Page 2 - Shopping Mall

Trident Group acquires Shipra Mall in Ghaziabad for Rs 551 cr via auction

Real estate developer Trident Group has acquired Shipra Mall at Ghaziabad for Rs 551 crore through an auction process, its CEO Parvinder Singh said on Friday. Trident Group, which is developing projects in Delhi-NCR, Mumbai, and Tri-city (Panchkula), has forayed into retail real estate segment with the acquisition of Shipra Mall at Indirapuram in Ghaziabad, Uttar Pradesh. The size of the mall is 4.5 lakh square feet. "We have acquired the Shipra Mall through auction under the SARFAESI Act (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act) for Rs 551 crore. The auction was conducted by Shipra Mall's lenders Indiabulls Housing Finance and Edelweiss Asset Reconstruction Company," Singh told PTI. The property has been registered and the company paid a stamp duty and registration charge of Rs 44 crore, he said. The deal has been funded through a mix of equity and debt, Singh said. "The mall serves the catchment area of Indirapuram, Vaishal

Shopping mall operators' revenue may rise 7-9% this fiscal: Crisil report

Shopping mall operators are expected to earn 7-9 per cent higher revenue during this fiscal, driven by strong retail consumption and improved rentals in their properties, according to CRISIL. "Buoyant retail sales and improved rental yields are expected to lift the revenue of mall operators by 7-9 per cent this fiscal. That would be tantamount to around 125 per cent of pre-pandemic, or fiscal 2020, revenue," it said in a statement. The rating agency said that the growth in revenue will be on a high base of FY23. During the last fiscal, CRISIL noted that "return to social normalcy after mobility curbs were lifted led to substantial growth in footfalls and a robust 60 per cent rise in revenue to around 116 per cent of the pre-pandemic level". "Additionally, high occupancy levels, solid profitability backed by cost-optimisation measures and strong balance sheets will keep the credit risk profiles of mall operators healthy this fiscal," the agency said. CRISIL Ratings has analysed 28

Building owner can decide whether to collect parking charges: Kerala HC

The Kerala High Court has held that it is up to the building owner to decide whether or not to collect parking fees from customers while using the shopping facility

Puri shopping complex fire under control, over 140 people rescued

The devastating blaze that broke out at a market complex near the Shree Jagannath Temple here was brought under control in a 24-hour-long fire-fighting operation on Thursday, while about 140 people were rescued, official sources said. The fire gutted almost all the 43 shops, a bank and a hotel that the Laxmi Market Complex consisted of. However, there was no casualty. The fire is now under control though smoke was billowing from certain parts of the market complex, said DG, Fire Service, S K Upadhyaya, who visited the site earlier in the day. Three fire department personnel and three tourists were hospitalised due to exposure to flame and smoke, an officer said. It was a tough job for the firefighters as there was only one exit and entry point to the three-storied building. Garments, toys and leather products kept in shops functioned as fuel to the fire and that took a long time to douse the blaze, the officer said. Besides 12 fire tenders, 90 fire service personnel, local police

Fire breaks out at shopping complex in south Kolkata's Dhakuria area

Fire broke out at a shopping complex in south Kolkata's Dhakuria area on Monday, officials said. The blaze was first spotted at a shop in the Dakshinapan Shopping Complex around 11.45 am, they said. Two fire tenders brought the blaze under control in 30 minutes, they added. No one was injured in the blaze, the cause for which is yet to be ascertained, a fire department official said.

Institutional investments in retail real estate jump 6-fold in 2022: Rpt

Institutional investments in retail real estate jumped over six fold to USD 492 million in 2022, as businesses in shopping malls revived strongly post the COVID pandemic, according to Colliers India. In 2021, the retail real estate had attracted only USD 77 million institutional investments because of an adverse impact of the COVID pandemic on the businesses in shopping malls. Overall, Colliers said that the institutional investments in the Indian real estate sector grew 20 per cent in 2022 to touch USD 4.9 billion from USD 4.08 billion in the previous year. Alternate asset classes, which includes data centres, received an investment of USD 867 million last year, up 92 per cent from USD 453 million in 2021. Alternate assets include data centres, life sciences, senior housing, holiday homes, and student housing among others. The growth of alternate assets is led by investors looking to diversify their portfolio, given steady returns in some traditional asset classes, Colliers India

New assets, expansion to drive growth for mall firm Phoenix Mills

Brokerages expect double digit earnings growth over the next three years

Lulu Group to open 6 shopping malls, 1 five-star hotel in Uttar Pradesh

The Uttar Pradesh government on Tuesday signed a memorandum of understanding (MoU) with hypermarket and retail giant Lulu Group to set up six shopping malls and one hotel in the state

Odisha consumer court orders mall to pay Rs 25K for charging for carry bag

The court has directed the shopping mall authorities to release the compensation amount within 30 days from the date of the receipt of the order

Economy lightens up on festive season demand as shoppers back in force

Online marketplaces Amazon.com Inc., and Walmart Inc.-owned Flipkart saw sales jump 27% from a year ago to $5.7 billion during the festival season's first sale between Sept. 22-30

Shopping mall sales in top-8 cities to hit $39 bn by FY28: Knight Frank

The high revenue growth has largely been predicted due to increasing mall supply in next six years, sustenance of rising consumption demand

Retail sales in shopping malls to grow 29% annually to reach $39 bn by FY28

Retail sales in shopping malls across top eight cities are expected to grow 29 per cent annually to reach USD 39 billion by 2027-28 fiscal on consumption growth and opening of new malls, according to a property consultant. Knight Frank on Tuesday released a report 'Think India, Think Retail 2022 - Reinventing Indian Shopping Malls' at a webinar. "The organised retail sales volume in the top 8 Indian cities is estimated to grow at a CAGR of 17 per cent from USD 52 billion in FY 2022 to USD 136 billion by FY 2028," the report said. In the same period, the consultant said that the potential retail sales in Indian malls are estimated to grow at a CAGR (Compound Annual Growth Rate) of 29 per cent in the FY2022-28 period reaching USD 39 billion by FY2028. Retail sales in malls across the top 8 cities -- Mumbai, National Capital Region (NCR), Bengaluru, Hyderabad, Chennai, Pune, Kolkata and Ahmedabad -- grew at a CAGR of about 3 per cent to reach USD 8 billion in FY2022. In FY2023, the

Bullish on retail, Lulu Group plans to develop more shopping malls in India

Shibu Philips, Director-Shopping Malls of Lulu Group India, said the Indian retail market is still "under-utilised" with the share of organised retail being still low.

India to have 31 new malls in two years on strong retail demand: Report

As many as 31 new shopping malls are expected to be operational by the end of next year on the back of strong revival in the retail sector, according to Anarock. This year, a total of 15 new malls will enter the market spread across 12 cities and in 2023, another 16 new malls will come up. In terms of area, property consultant Anarock said fresh retail space in shopping malls is expected to rise 76 per cent this year on an annual basis. "Retail real estate is staging a strong comeback, with nearly 10.15 million square feet of new mall supply set to hit Tier 1, 2 and 3 cities in 2022, and another 7.25 million square feet in 2023," Anarock said in a statement. In 2021, 5.76 million square feet of new retail real estate supply entered the country. Chennai will see the highest supply of four new malls this year spread over an area of 2.55 million square feet. Other Tier 1 cities with new mall supply include Ahmedabad, Bengaluru, Hyderabad, Mumbai, Pune and Ghaziabad in NCR spanning 5.

'India's first shopping mall-cum-coworking facility to come up in Pune'

India's first shopping mall-cum-coworking facility, housing some of the niche retail brands, is expected to be launched in Pune in mid-October, according to Anarock Retail. Situated adjacent to the Pune Airport, the AeroMall, being developed by Pebbles Infra-Tech under the PPP model with AAI, is spread over 4,45,000 sq ft, including 1,30,000 sq ft of leasable space for retail. As sole advisors to the facility, Anarock Retail has designed the complex, managed its development, and crafted its tenant mix, Anarock Retail, the retail services division of the home-grown real estate consultant Anarock, said. The post-pandemic revival in air travel has brought airport retail back centre-stage. However, there continues to be a deficit of quality retail spaces at Indian airports for the best-suited retailers dealing in apparel and fashion, wellness, electronics and travel accessories, F&B, and beauty products, the company said. Airport retail is attractive for retailers due to the ...

Fire breaks out at Bhubaneswar's Keshari shopping mall, no casualties

A minor fire broke out at Keshari shopping mall in the heart of Bhubaneswar on Sunday but no casualties have been reported so far, a fire officer said

People stay away from malls, shopping centres as Covid cases spike: SCAI

Lower footfalls and sales have resulted in piling of stock at retailers' stores in shopping malls

Dubai's Emaar group to develop 500,000 sq ft shopping mall in Srinagar

Dubai-based realty firm Emaar Properties on Monday said it will develop a 5 lakh square feet shopping mall at Srinagar in Jammu & Kashmir. A memorandum of understanding (MoU) has been signed between the governments of Dubai and Jammu & Kashmir to facilitate investments into this proposed project, Emaar said in a statement. This will be the first significant FDI investment in the union territory, it added. According to the MoU, Emaar will develop 'Emaar Mall' of 5,00,000 square feet in size in Srinagar. "The UAE and India are comprehensive strategic partners and this project by EMAAR will be a landmark of Jammu and Kashmir. I would like to congratulate EMAAR and all the partners in this project , and am sure we will see many such projects coming up in the near future," said H. E. Ahmed Abdul Rahman Albanna, the UAE Ambassador to India. "The UAE and India economic partnership is at an inflection point and we will invite other UAE investors to look at this opportunity too," he ...

Saya Homes to invest Rs 200 cr in new shopping mall in Noida

Realty firm Saya Homes on Sunday said it will invest around Rs 200 crore over the next two years to develop a shopping mall in Noida as the company expects retail sector to bounce back post-Covid-19.

Lulu Group opens third shopping mall in India; plans more launches

The Group with its flagship retail chain of Lulu hypermarkets and supermarkets has operations spread over 22 countries.