ALSO READStarbucks, Jubilant still in talks Corporation Bank probes into overdraft to Vadra's firm TVS Logistics workers withdraw strike in Hyundai Substantial FDI could take 3 years to flow in: Reliance Retail Tata Steel invests 12 mn euros in new Netherlands facilities Arun Jain considers moving SAT against Sebi ban order Final view on retro tax amendments by Nov 15: Finance Ministry
DLF Retail, a subsidiary of the country's largest realty firm DLF, today said that it is eyeing Rs 700 crore revenue in the next three years that will be driven by three new malls under development.
"We are eyeing Rs 700 crore revenue in the next three years. We expect that the three new malls that we are developing in Delhi will largely contribute to doubling revenues," DLF managing director for rental business Ramesh Sanka told PTI here today on the sidelines of the India Retail Forum here.
Currently, revenues from the retail business stand at Rs 300 crore, he said.
The company today launched its largest mall, the DLF Mall of India in Noida, with an area of 1.8 million square feet, which will be operational in nine months.
Besides, DLF is also developing two other malls, the Chanakya and the Horizon in Delhi, with a total investment of Rs 800 crore, the construction on which will commence in the next few months.
The Chanakya and Horizon malls will be luxury ones with an area of around 2 lakh square feet and 3 lakh square feet, respectively, Sanka said.
"Initially we are concentrating in the Delhi NCR region. We expect these three malls, which are likely to be fully operational in the next three years to more than double our revenues," he added.
Currently, the company has a 1.4 million square feet retail portfolio. With the opening up of FDI to multi-brand retailers last month, the company expects more international brands to debut in its malls, he said.
The DLF Mall of India will have 14 anchors, six customised shopping levels with over 475 retail units, coupled with the largest indoor entertainment city spread over two levels, which would have seven DT star screens and the largest food court with over 1,200 seats.