Source : Financial Deccan Chronicle Dt: May 4th, 2014.
The mall scenario in Andhra Pradesh, particularly in Hyderabad, is evolving. Four malls are getting ready to be launched within three years and more are in construction or planning stage.
“There are 20 big and 87 smaller malls coming up in Hyderabad, varying with their classification. Some of them are nearing completion while some are stuck because of the slowdown in real estate and retail markets,” according to Anand Sundaram, chief executive officer, Pioneer Property Zone, a firm that specialises in mall management and allied activities.
Typically, malls takes upwards of 60 to 70 months for achieving break even. Many prefer to sell the retail space outright instead of creating an annuity-based asset, he said.
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In Singapore and other places, the mall space ratio is about 30 sqft per person. In India, it is two-sqft mall space per person and in Hyderabad it is about one sqft mall space per person, Sundaram said.
PPZ now manages 13 assets in multiple cities and has added five more projects in Hyderabad recently, for which it will be involved in concept and design, finding anchor and other tenants, deciding on the shop sizes and domains, maintenance of the mall, enhancing foot falls and others.
The projects include the Secunderabad Central Mall at Patny (gross building area of 3,50,000 sqft for retail and entertainment) and Odean Mall (2,10,000 sqft) at RTC X Road in Hyderabad, both by Shanta Sriram Constructions, Youdan Plaza (1,05,600 sqft of gross building area at Abids) by Youdan Infrastructure Projects and one more project, the Kompally Mall.
“Shopping has been traditionally done only in the high streets. The Secunderabad Central Mall hopes to change the shopping experience and range of offerings,” he said, adding that it is likely to take a year or so for completion.
The Odean Mall will be a mid-segment one with a mix of junior departmental anchors, fashion anchors and F&B. The other two malls too are likely to be open to public in 2017.
It already is managing Manjeera Mall at Kukatpally, operational since 2013. Spread across 4.7 lakh sqft, Manjeera Mall has four floors of shopping options in a mix of international and local brands, F&B chains and multiplexes. It will relaunch this after making some changes in about six months.
New malls are coming up in Vijayawada and Visakhapatnam and other areas, Sundaram said.
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In Singapore and other places, the mall space ratio is about 30 sqft per person. In India, it is two-sqft mall space per person and in Hyderabad it is about one sqft mall space per person, Sundaram said.
PPZ now manages 13 assets in multiple cities and has added five more projects in Hyderabad recently, for which it will be involved in concept and design, finding anchor and other tenants, deciding on the shop sizes and domains, maintenance of the mall, enhancing foot falls and others.
The projects include the Secunderabad Central Mall at Patny (gross building area of 3,50,000 sqft for retail and entertainment) and Odean Mall (2,10,000 sqft) at RTC X Road in Hyderabad, both by Shanta Sriram Constructions, Youdan Plaza (1,05,600 sqft of gross building area at Abids) by Youdan Infrastructure Projects and one more project, the Kompally Mall.
“Shopping has been traditionally done only in the high streets. The Secunderabad Central Mall hopes to change the shopping experience and range of offerings,” he said, adding that it is likely to take a year or so for completion.
The Odean Mall will be a mid-segment one with a mix of junior departmental anchors, fashion anchors and F&B. The other two malls too are likely to be open to public in 2017.
It already is managing Manjeera Mall at Kukatpally, operational since 2013. Spread across 4.7 lakh sqft, Manjeera Mall has four floors of shopping options in a mix of international and local brands, F&B chains and multiplexes. It will relaunch this after making some changes in about six months.
New malls are coming up in Vijayawada and Visakhapatnam and other areas, Sundaram said.
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