DLF, a leading realty developer, will be constructing two shopping malls in Gurugram and Goa at an estimated investment of Rs 2,000 crore. The company sees huge growth potential in organised retail with opening up of the economy after significant reduction in COVID-19 cases. India’s organised retail sector was affected very badly in the last two years due to the pandemic.
At present, DLF has a retail footprint of 42 lakh square feet comprising eight properties, including malls and shopping centres, mainly across Delhi-NCR. The company will be expanding its retail real estate portfolio, and will develop two new shopping malls, including ‘Mall of India’ Gurgaon and four neighbourhood shopping centres.
The company has already started the construction of a premium mall in Goa of about 5.75 lakh square feet. The company will be spending around Rs 300-350 crore over the next two years on this project.
The company is also in the advance stage of planning for its ‘Mall of India’ Gurgaon project comprising 2.5 million (25 lakh) square feet area. The construction is expected to start by the end of this year. According to the company, architects are already working on the design of the project which is expected to be ready in next six months. The company will be spending around Rs 1,500-1,600 crore on this project, excluding land cost.