We are developing two malls in Bangalore and one in Hyderabad to be completed by 2006. The company is looking for suitable land in Chennai for mall development, IDEB managing director Harkirat Singh Bedi said.
IDEB, which is also involved in the construction of the Delhi Metro project, looks at retail development as the future growth area.
Citing a study by ICICI, Mr Bedi said: Consumer spending metrics are favouring smaller metros. Bangalore tops in the list of retail attractiveness, followed by other cities like Hyderabad, Chennai, Mumbai, Pune, Delhi and Kolkata.
The companys first mall on Cunningham Road in Banglaore is being inaugurated in August this year with a retail space of 2.40 lakh sqft. While the second project will be ready by July 2005 in Hyderabad (Paradise Junction) offering 1.60 lakh sqft of space, another mall of 4.40 lakh sqft space in the Bangalore suburb will be ready by July 2006, he added.
Mr Bedi is not interested in the markets of Delhi or Mumbai. There are a number of malls coming up in these metros. Six malls are coming up at a single location in Gurgaon. In such a situation, only few will survive. The cities of Bangalore, Hyderabad and Chennai offer better opportunities than the north, he said.
The company is investing Rs 35 crore on its first mall project in Bangalore.
All our mall developments are under Sigma brand, positioned as a family entertainment destination. The Bangalore project is designed by RSP, Singapore and the interiors are being executed by Singapore-based Space Matrix, Mr Bedi said.
The Mall has a four-screen multiplex, food courts and a range of retail stores. It has over 300 car parks, he added.
As per a study done by real estate consultant Chesterton Meghraj, the expected footfalls in the mall are 13,000 on weekends and 7,000 on week days, he said.