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May 28th, 2012Real Estate Developers Bet Big on High-End Shopping Malls

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by Suneera Tandon
LiveMint.com

India - Real estate developers are building an ambitious pipeline of high-end shopping malls that will cater to retailers and buyers of luxury brands—an under-served segment of India’s organized retail industry.

DLF Ltd, the country’s largest developer by market value, which runs the luxury DLF Emporio Mall in New Delhi, said it will build two more such projects in the National Capital Region. The two malls, which are expected to be operational by 2013-14, will come up in Chanakyapuri, in the vicinity of the diplomatic enclave, and Gurgaon on the outskirts.

“We are seeing a lot more demand and interest in the Indian luxury market coming from countries like Italy, France, Singapore, United States,” said Dinaz Madhukar, vice-president of DLF Emporio, which is fully occupied. “We want to accommodate brands that we don’t have space for now at Emporio.”

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