The city was projected to have 20 malls in about two years but according to the reality figures only three shopping malls, with a dozen still under construction, were opened.
One of the reasons for the delay in the opening of new malls in Ludhiana could probably be the steep hike in input prices mainly steel and cement that has pushed up the construction costs for real estate projects.
According to P K Mukherjee, a Chandigarh-based architect, that the increase in steel and cement prices has almost doubled the cost of construction of real estate projects.
Another factor that has led to these projects running on snail's pace, is the lukewarm response met by proprietors of the mall in attracting the potential investors for the malls.
Inflation coupled with sluggish real estate growth has forced retail rentals to fall hence retailers are postponing their expansion plans.
