DLF To Open Goa Shopping Mall in Feb–Mar, Eyes Over Rs 150 Cr in Rentals

New Delhi: Real estate major DLF Ltd will open a 7 lakh sq ft premium shopping mall in Goa by February-March next year and expects an annual rental income of more than Rs 150 crore, a senior company official said.

DLF, the country’s largest real estate firm by market cap, has invested around Rs 500 crore to develop this shopping mall.

“We will open a shopping mall in Goa in February-March. The fit-outs will start next month,” DLF’s Vice Chairman and MD (Rental Business) Sriram Khattar said on the sidelines of a real estate conference organised by CII.

He said the company has already leased around 75 per cent of retail spaces in the Goa shopping mall and expects to lease it completely within the next few months.

Asked about rentals from this upcoming mall, Khattar said the company expects more than Rs 150 crore in rent from this Goa property.

“We have invested around Rs 500 crore to develop this mall,” he said.

Pushpa Bector, Group Executive Director and Business Head at DLF Retail, said the mall would cater to local Goan people.

She expects good business in the shopping mall as the per capita income in Goa is very high.

She highlighted that more than 200 brands will have a presence in this mall, including Shoppers Stop and PVR as major tenants. The mall will have a 5-screen multiplex.

“The mall will help create a lot of job opportunities for the local population,” Bector said.

Recently, DLF opened ‘DLF Midtown Plaza’, comprising more than 2 lakh square feet of area, at Moti Nagar in the national capital.

It has also soft-launched ‘DLF Summit Plaza’ in Gurugram covering around 4.8 lakh square feet of space, of which more than 4 lakh square feet is retail, and the rest is coworking space.

At present, DLF Group has around 10 retail properties, including a large shopping mall in Noida, with a portfolio of around 50 lakh square feet of space.

To expand its retail real estate business, DLF is building a large 25 lakh square feet shopping mall in Gurugram, expected to be operational in 2029.

The bulk of the commercial assets (office complex and retail spaces) are under DLF Cyber City Developers Ltd (DCCDL), a joint venture between DLF and Singapore sovereign wealth fund GIC.

DLF is primarily engaged in the business of development and sale of residential properties (the Development Business) and the development and leasing of commercial properties (the Annuity Business).

DLF has developed over 185 real estate projects and an area of more than 352 million square feet.

The group has 275 million sq ft of development potential across residential and commercial segments.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)