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Wadhwa Group to invest in the 1st two phases of Wadhwa Wise City

The Wadhwa Group, one of India’s leading real estate development companies and a prominent realty player in Mumbai, is planning investments of Rs 2200 crores in the first two phases of Wadhwa Wise City. Estimated revenues from these phases of the first integrated township project in NAINA (Navi Mumbai Airport Influence Notified Area) at Panvel is Rs. 3200 crores. Out of the total land holding of over 450 acres, The Wadhwa Group is planning to develop 138 acres which comprise of 10mn sqft of the overall development. Wadhwa and GFH, a Bahrain based financial investment Group are jointly developing the township and have launched apartment and bungalow project of over 40 acres. After the inauguration by Chief Minister of Maharashtra Shri Devendra Fadnavis last year, the project saw a huge resp...

ANAROCK Report: New Mall Supply to touch 10 mn. sq. ft. in the top 7 Indian cities in 2019 – RealtyMyths

Three-fold jump of mall supply this year – from 3.2 mn. sq. ft. in 2018 to nearly 10 mn. sq. ft. – following supply rollover from the previous year Online players plan survival tactics post new E-commerce policy; eye brick-and-mortar spaces E-commerce pegged to grow at 27% CAGR, offline retail at 16% between 2017 & 2021 Nearly US $1.42 bn FDI infused in Indian market between April 2000 to June 2018 Responding to burgeoning consumerism in India, mall developers are rapidly infusing new retail developments across the top 7 cities, with nearly 10 mn. sq. ft. new mall supply in 2019. Factoring in the rollover of some supply from 2018, there will be a three-fold jump in 2019 against the preceding year. These and other critical insights are outlined in the research report ‘Custom...

The resurgence of shopping malls in India

Anuj Puri, Chairman – ANAROCK Property Consultants With the advent of e-commerce in India, shopping converged into mobile devices in the form of websites and/or apps. At the click of a button, one could buy groceries, apparel, electronics and almost everything else. For a while, it appeared that ‘couch potato shopping’ was a real threat to physical retail, and that shopping malls will run out of business. That has not happened – in fact, shopping malls are witnessing a visible resurgence in India. A clear measure of increasing focus on the retail sector is that private equity (PE) players invested more than $700 million into Indian retail in Q1-Q3 2017 itself – around 90% of the investments that came in during the past two years (2015 and 2016). Shopping malls in India have com...

‘Open All Night’ Policy – Impact on retail, food and entertainment

The Maharashtra State Government recently passed the Shops and Establishment (Regulation of Employment and Conditions of Service) Bill, enabling owners of shops, hotels, theatres and multiplexes in the state to keep their establishments open round the clock, with an easier process of getting permissions and licenses. Ashutosh Limaye, National Director – Research, JLL India This means that malls, multiplexes, restaurants and even small shops can be kept open till late in the night, with the caveat that police permission is required. This is in accordance with the Model Shop Act proposed by the Centre to facilitate ease of doing business, and the bill is now awaiting clearance from the legislative council. On directives from Chief Minister Devendra Fadnavis, the State Government and BMC are ...

More malls in pune to capitalize on strong office demand

As occupiers in Pune face a severe shortage of quality office assets across most micro-markets, it has led to a scenario where there are hardly any options left for them to occupy space matching their flexibility and preference requirements. An abysmal vacancy rate of ~6% in Pune’s grade-A commercial real estate market is a crisis across most micro-markets, and the bigger occupiers are most affected. Ashutosh Limaye – National Head, Research & REIS, JLL India Occupiers not looking for bigger floor plates or the latest amenities and grade-A specifications, are looking towards considering grade-B properties as well. The grade-B office market vacancy stands at 13-15%. Other tenants are either relocating or consolidating leading to a churn in the market in the last few quarters. It is also...

Superlative support services ensure a mall’s success

Support services have become a major part in a mall’s image, and play a vital role in attracting footfalls. In India, facilities such as parking, security and housekeeping have evolved over the years to provide world-class services to mall customers. In fact, it can be said that support services are the backbone for any shopping mall. Moreover, with the growing popularity of e-tailing, a superlative experience and provision of outstanding facilities in malls have become even more important to give customers are reason to visit, shop and use malls as social destinations that go beyond just plain shopping. Pankaj Renjhen, Managing Director – Retail Services, JLL India The expectations and aspirations of the consumers have increased over the years. The differentiating factors for the sh...

Demonetization’s Impact On Indian Retail

The Modi government’s demonetization move has had an impact on several sectors, especially real estate. How could retail be far behind? Given Indian’s propensity to deal in cash, especially when shopping in luxury malls and high streets, retail will see short-term impact on sales. The media has already reported how retail sales have dwindled in the immediate aftermath of the government’s announcement, and how millions of new users are registering on portals offering digital payment services. Pankaj Renjhen, Managing Director – Retail Services, JLL India There is no doubt that demonetization is a great move for a better future of India and its economy. It will definitely influence many more shoppers to start using plastic money in the long-term. Already, malls see usage of credit/ debit car...

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