 "DLF to expand retail biz; to add 2.3 mn sq ft of retail space in NCR, Goa")
Realty major DLF on Wednesday said the company will develop six new retail properties across major cities comprising 2.3 million square feet area as part of its expansion plan.
DLF will develop three premium neighborhood plazas -- Summit Plaza in DLF 5, Gurugram, Midtown Plaza in Moti Nagar, Delhi, and New Gurgaon Plaza in Sector 91, Gurugram. It will also come up with two office retail spaces -- The Hub in Chennai and Cyber Park in Gurugram.
DLF will also enter the Goa market with Patto Plaza, a 0.3 million square feet premium shopping mall.
"The addition signifies DLF's continued growth not only in Delhi NCR but also across India with newer regions such as Chennai and Goa," DLF said in a statement.
In a recent conference call with analysts, DLF's Managing Director (Rental business) Sriram Khattar had indicated the company's plans to expand shopping malls portfolio.
When contacted, Pushpa Bector, Executive Director- DLF Retail said, this expansion will be completed over the next 2-3 years.
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She did not share the investment required to develop these six properties.
We are introducing a new line of growth with the introduction of premium neighborhood plazas. These will complement our premium residential developments enhancing the quality of our DLF customers," Bector said.
Presently, DLF has a retail portfolio of 4.2 million square feet, with 673 unique brands including over 300 international and 168 F&B outlets and 26 movie screens across malls.
It has eight retail properties, including the DLF Mall of India at Noida, mainly in Delhi-NCR.