Bharti Realty is planning to construct one of the biggest retail malls of NCR at Aerocity near Indira Gandhi International Airport in Delhi. The mall is expected to have a leasable area of 2.5 million square feet. Currently, DLF Mall of India, is considered to be NCRs biggest mall at 2 million sq ft.
Bharti had bagged the project last year from Delhi International Airport Ltd (DIAL) to develop a commercial property on 23 acre of land parcel which the company targets to complete in next four years. NCR’s largest mall will be built with an investment of about Rs 1,500 crore. The project would be funded through internal accruals and bank loans.
The land has been leased on a hybrid rental mode which involved an upfront payment of Rs 315 crore as well as license fee equivalent to 20 per cent of revenue with minimum guaranteed payments. The lease agreement is for 30 years, which could be renewed for another 30 years.
Bharti Realty is a part of the Sunil Mittal Bharti Group which has presence in telecom, agri-business, financial services, retail and real estate among others. The company currently has around 15 completed projects, having 5 million sq ft of fully leased Grade-A commercial space, in Delhi-NCR and some other cities. Further, 1 million sq ft of office building is nearing completion in Gurgaon.