Unity Group, Parsvnath to earn ₹120 cr yearly rent from new mall in Delhi

Realty firms Parsvnath Developers and Unity Group will earn an annual rental income of about Rs 120 crore from their new operational shopping mall in the national capital.

In 2023, Parsvnath and Unity Group formed an equal joint venture to develop a mall with 5 lakh square feet of leasable area.

Last month, they opened the mall 'Unity One Elegante' at Netaji Subhash Place, Delhi.

"We have leased 100 per cent of the retail space in our mall," Unity Group Director Harsh Bansal told PTI.

When asked about the rental income, he said it would be around Rs 10 crore per month and Rs 120 crore annually.

Bansal said the joint venture firm has to give nearly Rs 20 crore as lease rental to Delhi Metro Rail Corporation (DMRC).

Parsvnath Developers Chairman Pradeep Jain noted that there is a huge demand for quality retail space across the Delhi-NCR market.

In a regulatory filing last month, Parsvnath said a special purpose vehicle, 'Unity Parsvnaths LLP', a joint venture with Unity Group, has developed this mall.

The shopping mall has been developed on 28,400 square meters.

According to Cushman & Wakefield, leasing of retail spaces in shopping malls and prominent high streets rose 45 per cent in July-September to 2.41 million sq ft across eight major cities on better demand for retailers and fresh supply.

Unity Group has six operational malls in Delhi and Mohali, comprising around 2 million sq ft.

Three of the malls are in partnership.

Parsvnath Group has a presence in over 37 major cities across 13 states. It has developed many housing and commercial projects.