Construction Industry News
DLF, a real estate developer, has started construction of a new shopping mall in Gurugram, Haryana. The project, which is part of DLF's expansion strategy, is estimated to cost around Rs 2,200 crore.
The 'Mall of India' project in the city will be spread over an area of 26-27 thousand square feet. This project is driven by the growing demand for retail space, and retailers are witnessing significant growth in both footfall and sales at the malls.
DLF is constructing six thousand feet of premium mall plazas at Goa and Main Street. Shopping centers near their residential projects. These centers are expected to begin operating within the next 18 months. The company is also building malls in DLF Phase 5 in Gurugram and Moti Nagar in Delhi. In 2023, retail leasing in shopping centers and high streets will exceed seven million square feet, indicating a growing preference for new formats, experiential stores and international merchandise offerings.
DLF currently manages a retail portfolio of around 42,000. sq. ft. spread across nine properties primarily in the Delhi-NCR region. Of this, about 3.4 lakh square feet is directly under DLF's control, while the rest is managed by DLF Cyber City Developers (DCCDL), a joint venture between DLF and Singaporean sovereign wealth fund GIC.
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