DLF to invest Rs 16k cr to build 20 malls

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Buoyed by the success of organised retail in the country, real estate industry leader DLF plans to invest Rs 16,000 crore over four years to develop about 20 large shopping malls across the country.

"Going forward, shopping malls will be an area of important focus for DLF. This will help us to make the maximum leverage of the retail boom in India," DLF Retail Managing Director Arvind Nair said.

He, however, did not divulge investment to be made in development of 22 million sq ft of shopping mall space.

According to a company source, DLF is planning to develop around 20 large shopping malls in the next 3-4 years, which would entail an investment of Rs 16,000 crore.

Billionaire K P Singh-promoted DLF is coming out with a 4.45 million sq ft "Mall of India" in Gurgaon - touted as the largest such facility in the country.

The shopping malls developed by DLF would come up at places like Chennai, Kochi, Hyderabad, Kolkata, Bangalore, Panipat, Jalandhar, Baroda, Goa, Mumbai and Ludhiana.

It may lease out space to reputed national and global brands including Louis Vuitton, Armani, Gucci, Cartier, Christian Dior and Fendi, the source added.

The malls would be broadly positioned in four categories -- destination, neighbourhood, luxury and premium malls.