Videocon Property, part of the Videocon Group, is planning to foray into the development of retail malls in India. As part of this strategic extension to its business, the company is currently scouting for individual land owners who can provide ample land for mall development.
SM Hegde, head, Videocon Property told FE, ?Videocon Property currently boasts of huge plots in Mumbai to include Powai, Thane and Bhandup with an area of 3 lakh sq ft each. We will utilise these plots to develop retail malls for the first time, apart from residential complexes and commercial establishments which we have already been doing so far.?
Hegde explained that Videocon Property will give development rights to local mall developers apart from commercial and residential developers. Local mall developers have a better understanding of current market prices and would be able to develop new properties to suit the demand of customers residing in a particular locality, he added.
Yet another corporate house, the Wadia Group-promoted Bombay Dyeing had also recently said that it will roll out 8-10 luxury malls across the country over a period of ten years. The textile major also intends to bring in a host of luxury brands in the country.