000
TDI Mall Agra 120,000
TDI Mall GT Road, Jalandhar 150,000
TDI Mall Ram Ganga Vihar, Moradabad 150,000
TDI Park Street NH1, Sonepat 500,000
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HDIL
- Housing Development & Infrastructure
Limited (HDIL) is one of Indias premier
real estate development companies, with
significant operations in the Mumbai
Metropolitan Region.
- HDIL group has completed more than 100
million sq.ft of construction in all verticals
of real estate.
- HDIL has also diversified into Energy,
Hospitality and Development of SEZs.

Harmony Goregaon West -

Oberoi Reality
- They have completed 34 projects covering
approximately 5 million square feet of
saleable area spread across the city of
Mumbai.
- The Oberoi Realty group currently manages
a portfolio spanning across Residential,
Office Space, Retail, Hospitality and Social
Infrastructure properties in Mumbai, the
commercial capital of India.

Oberoi Mall Goregaon, Mumbai 500,000

Brigade
- Brigade is one of South India's leading
property developers. Have a portfolio that
covers property development, property
management services, hospitality and
education.
- Projects being across several major cities in
South India: Chennai, Chikmagalur,
Hyderabad, Kochi, Mangalore and Mysore.

Brigade Enterprises Limited (BEL)
- BEL, Brigade Group's flagship company, is
a public limited company and has
completed over 100 residential, commercial,
retail and hospitality projects, covering over
20 million sft of developable area.
- Other upcoming projects include luxury
apartments, integrated enclaves, software
and retail facilities, serviced residences,
resorts, clubs, schools, 5-star hotels, a
convention centre, hospital and an SEZ.
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Orion Lifestyle Mall Rajajinagar, Bangalore 1,100,000
Brigade Orion Rajajinagar 800,000
Orion Mall Banaswadi 300,000
Brigade Mall Banaswadi, Bangalore 260,000

Nitesh
- Nitesh Estates the real estate arm of the
Nitesh Group, is a property development
company headquartered in Bangalore,
India.
- Nitesh Estates develops Homes, Hotels,
Office Buildings and Shopping Malls.
- The company has more than 18 million sq ft
of premium living, retail and work spaces
under various stages of development.

Nitesh Mall Indiranagar, Bangalore 750,000

Indiabulls
Indiabulls Group has a networth of Rs 16,796 Crore & has a strong presence in important
sectors like financial services, power & real estate through independently listed companies

Mega Mall Vijaya Raje Nagar, Jaipur 600,000
Mega Mall Pali Road, Jodhpur 600,000
Mega Mall CBD, Vadodara 600,000
Mint Near Hiranandani Meadows, Thane 800,000

Supertech
- Supertech Group has developed more than 33 million sq. ft. area of residential and commercial
property and more than 36 projects.
- Its various projects viz. Residential & Commercial Townships, Shopping Malls, Hotels and IT
Parks have either completed or about to complete.
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- In commercial segment, Supertech has developed Malls, Multiplexes and are now expanding
into Starred Hotels Category.
- Its new ventures include development of IT & Software Parks, where conglomeration of IT &
ITES companies will establishes their organizations and business ventures.
-
Shopprix Mall Sec 61, Noida 100,000
Shopprix Mall Kaushambi, Ghaziabad 125,000
Shopprix Mall Vaishali, Ghaziabad 125,000
Shopprix Mall Meerut 450,000
The Pentagon Mall Haridwar 750,000
Metropolis Mall Rudrapur 275,000

Senior builders
Senior Mall Gurgaon 125,000
Senior Mall Destination Point, Faridabad 175,000
Central Plaza Opp DLF Golf Club, Gurgaon 125,000
Senior Mall Sec 32, Noida 125,000

Runwal
Runwal group is one of the leading players in several segments including construction and
retail.
R City Ghatkopar West 660,000
R Mall Mulund West 250,000
R Mall 2 Thane West 300,000
R Odeon Mall Ghatkopar East 500,000
Runwal Gold Mall Pune Solapur Road 250,000

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Nirmal Lifestyle
- It has developed more than 50 lac sq. ft. residential and commercial complexes.
- The group has been instrumental in promoting Mulund as a preferred destination for both
residential and commercial spaces, hence branding Mulund as the Prince of Suburbs.
- Nirmal Lifestyle is on a rapid pace of building and developing one of Indias largest shopping
and convention center with malls, five star super deluxe and deluxe hotels in Mulund.

Name Of The Mall
Location Area In Sq Ft
Nirmal Lifestyles Mulund, Mumbai 1,000,000
Nirmal Lifestyle II Mall Mulund, Mumbai 700,000

Satra Properties
- It is a prominent real estate company with a focus on Premium Residential Apartments,
Commercial premises, Malls and Hotels.
- Majority of Projects are located at premium locations in Mumbai.
- It follows a sale model and going forward, plans to adopt a lease model for retail malls.
- It is in the process of acquiring significant development rights under Slum Rehabilitation
Scheme in the heart of Mumbai City.
Dreams The Mall Bhandup West, Mumbai 1,100,000
Prime Mall Vile Parle, Mumbai 130,000
Dreams The Mall Borivili, Mumbai 315,170
Dreams The Mall Vashi, Mumbai 400,000
Prime Mall Downtown Hughes Road, South Mumbai 280,000

Kanakia
- Have delivered more than 10 million sq. ft.
of residential and commercial projects.
- Company has over 5 million sq. ft. of space
under various stages of development
countrywide

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Prime Mall Mira Road 280,000
Eternity Mall Thane, Mumbai 500,000
Wonder Mall Thane, Mumbai 100,000
Eternity Mall Gomti Nagar, Lucknow 600,000
Eternity Mall Variety Square, Nagpur 120,000

Thakur Group
Thakur Mall Kandivali, Mumbai 150,000
Thakur Mall Mira Road, Mumbai 120,000
Thakur Mall Dahisar, Mumbai 1,700,000

Kalpataru
- Kalpataru Limited, is the flagship real estate
company of the Kalpataru group of
companies.
- The focus has been on the development of
premium residential, commercial, retail,
integrated townships, lifestyle gated
communities and redevelopment projects
primarily in the Mumbai Metropolitan
Region (MMR) & Pune.
- The group is also undertaking projects in
other cities such as Hyderabad, Surat,
Nagpur, Jaipur & Udaipur.

Korum Mall Thane, Mumbai 500,000

Forum projects
Forum Bantala Kolkata 3,500,000
Forum Mall Elgin Road 200,000
Rangoli Opp Netaji Subhash University, Kolkata 350,000
Park View Kolkata 1,000,000
Forum Courtyard Kolkata 200,000
Forum Bhubaneshwar Bhubaneshwar 585,000
Forum Mart Bhubaneshwar 200,000
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JP-ISCON Ltd
- ISCON Group, has developed over 35 lakh square feet of residential, corporate, commercial &
retail space across Gujarat (Ahmadabad, Vadodara, Surat, Rajkot, Bhavnagar, Anand and
Deesa) and Mumbai.
- The ISCON Group is currently on building Townships, Malls, Residential Complexes and
Commercial Spaces in properties it has acquired in locations around the country.

Iscon Mega Mall S G Highway, Ahmedabad 450,000
Iscon Mall Ahmedabad 200,000
Iscon Mega Mall Vadodara -
Iscon Mall Rajkot 160,000
Iscon Mega Mall Rajkot 210,000
Iscon Mall Surat 300,000

Peninsula
- Have developed approximately 3 million sq. ft. of real estate and another 20 million sq.ft. is in
various stages of planning and development.
- It has presence in Residential projects, Commercial projects, Information Technology Parks,
Special Economic Zones and Townships.

Crossroads Haji Ali, Mumbai 150,000
CR2 Nariman Point, Mumbai 259,000

20

Malls in India
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Upcoming Malls in India in Year 2013
Metros
Name of the Mall Location Area in sq ft
Gardens Galleria Sec 38a, Noida 385,000
Park Central Parklands, Faridabad -
Emerald Plaza Golf Course Extension Road, Gurgaon 187,600
The Gateway Mall Gt Road, Ghaziabad 500,000
Grand Venezia Mall Pari Chowk, Greater Noida 650,000
Metrozone Mall Anna Nagar West 1,250,000
Bulchee Mall Marathali Sarjapur Road 300,000
Sjr Spectrum Mall Bannerghatta Road 510,000
Sattva Platinum Mall OMR 700,000
Sattva Fortune Mall Rajajinagar 500,000
Century Mall Hebbal 1,200,000
Sobha Global Mall City West 750,000
Suraj Mall CBD, Bangalore 120,000
Forum Mall @ Shantiniketan Whitefield, Bangalore 450,000
Phoenix Market City Rajajinagar, Bangalore 1,200,000
Sjr Spectrum Mall Marathali Sarjapur Road 450,000
Mpm Mall Pocharam 150,000
Phoenix Mall Kukatpally, Hyderabad 1,000,000
Mahavir Mall Somajiguda 150,000
Forum Crystall Mall Kukatpally 800,000
Soma Mall Rtc X Roads 1,000,000

21

Malls in India
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Top 50 cities
Name Of The MALL Location Area In Sq Ft
Parshavnath Planet Plaza Lucknow 100,000
Purvanchal Square Vrindavan Yojna 110,000
Ceramic Mall Harsh Nagar, Kanpur -
Ratan Zone Coca-Cola Crossing, Kanpur -
Baani Mega Mall NH 47, Kochi 400,000
Forum Thomsun Mall Kochi 910,000
City Centre Patna Lodi Pur,Patna -

22

Malls in India
NORTHBRIDGE CAPITAL


Metros
Viva City Mall Thane West 1,000,000
Raheja Innovation Mall Sec 84, Gurgaon 210,000
Paradise Mall Rajouri Garden, Delhi 390,000
Shipra Mall II Indirapuram 360,000
Kings Mall Rohini, Delhi 162,500
The Laurel Mall GST Road 160,000
Marg Junction Mall Karapakam 626,000
Marina Grand Mall Siruchery 540,000
TVH Mall Adyar 500,000
Neomall Electronics City 1,690,000
FBD Mall Marathali Sarjapur Road 350,000
RMZ Galleria Yelahanka 450,000
Gopalan Innovation Mall Bannerghatta Road 180,000
Vaishnavi Sapphire Yeshwanthpura 255,000
ETA City Mall City West 500,000
INXS Mall ORR Central Silk Board Junction 350,000
Brigade Mall Banaswadi, Bangalore 260,000
G Corp Mall Lalbagh Road 300,000
MPM Times Square Nagarjuna Hills 200,000
Jewel Box Hafeezpet Madhapur, Hitech City, Hyderabad 600,000
Prajay Celebrity Mall Abids 150,000
Urban Entertainment Centre Basheerbagh 1,300,000
Club 4 Mall Secunderabad 200,000

23

Malls in India
NORTHBRIDGE CAPITAL


Top 50 cities
C-21 Mall Hoshangabad Road 575,000
Aura Mall E8-Arera Colony 100,000
People's Multiplex Mall Karod 750,000
Max Mega Mall Raisen Road 360,000
Seven Dials Mall British Park 490,000
Omaxe Mall Arera Colony,Bhopal 300,000
DLF Mall Lucknow 150,000
A 2 Z Shopping Mall Sisamau -
City Fashion Fazalganj -
XO (Tristar Group) Peelamedu Airport Road 200,000
Grand Mall Avinashi Road 140,000
Omaxe Waterfront Mall Allahabad -
Q1 Mall Kochi 440,000
Summit Mall MG Road 420,000
Alfa Mall Thiruvananthapuram 250,000
Big Infra Mall Thiruvananthapuram 150,000
Condor Mall Thiruvananthapuram 200,000
M-Square Mall Thiruvananthapuram 170,000
Plaza Arena Thiruvananthapuram 1,000,000
Varkeys Mall Thiruvananthapuram 125,000
Grand Hi Street Mall Calicut 750,000
Hilite Mall Calicut 760,000
Meezan Mega Mall Calicut 400,000
Orbit Mall Calicut 125,000
City Centre Raipur Vidhan Sabha Road,Raipur 650,000

24

Malls in India
NORTHBRIDGE CAPITAL


Metros
Moments Mall Patel Road, Delhi 400,000
The South Court Saket Disti Centre,New Delhi 400,000
Phoenix Market City Mall Velachery Road, Chennai 1,000,000
The Grand Velachery Sitaram Nagar 250,000
Gold Souk Grand GST Road 600,000
Junction Mall Karapakam 726,000
Coromandel Plaza Navalur 200,000
Ten Square Mall Koyambedu 150,000
Forum Mall Vadapalani 700,000
Neomall Neotown,Electronic City 538,000
Soul Space Arena Marathali Sarjapur Road 329,000
Royal Meenakshi Mall Bannerghatta Road 422,000
Vega Mall Bannerghatta Road 419,000
Gopalan Signature Mall OMR 300,000
One M G Road Off M G Road 180,000
Park Square @ ITPB Whitefield 450,000
Phoenix Market City Whitefield, Bangalore 900,000
Tapadia Maruti Heights Chanda Nagar 300,000
Prajay Princeton Towers Dilsukhnagar 200,000
Serene Estate Mall Hitech City 220,000
Manjeera Trinity Mall Kukatpally 425,000
Phoenix Market City Pune Nagar Road 1,078,000

25

Malls in India
NORTHBRIDGE CAPITAL


Top 50 Cities
Name of the Mall Location Area in Sq Ft
Aashima - The Lake City Mall Hoshangabad Road 600,000
Aakriti Multiplex Mall Nh-12 350,000
Bhopal Metro Plaza Arera Colony 460,000
Acer Mall Hoshangabad Road 460,000
Viva Collage Kolar Road 480,000
Kanha Multiplex Mall E-4 Arera Colony 500,000
Bhopal Green City Mall M.P. Nagar 510,000
Bhopal Big Cinemas Adlabs Prabhat Square 480,000
Essar Mall Rajajipuram -
Fun Republic Mall Peelamedu 420,000
The Grand coimbatore Avinashi Road 750,000
TVH Kovai Mall Trichy Road 215,000
Presidium Avinashi Road 587,000
Omaxe Sangam City Mall Allahabad -
Vishal Mall Chinna Chokkikulam 240,000
Lulu Cochin Mall Edapally 2,000,000
Metro One Kaloor -
Hanza Plaza Thiruvananthapuram 1,200,000
Nikunjam City Square Thiruvananthapuram 200,000
Nikunjam Sarass Mall Thiruvananthapuram 350,000
Blue Diamond Mall Calicut 125,000
Dreams The Mall Calicut 100,000
Hi Lite Plaza Calicut 1,000,000
Leader Mall Calicut 200,000
RP Mall Calicut -
Atlanta V Mall Jodhpur 350,000

26

Malls in India
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Mall Categories
Luxury Malls
Malls can be classified based on their area and exclusiveness they offer. Luxury malls are those
malls which offers high end luxury brands and maintain provides a sense of exclusiveness to its
customers. Currently there are only 4 luxury malls in India viz.;

DLF Emporio
- Located at Vasant Kunj delhi and spread over 3,20,000 Sq Ft area is the first luxury mall of
India.
- Some of the brands in DLF Emporio include Giorgio Armani, Salvatore Ferragamo, Louis
Vuitton, Cartier, Fendi, Dior, Just Cavali, DKNY, Tods, Suneet Varma, Burberry, Hugo Boss , JJ
Valaya, Tarun Tahiliani , Manish Arora, Ranna Gill, Ashima & Leena.
The collection @ UB city
- Brands at The Collection include Alfred Dunhill, Salvatore Ferragamo, estee Lauder, Mont
Blanc, Zimson, Rolex, Canali, ermenegildo Zegna, Louis Vuitton, Bottega Veneta, Etro, Kimaya,
Daum, Thann etc.
- It is a part of UB City at Bangalore and is spread over 1,30,000 Sq ft area.
Galleria Powai
- Developed by Hiranandani Builders at Powai Mumbai and is spread over 3,50,000 Sq Ft of
Area.
- Galleria Shopping Mall houses gaming arcade, food courts like Pizzeria, Dominos, Baskin
Robbins, Thai food, Indian Snacks and Pizza Hut.
Palladium Parel
It is a part of Phoenix Market City Mumbai being developed by The Phoenix Mills Ltd. It
houses various brand for men and Womens designer wears, designer footwears etc.

27

Malls in India
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Type A Malls (Area > 5,00,000 Sq Ft)
Type A Malls in Metros in India
MMR
Phoenix Market City Kurla, Mumbai 4,050,000
Thakur Mall Dahisar, Mumbai 1,700,000
Magnet Mall Bhandup, Mumbai 1,194,000
Dreams The Mall Bhandup West, Mumbai 1,100,000
Nirmal Lifestyles Mulund, Mumbai 1,000,000
Viva City Mall Thane West 1,000,000
Infinity Mall Goregaon, Mumbai 700,000
Akruti One World Mall Andheri East 700,000
Akruti One World Mall Panchpakhadi, Thane 700,000
Maxus Mall Bhayander, Mumbai 700,000
Nirmal Lifestyle II Mall Mulund, Mumbai 700,000
R City Ghatkopar West 660,000
High Street Phoenix Lower Parel 650,000
Growel 101 Mall Kandivli, Mumbai 650,000
R City Mall Ghatkopar, Mumbai 650,000
Lake City Mall Thane, Mumbai 600,000
RNA NG Mall Mumbai 600,000
Metro Junction Mall Kalyan East 550,000
Inorbit Mall Malad West 550,000
Inorbit Mall Vashi 550,000
Atria Millenium Mall Worli, Mumbai 550,000
Nirmal Lifestyle Mall Mulund West, Mumbai 500,000
Korum Mall Thane, Mumbai 500,000
Eternity Mall Thane, Mumbai 500,000
Oberoi Mall Goregaon, Mumbai 500,000
R Odeon Mall Ghatkopar East 500,000

28

Malls in India
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NCR
Omaxe NRI City Centre
Off Greater Noida Express Way,
Greater Noida
1,900,000
Ring Road Mall Rohini, Delhi 1,750,000
DLF Town Square Mall Sec 18, Noida 1,500,000
The Great India Place Sec 38, Noida 900,000
Ambience Mall NH 8, Gurgaon 875,000
Square 1 Mall Saket 850,000
Grand Venezia Mall Pari Chowk, Greater Noida 650,000
Select Citywalk Saket District Centre 600,000
DLF Courtyard Saket, South Delhi 600,000
Ambi Mall Vasant Kunj, New Delhi 560,000
TDI Mall Kundli, Delhi 550,000
Ansal Plaza Pari Chowk, Greater Noida 525,000
The City Square West Delhi 500,000
The Gateway Mall GT Road, Ghaziabad 500,000

Chennai
Forum Mall Vadapalani, Chennai 1,500,000
Metrozone Mall Anna Nagar West 1,250,000
The Promenade Egattur 1,100,000
Phoenix Market City Mall Velachery Road, Chennai 1,000,000
Express Avenue Royapettah 900,000
Junction Mall Karapakam 726,000
Forum Mall Vadapalani 700,000
Ampa Mall Aminjikarai 650,000
Marg Junction Mall Karapakam 626,000
Gold Souk Grand GST Road 600,000
Marina Grand Mall Siruchery 540,000
Spencer Plaza Anna Salai 530,000
29

Malls in India
NORTHBRIDGE CAPITAL


Kolkata
Forum Bantala Bantala 3,500,000
Park View Kolkata 1,000,000
Barnaparichay Mall Kolkata 800,000
Mani Square Mall E M Bypass 710,000
South City Mall Opp Jodhpur Park 610,000
Avani Riverside Kolkata 600,000
City Centre New Town Salt Lake, Kolkata 500,000

Bangalore
Neomall Electronics City 1,690,000
Century Mall Hebbal 1,200,000
Karle Town Centre Hebbal 1,200,000
Phoenix Market City Rajajinagar, Bangalore 1,200,000
Orion Lifestyle Mall Rajajinagar, Bangalore 1,100,000
RMZ Galleria Bangalore 1,000,000
Mantri Square Seshadripuram 920,000
Phoenix Market City Whitefield, Bangalore 900,000
Nitesh Mall Indiranagar, Bangalore 750,000
Sobha Global Mall City West 750,000
Iskcon Mall Kanakpura Road 700,000
Sattva Platinum Mall OMR 700,000
The Forum Hosur Road 625,000
Neomall Neotown,Electronic City 538,000
IDEB Grand Mall Marathali Sarjapur Road 535,000
SJR Spectrum Mall Bannerghatta Road 510,000
Sattva Fortune Mall Rajajinagar 500,000
ETA City Mall City West 500,000

30

Malls in India
NORTHBRIDGE CAPITAL


Hyderabad
Lanco Mall Lanco Hills 2,500,000
City capital mall Hitech City 1,828,000
Urban entertainment centre Basheerbagh 1,300,000
RMZ Esplande Mall Kukatpally 1,200,000
Forum mall Hyderabad 1,050,000
Phoenix Mall Kukatpally, hyderabad 1,000,000
soma mall RTC X roads 1,000,000
Forum Crystall Mall Kukatpally 800,000
Rain tree mall Kukatpally 657,000
Jewel box Hafeezpet Madhapur, Hitech City, hyderabad 600,000
Chorus Habsiguda 600,000
Inorbit Mall Cyberabad 580,000
Arena Town Centre Uppal 500,000

Pune
Phoenix Market City Pune Nagar Road 1,078,000
Arena Plaza Kharadi 1,000,000
Inorbit Pune 527,000
ICC Mall Senapati Bapat Marg 500,000

31

Malls in India
NORTHBRIDGE CAPITAL


Type A Malls (Area > 5,00,000 Sq Ft)
Type A Malls in Top 50 cities in India
Db City Arera Hills, Bhopal 1,350,000
Aashima - The Lake City Mall Hoshangabad Road, Bhopal 600,000
C-21 Mall Hoshangabad Road, Bhopal 575,000
People's Multiplex Mall Karod, Bhopal 750,000
Kanha Multiplex Mall E-4 Arera Colony, Bhopal 500,000
Bhopal Green City Mall M.P. Nagar, Bhopal 510,000
Mansarovar Complex Habibganj, Bhopal 1,200,000
The Great India Place Kolar Road, Bhopal 900,000
Phoenix United Mall Lucknow 600,000
Fun Republic Lucknow 970,000
Sahara Ganj Mall Lucknow 900,000
Gardens Galleria Mall Lucknow 500,000
Omaxe City Centre Mall Lucknow 700,000
Etrnity Mall Lucknow 600,000
Eternity Mall Gomti Nagar, Lucknow 600,000
Alpha One Vastrapur, Ahmedabad 700,000
Z Square Mall The Mall, Mg Marg 1,000,000
The Rave 3 V.I.P. Road 700,000
Rave Moti Rawatpur Crossing 700,000
Southx Mall Kidwai Nagar 500,000
The Grand Coimbatore Avinashi Road, Coimbatore 750,000
Presidium (Diamond Shopping Mall) Avinashi Road, Coimbatore 587,000
Nashik City Centre Mall Untwadi, Nashik 900,000
S.K.Open Mall College Road, Nashik 500,000
Empress Mall Nagpur 900,000
Shopping Mall M G Road, Nagpur 1,000,000
Treasure Market City Nh 3, Indore 1,123,000
The Malwa Hbn Mall Indore 600,000
Gold Souk Grand Nh 3, Indore 2,500,000
Phoenix United Mall Agra 700,000
Forum Thomsun Mall Kochi 910,000
Gold Souk Grande Vyttila, Kochi 500,000
Lulu Cochin Mall Edapally, Kochi 2,000,000
32

Malls in India
NORTHBRIDGE CAPITAL


Unitech Great India Place Kochi 6,50,000
Hanza Plaza Thiruvananthapuram 12,00,000
Plaza Arena Thiruvananthapuram 10,00,000
Grand Hi Street Mall Calicut 7,50,000
Hilite Mall Calicut 7,60,000
Hi Lite Plaza Calicut 10,00,000
Gold Souk Grand G T Road, Ludhiana 6,00,000
Pavilion Mall Mall Road, Ludhiana 5,00,000
Rap Melange Mall Dara Studio, Mohali 5,00,000
Viva Collage Gt Road, Jalandhar 6,50,000
Alpha One G T Road, Amritsar 5,40,000
Mega Mall Nh 65, Vijaya Raje Nagar, Jaipur 6,00,000
Jewel Of India Malviya Nagar, Jaipur 15,00,000
Mega Mall Cbd, Vadodara 6,00,000
Forum Bhubaneshwar Bhubaneshwar 5,85,000
Mega Mall Nh 65, Pali Road, Jodhpur 6,00,000
Tdi Park Street Nh1, Sonepat 5,00,000
Himalaya Mall Bhavnagar 7,00,000
City Centre Raipur Vidhan Sabha Road,Raipur 6,50,000
The Pentagon Mall Haridwar 7,50,000
Phoenix United Mall Pilibhit Bypass, Bareily 5,50,000

33

Malls in India
NORTHBRIDGE CAPITAL


Type B Malls (Area < 5,00,000 Sq Ft)

Type B Malls in Metros in India
MMR
Raghuleela Mall Kandivili, Mumbai 400,000
Dreams The Mall Vashi, Mumbai 400,000
Express Zone Mall Malad, Mumbai 400,000
Raghuleela Mall Vashi 375,000
Galleria Shopping Mall Powai, Mumbai 350,000
Dreams The Mall Borivili, Mumbai 315,170
R Mall 2 Thane West 300,000
Hi Way Mall Goregaon, Mumbai 300,000
Kohinoor City Mall Kurla, Mumbai 300,000
Palladium Mall Lower Parel, Mumbai 300,000
Prime Mall Downtown Hughes Road, South Mumbai 280,000
Infinity Mall Andheri, Mumbai 265,000
Cr2 Nariman Point, Mumbai 259,000
R Mall Mulund West 250,000
City Center Mall Vashi, Navi Mumbai 250,000
Centurion Nerul East, Navi Mumbai 250,000
Palm Beach Galleria Vashi, Mumbai 250,000
City Centre Vashi 250,000
Orchid City Center Mall Mumbai Central, Mumbai 250,000
Maxus Mall Kurla, Mumbai 250,000
Lacera Mall Kandivali, Mumbai 250,000
Big Thane Shopping Centre Thane, Mumbai 237,000
Tulip Arcade Mall Juhu, Mumbai 200,000
Littleworld Kharghar, Mumbai 200,000
City Mall Andheri, Mumbai 200,000
Cable Corp Mall Borivali, Mumbai 170,000
The Hub Mall Goregaon East 150,000
Thakur Mall Kandivali, Mumbai 150,000
Huma Mall Kanjur Marg, Mumbai 150,000
Royal Palms Shopping Mall Goregaon, Mumbai 150,000
34

Malls in India
NORTHBRIDGE CAPITAL


Crossroads Haji Ali, Mumbai 1,50,000
Atlantic Mall Dadar, Mumbai 1,50,000
D-Victorian Mall Borivili, Mumbai 1,40,000
Dheeraj Heritage Santacruz, Mumbai 1,35,000
Prime Mall Vile Parle, Mumbai 1,30,000
G7 Mall Andheri, Mumbai 1,30,000
Citi Mall Andheri, Mumbai 1,30,000
Center One Mall Vashi, Mumbai 1,25,000
Dynamix Mall Juhu, Mumbai 1,25,000
Evershine Mall Malad, Mumbai 1,25,000
Haiko Mall Powai, Mumbai 1,25,000
V Mall Kandivali, Mumbai 1,20,000
Hypercity Mall Malad 1,20,000
Maxus Meghraj Mall Vashi, Mumbai 1,20,000
Thakur Mall Mira Road, Mumbai 1,20,000
Sunrays Shopping Center Kandivali, Mumbai 1,20,000
Mega Mall Vashi, Mumbai 1,20,000
Orchard Road Mall Kandivali, Mumbai 1,20,000
Gold City Vashi, Mumbai 1,20,000
Wonder Mall Thane, Mumbai 1,00,000
Raheja Hypercity Malad 1,00,000
Milan Mall Santacruz West 1,00,000

NCR
DLF Place Saket, New Delhi 480,000
DLF Place Vasant Kunj 460,000
Mahagun Metro Mall Vaishali, Ghaziabad 415,373
Angel Mega Mall Kaushambi, Ghaziabad 400,000
SNG Plaza Noida 400,000
Moments Mall Patel Road, Delhi 400,000
Rodeo Drive Kundli, Delhi 400,000
The South Court Saket Disti Centre,New Delhi 400,000
Omaxe City Centre Sec 49, Gurgaon 400,000
35

Malls in India
NORTHBRIDGE CAPITAL


Paradise Mall Rajouri Garden, Delhi 3,90,000
Gardens Galleria Sec 38A, Noida 3,85,000
East Delhi Mall Kaushambi, Ghaziabad 3,60,000
Shipra Mall II Indirapuram 3,60,000
Centre Stage Mall Sec 18, Noida 3,50,000
Pacific Mall Subhashnagar, Ghaziabad 3,50,000
Shipra Mall Indirapuram 3,50,000
Omaxe Square Jasola,Delhi 3,50,000
DD Cruise G.T. Karnel Road, NH 1 3,50,000
MGF Metropolitan Mall Saket District Centre 3,35,000
Pacific Mall Sahibabad Industrial Area 3,25,000
DLF South Point Mall Golf Course Road, Sector 53, Gurgaon 3,00,000
V3S East Centre Mall Laxmi Nagar 3,00,000
Ansal Crown Plaza Sec 15 3,00,000
DT Mega Mall DLF City, Gurgaon 2,90,000
DLF Mega Mall Golf Course Road, Sector 28, Gurgaon 2,90,000
Raheja Mall Sohna Road, Gurgaon 2,90,000
West Gate Mall Shivaji Place 2,65,000
Splendor Forum Jasola,South Delhi 2,62,000
Ansal Plaza Palam Vihar,Gurgaon 2,60,000
DLF City Center Mall Mehrauli Gurgaon Road, Gurgaon 2,60,000
DT City Centre Shalimar Bagh 2,60,000
The Centrestage Mall Sec 18, Noida 2,56,000
Gurgaon Metropolitan Mall Mehrauli Gurgaon Road, Gurgaon 2,50,000
Vasant Square Mall Vasant Kunj 2,50,000
MMX Mall GT Road, Ghaziabad 2,50,000
D Mall Pitampura, Delhi 2,50,000
Sahara Mall MG Road, Gurgaon 2,47,000
D Mall Rohini, Delhi 2,45,000
MGF Metropolitan Mall Gurgaon 2,45,000
Aditya City Centre Indirapuram, Ghaziabad 2,40,000
Parsvanath Mall Sec 10, Rohini, New Delhi 2,40,000
Spice World Mall Sec 25 A , Noida 2,38,000

36

Malls in India
NORTHBRIDGE CAPITAL


DLF Promenade Vasant Kunj, Delhi 2,25,000
Vipul Agora M G Road, Gurgaon 2,15,000
DLF Star Mall Sec 30. NH 8, Gurgaon 2,12,000
AEZ Brand Factory Vaishali, Ghaziabad 2,10,000
DLF Galleria Mayur Vihar, New Delhi 2,10,000
Celebration Mall
Nehru Vikas Minar,
Ghaziabad 2,10,000
Raheja Innovation Mall Sec 84, Gurgaon 2,10,000
Pearls Omaxe Mall Pitampura, Delhi 2,03,000
MGF Mega City Mall
Mehrauli Gurgaon Road,
Gurgaon 2,00,000
Metro Walk Rohini, Delhi 2,00,000
Rohini City Centre Rohini, Delhi 2,00,000
North Gate Orbit Plaza Gujrawala Town 2,00,000
The Opulent Mall GT Road, Ghaziabad 2,00,000
ABW City Centre
Opp IMT Manesar Space,
Gurgaon 2,00,000
House2Home Gurgaon 2,00,000

Parsvnath City Mall Faridabad 2,00,000
Sunrise Mall Ghaziabad 2,00,000
Emerald Plaza
Golf Course Extension
Road, Gurgaon 1,87,600
Centrum Plaza Golf Course Road, Gurgaon 1,86,000
Gold Souk Sohna Road, Gurgaon 1,80,000
Celebration Mall Sohna Road, Gurgaon 1,80,000
EROS METRO Mall Dwaraka 1,75,000
SENIOR Mall
Destination Point,
Faridabad 1,75,000
Krishna Apra D Mall Indirapuram 1,75,000
Cross River Mall Shahdara, Delhi 1,75,000
Shop In Park North Shalimar Bagh 1,75,000
East End Mall Kaushambi, Ghaziabad 1,75,000
Ansal Plaza Khel Gaon Marg 1,75,000
Eros Marketplace Indirapuram 1,71,500
Orchid Agora MG Road, Gurgaon 1,70,000
JMD Galleria Sohna Road, Gurgaon 1,70,000
37

Malls in India
NORTHBRIDGE CAPITAL


City Square Mall Rajouri Garden 1,65,000
Ansal Plaza Vaishali, Ghaziabad 1,65,000
Star City Mall Mayur Place 1,63,500
Kings Mall Rohini, Delhi 1,62,500
The Next Door Parklands, Faridabad 1,60,000
Aditya Plaza Shahdara 1,56,000
West End Mall Janak Puri, Delhi 1,50,000
SRS World Sec 12 Faridabad 1,50,000
Parsvnath Mall Manhattan Mathura Road, Faridabad 1,50,000
Station One Mall Mathura Road, Faridabad 1,50,000
D Mall Paschim Vihar 1,50,000
Ansal Plaza Vaishali, Ghaziabad 1,50,000
Metro Malls Inderlok Inderlok Metro 1,42,091
Gardenia Sky Mall Faridabad 1,40,000
MB Mall Faridabad 1,32,351
Eros EF3 Mall Faridabad 1,30,000
Gurgaon Central Mehrauli Gurgaon Road, Gurgaon 1,25,000
Senior Mall Gurgaon 1,25,000
Shopprix Mall Vaishali, Ghaziabad 1,25,000
Omaxe Arcade
Off Greater Noida Express Way,
Greater Noida 1,25,000
Time Plaza Vasundhara, Ghaziabad 1,25,000
DD Mall Bawana , Delhi 1,25,000
Wedding Souk Pitampura, Delhi 1,00,000
KLJ Tower North Pitampura, Delhi 1,00,000
Aditya Mega Mall CBD, Shahdara,Delhi 1,00,000
Baani Square Gurgaon 1,00,000
Pristine Mall Faridabad 1,00,000
MGF Market Place North Delhi 1,00,000

38

Malls in India
NORTHBRIDGE CAPITAL


Chennai
P S Srijan Mall Chennai 350,000
Abirami Mall Egmore 325,000
Ampa Skywalk PH Road 300,000
Spencer Plaza Mount Road 250,000
The Grand Velachery Sitaram Nagar 250,000
Paramount Grand Mall Velachery 200,000
Coromandel Plaza Navalur 200,000
The Laurel Mall GST Road 160,000
Grand Venus Mall Perambur 160,000
Ramee Mall Anna Salai 150,000
Chandra Mega Mall Virugambakkam 150,000
Orchid Mall Padi 150,000
Ten Square Mall Koyambedu 150,000
Chennai Central Nungambakkum Road 127,000
Chennai Citi Centre Mylapore 117,600

Kolkata
City Centre Salt Lake Salt Lake, Kolkata 450,000
Downtown Uniworld City, New Town , Kolkata 400,000
Rpg Mall Kolkata 400,000
Spencer Galleria Beckbagan Xing 375,000
B T Road Kolkata 350,000
Axis Mall New Town 350,000
Rangoli Opp Netaji Subhash Open University 350,000
Metropolis Mall Highland Park 325,000
Acropolis Mall Rashbihari Connector, Kolkata 300,000
Lake Mall Kolkata 250,000
Galaxy Mall Opp Chitra Cinema Hall 220,000
Gariahaat Mall Jamir Lane 200,000
Forum Mall Elgin Road 200,000
Forum Courtyard Kolkata 200,000
New Town Square Rajarhat 170,000
Junction Mall Barasat 150,000
39

Malls in India
NORTHBRIDGE CAPITAL


Ozone mall Kolkata 1,50,000
Downtown mall Sec 3, Salt Lake City 1,50,000
La vida Sec 2 , Slat Lake City 1,20,000
Atria Gurusaday Road 1,20,000
Rainbow mall Narendrapur 1,20,000
Merlin homeland Ashutosh Mukherjee Road 1,05,000

Bangalore
Ferns Mall Outer Ring Road 450,000
RMZ Galleria Yelahanka 450,000
Forum Mall @ Shantiniketan Whitefield 450,000
Park Square @ ITPB Whitefield 450,000
SJR Spectrum Mall Marathali Sarjapur Road 450,000
Xander Mall Whitefield 428,000
Big Shopping Centre Bangalore 425,000
Vega Mall Bannerghatta Road 419,000
The Forum Koramangala 365,000
FBD Mall Marathali Sarjapur Road 350,000
INXS Mall ORR Central Silk Board Junction 350,000
Soul Space Arena Marathali Sarjapur Road 329,000
Central Mall Sarjapur, Outer Ring Road 325,000
The Forum Value Mall Whitefield 300,000
Bulchee Mall Marathali Sarjapur Road 300,000
Orion Mall Banaswadi 300,000
Gopalan Signature Mall OMR 300,000
G Corp Mall Lalbagh Road 300,000
Tata Reality Mall Yeshwanthpur 300,000
Soul Space Spirit Outer Ring Road 292,000
Garuda Mall CBD 286,000

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Namma Mall - Garuda Mall Ashoknagar 2,80,000
Legacy Shopping Mall Mysore Road 2,80,000
Mantri Junction J P Nagar 2,80,000
Bangalore Central Jayanagar 2,75,000
Brigade Mall Banaswadi 2,60,000
Vaishnavi Sapphire Yeshwanthpura 2,55,000
Total Mall Koramangala 2,25,000
Signature Old Madras Road 2,00,000
Gopalan Mall Mysore Road 1,80,000
Gopalan Innovation Mall Bannerghatta Road 1,80,000
One M G Road Off M G Road 1,80,000
Golden Heights Rajajinagar 1,75,000
Total Mall Old Airport Road 1,70,000
Garuda Swagath Mall Jayanagar 1,70,000
Gopalan Arcade Raja Rajeshwari Nagar 1,63,000
Cosmos Mall Whitefield 1,45,000
Nandi Mall Banaswadi 1,44,000
The Collection @ UB City UB City 1,30,000
Eva Mall Bangalore 1,25,000
Hypercity @ Embassy Paragon Whitefield 1,25,000
Lido Mall CBD 1,20,000
Suraj Mall CBD 1,20,000
Sigma Mall CBD 1,20,000
Leela Galleria Old Airport Road 1,10,000
Bangalore Central CBD 1,00,000
Kirloskar Mall Hebbal 1,00,000

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Hyderabad
Name of the Mall Location Area in sq ft
Manjeera Trinity Mall Kukatpally 425,000
Lifestyle Mall Begumpet 400,000
Gvk One Banjara Hills 350,000
Tapadia Maruti Heights Chanda Nagar 300,000
Hyderabad Central Panjagutta 250,000
Central Panjagutta 250,000
Prasads Imax Khairatabad 235,000
Serene Estate Mall Hitech City 220,000
City Center Banjara Hills 210,000
Mpm Times Square Nagarjuna Hills 200,000
Prajay Princeton Towers Dilsukhnagar 200,000
Club 4 Mall Secunderabad 200,000
Oasis Centre Begumpet 200,000
Ashoka Metropolitan Mall Banjara Hills 150,000
Mpm Mall Pocharam 150,000
Prajay Celebrity Mall Abids 150,000
Mahavir Mall Somajiguda 150,000
Vajra Maruti Mall Karkhana 140,000
Mpm Bonsai Mall Himayatnagar 120,000

Pune
Kakade Magnum Mall Camp 250,000
Runwal Gold Mall Pune Solapur Road 250,000
City Mall Ganesh Khind 218,000
Nucleus Mall Camp 218,000
Marisoft Lifestyle Kalyani Nagar 150,000
Clover Platinum Zone Kalyani Nagar 150,000
Pune Central Mall Bund Garden Road 120,000
Aditya Shagun Mall Kothrud Annexe 120,000
Konark Indrayu Kondhwa Khurd 110,000
Clover Insignia Nagar Road 100,000
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Major Malls in India
Phoenix Market City Kurla Mumbai
- Phoenix Market City Mumbai is a development located in Mumbai's eastern suburb of Kurla
with approximately 4.05 million square foot (including 1.35 million square foot of parking) of
developable area.
- It has Asias largest hypermarket on a single floor approx 200000 sq ft.
- 10 anchors and 15 mini anchors spread across 5,30,000 sq ft.
- 362 small format stores and boutiques spread across 6,00,000 sq ft.
- 14 screen adlabs megaplex spread across 1,40,000 sq ft.23 variety restaurants, 2 food courts, 6
fine dining restaurants.
- Developer The Phoenix Mills Ltd
- Location Kurla, Mumbai.
- Mall Completion by 2011
City Capital Mall, Hyderabad (HiTech City)
- Indias first Super Mall, with a GLA of 18,30,000 SFT (170,024 sqm).Total carpet area of 11.16
lacs SFT (103,700 sqm): 70-80% higher than Express Avenue, Mantri Square and Ambience Mall
Gurgaon.
- Primary Catchment of 143,000 Households (10 wards) within 20 minutes drive and Secondary
Catchment of 268,000 Households (19 wards) within 30 minutes drive.
- 5000+ parking spaces.
- Projected 60,700 Average Daily Footfalls (as per Asipacs proprietary Throughput Analysis
Study).
- 351 Units.54 F&B Outlets.
- 2,31,000 SFT of Entertainment Space, spread over 10 different and unique attractions.
- 204,000 SFT of Saree/Ethnicwear /Jewellery stores.Two Food Courts (on the Lower Ground
Floor and the Fifth Floor).
- 10 Bank Branches (first time in India).
- 12 Special Interest Learning Centers
- 66 feet and 44 feet wide internal corridors.
- 4 Travelators, 62 Escalators, 27 Lifts
- Expected opening September 2013.

1
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Thakur Mall Dahisar Mumbai

- Total development 17,00,000 Sq Ft.
- Thakur Shopping Mall & Multiplex is situated at National highway, Mira- Bhayander, Thane.
- It consists of Four screen Multiplex Cinema house.
- It has a parking facility of 400 cars in its basement, and escalator, which will directly take
visitors from the parking lot to the shopping area.
- It has a 6000 sq. ft. atrium, capsule lift and high speed elevators.It houses 4 Multiplex theatres
with a total seating capacity of 1784. 1st & 4th screen has - 388 capacities each and 2nd & 3rd
screen has 504 capacities each.
- It has a 40,000 sq.ft. cafeteria and a 20,000 sq.ft. pub and restaurant
- .Anchor stores Globus, fame, pantaloon.
- Owner Thakur group

Neomall, Bangalore
- Indias largest strip mall (also known as a lifestyle centre in some countries) GLA of 15,10,000
SFT on 18 acres, is coming up in Phase-1 of Bangalores iconic Electronics City.
- Double corner property, with a 100-feet road on the length and two 80-feet roads on either side.
- 1850+ parking spaces wrapped around the mall on all four sides.
- All 126 retail stores on the ground floor.66 stores with double frontage.
- Anchored by a 36-lane 50,000 SFT Bowling & Gaming Centre, an Ice Skating Rink, Bangalore's
largest nightclub, a Microbrewery, Bangalore's largest Karaoke Club, a 9-screen Multiplex, Spar
Hypermarket, Lifestyle, Reliance Trends, Reliance Timeout, Max,.
- Showoff, a 1100 seat Food Court and flagship stores of Office Depot and Planet Sports and
Winters18 CDIT stores, with a 12,000 SFT CDIT Megastore and a 4500 square feet Zip store.
- Located under 20 minutes drive from several catchments with a total population of 14,50,000
people.
- Promoted by Patel Realty, part of the Rs.10,400 crore Patel Engineering

DLF Town Square Mall, Noida

- DLF Town Square is located at Sector 18 , Noida.
- The project will be equipped with every modern amenity including travelators that
conveniently connect it.
- Diverse Entertainment Portfolio.
- The DLF Town Square is spread over 13.4 Acres of land area.Spanning 1.5 million sq.ft.
- The number of Floors includes Ground floor plus additional 5 Floors.

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- Central Plaza spanning 1 Acre .6 Travelators linking 4 levels of Parking Space for about 3000
Cars
- The DLF Town Square has HYPERMARKET for about 1,00,000 Sq.ft.Anchors & Mini-Anchors
150,000 Sq. ft.
- Food-Court- 15,000 Sq.ft.
- The DLF Town Square provides Mega Entertainment Zone- 50,000 Sq.ft.Kiosks- 10,000 Sq.ft.375
Stores.
- Multiplex Cinema Theatre with 6 Screens .

Mall of India, Noida
- 6 specialty levels. 1.4 million sq. ft. of space.
- Over 430 retail outlets. Prime location.Mall of India Noida for the first time ever, is set to
introduce India to the concept of retail zones.
- Featuring over 430 retail outlets, over 140 restaurants and food joints, an entertainment zone, a
supermarket, an amusement park and a three-level car park offering a 2300 parking slots.
- Opening in 2012.
- Location - Sec 18, Noida,
- Retail levels -Lower ground+ground+4 levels
- Retail Units - 453
Gold Souk Grande
- Size of development 25,00,000 sq. ft.
- Located on the Mumbai-Agra National Highway 3 (NH3) toward Dewas, 22 kilometers from
the Airport and 13 kilometers from the railway station
- Footfalls - The presence of Gold Souk specialty jewelry and luxury retail will help attract
customers from neighboring regions like Dewas, Bhopal and Gwalior
- Exclusive Zoning for sustained footfalls: Gold Souk, Hypermarket, Wedding & other lifestyle
retail, Brand Stores, Anchor Stores, Multiplex, Food Court, Luxury Hotel, Office Space
- Other developments in the vicinity: The entire stretch along the Mumbai-Agra Highway is
witnessing rapid development with apartments, shopping malls, educational institutions and
hotels coming up in the vicinity

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Lulu shopping mall kochi
- Lulu Cochin Mall is a shopping mall in Kochi built on an area of 20,00,000 square feet.
- Parking 3000 cars.
- More than 240 outlets including food courts, restaurants, family entertainment zones and a
seven-screen Multiplex.
- Located in Edappally, one of the prime locations at the meeting point of three key Highways,
National Highway 47 (India), National Highway 17 (India), and the Kochi by-pass.
- Lulu Hypermarket on the Ground floor having an area of 1000,000 Square feet. selling fresh,
frozen, canned food, fruits and vegetables, along with butchery, bakery, hot food counters etc.
- Lulu Department Store on the First floor with 1000,000 Square feet of shop floor selling non
food items like garments, footwear, luggage, white goods, cosmetics, electronic goods etc.
- Leasable retail space over 1 lakh sq. ft. on Second Floor, International home furnishing store of
area 500,000 square feet.
- Fine dining restaurant of 5,500 square feet and a coffee shop of 5500 square feet are located in
the second floor.
- A large Food Court to seat around 3,500 people serviced by 13 kitchens will offer an array of
exotic cuisine.
- 3 fine dining restaurants with terrace dining facilities on the Third floor.
- An Amusement area of 30,000 square feet on the Third Floor.
NRI City Centre Greater Noida
- 125000 Sq. Ft. built-up area
- Located next to Expressway Part of world class township - NRI City.
- Two screen multiplex.
- New age food court and multi cuisine restaurant.
- Golf view restaurant.
- Express View Restaurant.
- Kids Zone.
Phoenix Market City Chennai
- Located on Velachery road and is spread over 25,00,000 Sq Ft.
- 12,00,000 Sq Ft of Shopping spread across Hypermarket, 5 anchors, 13 Mini Anchors and 122
small format stores and boutiques.
- Dedicated entertainment floor with 12 screen multiplex and multi cuisine offering at food court
and performing arts theatre.
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- 3 atriums which will feature Indias tallest indoor waterfall fronted by restaurants
- 5 levels of home furnishing, electronics, fashion, value for money and service brands
- Parking across 12 levels with total capacity for 2000 cars
- 14 variety restaurants, food court with 400 seats and 20 kiosks
Neomall Electronics City Banagalore
- Spread across 15,10,000 Sq Ft
- Being developed by Patel Reality
- Will be operational by 2012
- Will house 18 anchors and mini anchors

Anchors are;
- 76,990 Sq Ft Spar Hypermarket
- 1,00,000 sq ft of FEC with 36 lane bowling centre,
- A microbrewery,
- karaoke lounge and
- An ice skating rink,
- 9 screen 2000 seat Satyam Cineplex
- Indias largest 1100 seat food court in a mall30540 Sq ft lifestyle
- 20244 sq ft Mark and spencer
- 20818 sq ft Reliance Trends
- Mini Anchors are;
- 12000 Sq Ft reliance Timeout
- 10178 Sq ft electronics megastore
- 9500 sq ft of value apparel mega store
- 9600 sq ft gym
- 9100 sq ft show off megastore
- 6740 sq ft plane sports
- Others include;
- 32 F & B outlets
- 16 electronics store
- 7 sports store
- 2 salons etc

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Z Square mall Bhopal
- Spread over 10,00,000 Sq Ft of area
- 1000 car 3 level basement parking
- 1000 two wheeler basement parking
- 200 shops
- 4 cinema halls
- 3 anchor departmental stores lifestyle, Westside, Hypermarket
- 3 dining restaurants
- 12 fast food stalls
- 2 coffee bars
- Children entertainment area with nursery facility
- Brands CTC plaza, ritu kumar, pepe jeans, Reebok, Adidas, titan, Sia, Scullers, Levis, United
colours of Benetton, Liliput, Spykar, Pepe jeans, puma, Nike, rifle, john player, Indigo nation,
Mufti, van heusen, Disney jeans, Louis philippe
Inorbit Mall, Malad
- Developer K. Raheja corporation
- Spread over 5,50,000 sq ft
- with a retail area of 3.64 lakh sq.ft
- Inorbit is at a prime location between Goregaon and Malad, and the emerging business district
of Link Road.
- Tenants include Spencers, shoppers Stop, Lifestyle, and brands like Pepe, Levis, Calvin Klein,
FCUK, Zodiac, Louis Phillipe, Raymods .
Forum Bantala
- Developer Forum Projects Ltd
- Location Bantala, Kolkata
- 5 acres of land
- 10 acre water body
- 3.5 million sq. ft. of development
- Kolkata's first Discount mall
- Car parking facility for 1200 cars

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Forum Mall Chennai
- Total development 15,00,000 Sq ft
- Developer Prestige Group
- Prestige has completed the forum mall at Vadapalani in collaboration with the Vijaya Group.
- featuring a seven-screen multiplex, over 100 shops, two department stores and a 1,40,000 square
feet hypermarket.
Urban Entertainment Centre, Hyderabad
- The Urban Entertainment Centre on 5.61 acres of land at Basheerbagh in the heart of the city.
- Is to be developed with an estimated cost of Rs.1.37 billion and will have a mega shopping
mall, multiplexes, business convention centre, ethnic bazaar and theme parks.
Phoenix Marketcity Pune
- 1,00,000 Sq Ft of electric fashion shops
- 1,30,000 Sq Ft of Restaurants
- 85,000 Sq ft of Multiplex
- 50,000 Sq Ft of entertainment space
- Multi level car parking
Forum mall Chennai
- Prestige will build second Forum mall in Chennais at Mount Road.
- It will be spread over 17 lakh square feet
- featuring a seven-screen multiplex, over 100 shops, two department stores and a 1,40,000
square feet hypermarket.
- The mall is expected to operate in 2011.
The Promenade Chennai
- This upcoming landmark at Egattur will have 1.1 million sq. ft. of built-up area in a 9.5 acres
layout
- consisting of shopping arcade, NOVOTEL & IBIS star hotels and high-end corporate
offices.Built by SSPDL ltd. SSPDL Limited (formerly Srinivasa Shipping and Property
Development Limited) a leading Infrastructure and Real Estate development company in South
India.

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RMZ Galleria, Bangalore
- It is a 1 million sq ft destination mall
- provides a 9 screen PVR cinema
- 1 lac sq. ft Hyper City hypermarket
- Anchor department stores such as Shoppers Stop, Westside and Debenhams.

.

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Outlook

- Indian retail industry has experienced huge growth in recent years and it will continue in
future. However mall developers are and will experience competition from the excess supply of
retail space in the market..
- Mall developers, owners and retailers need to develop back end infrastructure such as
logistics/supply chain to increase efficiency and profitability. Mall owners has to make sure
that there is high footfall and thus needs to come up with innovative ideas.
- Pantaloon retail is going to implement new business model which will increase their efficiency
of operation. Previously on average the catchment area used to be of 10 kms around the mall
now it has shrinked to 5 kms.
- Increase in income of middle class will continue to boost the growth of retail sector in India
however mall operators has to keep customer happy so they keep coming back.

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About NORTHBRIDGE CAPITAL

Northbridge Capital is an Investment Bank(Category I Merchant Bank) regulated by the
Securities & Exchange Board of India.(Sebi Registration: INM000011500)
We assist companies with capital raising through various debt and equity instruments in
public and private markets and M&As
With offices in Hong Kong, Bangkok and Mumbai, Northbridge assist global companies
with M&As, identifying local partners, India entry strategies and other merchant
banking activities
Northbridge assists domestic companies with raising capital in India and overseas both
in equity and debt markets and with Acquisitions in India and abroad
Northbridge Capital has 6 Practice areas and offers buy side and sell side advice across
these areas:
o Consumer
o Technology
o Financial Services
o Life Sciences
o Industrials
o Real Estate

Contact Information
INDIA OFFICE Northbridge Capital Ltd ,
R-501, Remi Bizcourt
Shah Industrial Area
Off Veera Desai Road Andheri (West),
Mumbai 400 053, India
Phone : +91-22-65262307
Fax: +91-22-66756249
Website: http://www.northbridgeasia.com

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Malls in India
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DISCLAIMER

This report is for institutional investors only and paid subscribers only.
This is not a solicitation to buy or sell any security or index or commodity or any
other asset class.
This report is not suitable or advisable for investors or those who are making
investment calls based on fundamental analysis.
This is a trading report and relies on technical analysis. The practice and reading
of technical charts and its analysis may vary from one analyst to another and so this
is only an opinion and not a statement of fact.
By its very nature a technical calls can be reversed at any time and have a time
limit on their validity.
This report is not for US Citizens or US persons

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