Malls catching realty developers fancy
Malls selling luxury brands are increasingly catching the fancy of property developers and corporate groups. At least half a dozen luxury malls are either being planned or built.
Developers are looking to tap the demand from the ultra rich in metros and Mumbai is taking the lion’s shares of the new ones.
Mumbai-based Oberoi Realty is looking to build a 500,000 sq.ft luxury mall in the city’s Prabhadevi area, a mixed land-use project which will have a Ritz Carlton Mumbai.
“Demand for luxury in the city is stable, and showing signs of growth,” said Sriram Khattar, chief executive, rental business, DLF. It is spending Rs 350 crore to Rs 400 crore on this mall, scheduled to be completed next year. Khattar said that the company had been able to show with Emporio housing brands such as Gucci, Giorgio Armani, Canali and Jimmy Choo, among others that they could offer luxury experience.