The breakneck speed at which the Indian retail market is growing will soon see the emergence of retail malls covering over 1 billion sq ft of space, spread across ground level and first floor. Shubhranshu Pani, president – retail, Jones Lang LaSalle Meghraj, said, ?This new trend in Indian retail mall segment will be in sync with the trend in the international markets such as Singapore, US, UK and Europe.?
Kshitij Investment Advisory Co Ltd (KIAC) – the real estate fund management company promoted by the Future Group – is planning to develop 50 such properties totalling 16 million sq ft of retail space across India. According to KIAC officials, ?We have introduced the Kshitij Venture Capital Fund and the Horizon International Fund. ?Kshitij 1? is committed to developing 13 retail projects in major metros in India.?
Prozone Pvt Ltd, a subsidiary company of fashion brand Provogue, is planning to develop over 50 retail malls over the next five years.
Liberty International, which has taken a 25% stake in Prozone, will build six large shopping malls in Tier II cities such as Surat, Rajkot, Aurangabad, Mysore and Indore.