DLF Malls to open in three new locations
today Feb 14, 2019
DLF Shopping malls plans to open two new malls in Delhi NCR and one outside and has announced that it will reveal further details later this year. The business is also renovating its first ever mall, DLF Place Saket.
After recently celebrating its first decade, DLF Shopping Malls is looking to conduct a major expansion both inside and outside Delhi NCR.
"We have created a scalable model,” said Pushpa Bector, EVP and head of DLF Shopping Malls, as reported by ET Retail. “We will be looking to open 2 more malls in NCR and one outside of NCR. The announcement about the launches will be made in this calendar year."
Bector stated that one of the three malls will equal the size of the business’ Mall of India which spans 2 million square feet of retail space. The other two malls will be slightly smaller. The three new additions will join DLF’s current total of five shopping malls, four situated in Delhi NCR and one in Chandigarh.
However, along with the three mall openings, DLF has closed for renovation its first ever mall, DLF Place Saket, which opened in 2008. The renovation began on February 15 and should be finished within five months. Bector told ET Retail that renovation costs are estimated at Rs 80 crore ($12 million). After renovation, rent in the mall will go up and Bector estimates that its revenue will double.
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