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Real estate company Pacific Group will develop a 15 lakh square shopping mall and a hotel in Jaipur to expand business amid rising demand for premium retail spaces, a top company official said.
Pacific Group has nine shopping malls, comprising more than 30 lakh sq ft of retail spaces, in Delhi, Ghaziabad, Faridabad, and Dehradun.
In an interview with PTI, Pacific Group Managing Director Abhishek Bansal said, "We have a portfolio of nine shopping malls and now we are expanding in Jaipur, Rajasthan." He said the company has acquired 11 acre land in Jaipur to develop a shopping mall with total area of about 15 lakh sq ft.
Pacific Group will also build a hotel comprising 130 rooms, he said, adding that the hotel will be managed by some hospitality chain.
Bansal said there is a huge demand for superior shopping malls and hotels in tier-II and III cities.
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He said the mall in Jaipur is expected to be operational by 2026-end while the hotel will open in 2027.
"We have started the process of leasing the space to retailers," Bansal said.
About the existing nine retail properties, he said these shopping malls are doing good business.
He noted that the food and beverage (F&B) segment has been doing very well in the past few years.
Pacific Group has four malls in Delhi -- two each in Dehradun and Faridabad, and one in Ghaziabad.
Asked about the future expansion plan, Bansal said the company is focusing on completing this Jaipur project.
"Once construction of Jaipur mall reaches advances stage, we will look for land for business expansion." Bansal remains bullish on the growth prospect of organised retail in India, which he said is constantly evolving.
He also believes that there will not be any adverse impact of e-commerce on physical retail.
According to real estate consultant Cushman & Wakefield's recent report, as many as 19 Grade A shopping malls covering 12.3 million (123 lakh) sq ft of retail space will become operational in 2025 and 2026 across top eight cities -- Delhi-NCR, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, Pune, and Ahmedabad.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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