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Shopping
Mall Boom!
Reality check on this new urban phenomenon
 Shopping
malls are rapidly mushrooming in every nook and corner of the city.
Real estate dealers and consultants are making a roaring business
from dealings with shopping mall developers, investors and tenants.
Lower Parel and Mahalaxmi are the two places where malls are expected
to sprout within the next two years.
Shopping malls have come up in the residential nouveau riche
areas in the western and eastern suburbs of Mumbai. In Mumbai,
there is a shopping mall at Hiranandani Gardens in Powai, Thakur
Complex in Kandivli, Shoppers Stop in Ghatkopar, Nariman Point,
and Crossroads near Haji Ali . Some of the main players in shopping
mall developments are Gammon India, Piramals, Grand Hyatt,
Thakur Developers Group, Marathon Group and Hiranandani Group of
Developers. Private and corporate developers have started showing
interest in shopping malls development.
Amrit Anand, a life member of the State Agent's Association
of India, on this new urban phenomenon: "By 2002 end,
around 30 shopping malls of 65 lakh square feet area will be developed
in the commercial capital of the country. According to a study done
by me on the business model of shopping malls, I have arrived at
a conclusion that shopping malls will be a dud if they are not located
in and around central business districts like D N Road, Nariman
Point, Cuffe Parade, Andheri and Bandra-Kurla complex. Utility services
of every kind should be provided in the mall and entry for window
shoppers should be strictly restricted,'' said Anand.
Anand adds that out of the 65 lakh square feet area estimated
to be generated in the next two years, around 20,000 sq. feet of
space will be consumed by the hospitality and entertainment industry
and exclusive consumer product retailers.
Amit Mohile, a member of the International Real Estate
Federation: "Every developer and investor should design
a financially viable business model, and should identify their target
and then accordingly study the prospective market before venturing
into a shopping mall venture.
Shopping malls are rapidly mushrooming in every nook and corner
of the city. Real estate dealers and consultants are making a roaring
business from dealings with shopping mall developers, investors
and tenants. Lower Parel and Mahalaxmi are the two places where
malls are expected to sprout within the next two years.
Shopping malls have come up in the residential nouveau riche
areas in the western and eastern suburbs of Mumbai. In Mumbai,
there is a shopping mall at Hiranandani Gardens in Powai, Thakur
Complex in Kandivli, Shoppers Stop in Ghatkopar, Nariman Point,
and Crossroads near Haji Ali . Some of the main players in shopping
mall developments are Gammon India, Piramals, Grand Hyatt,
Thakur Developers Group, Marathon Group and Hiranandani Group of
Developers. Private and corporate developers have started showing
interest in shopping malls development.
Amrit Anand, a life member of the State Agent's Association
of India, on this new urban phenomenon: "By 2002 end,
around 30 shopping malls of 65 lakh square feet area will be developed
in the commercial capital of the country. According to a study done
by me on the business model of shopping malls, I have arrived at
a conclusion that shopping malls will be a dud if they are not located
in and around central business districts like D N Road, Nariman
Point, Cuffe Parade, Andheri and Bandra-Kurla complex. Utility services
of every kind should be provided in the mall and entry for window
shoppers should be strictly restricted,'' said Anand.
Anand adds that out of the 65 lakh square feet area estimated
to be generated in the next two years, around 20,000 sq. feet of
space will be consumed by the hospitality and entertainment industry
and exclusive consumer product retailers.
Amit Mohile, a member of the International Real Estate
Federation: "Every developer and investor should design
a financially viable business model, and should identify their target
and then accordingly study the prospective market before venturing
into a shopping mall venture.
Author: Mani D'Mello
Photographer: Vinayak Prabhu
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