DLF revamps shopping mall in Saket, Delhi with over Rs 100 cr investment
The company has done the soft launch of this shopping complex 'DLF Avenue' on Monday, which has a leasable area of 5.2 lakh sq ft.
"We had shut our DLF Saket mall in February last year. We have invested over Rs 100 crore on revamping it," DLF Shopping Malls Executive Director Pushpa Bector told .
There are total 105 brands of which 95 are new, she said adding that the retail complex would help generate direct and indirect employment opportunities of over 1,500 people.
Bector said the company has increased the space for food and beverages (F&B) to 28 per cent from 12 per cent earlier. The mall also houses 5-screen multiplex by Cinepolis and co-working facility.
"The focus is on integrated experience of shopping, dining and culture making it a destination to be in for millennials and the discerning South Delhi consumers," she added.
Bector said the mall is bringing together the best of Indian and international fashion and apparel brands across fast fashion, athleisure and ethnic fusion. The mall has brands like Under Armour, Go Sports, Superkicks, Nykaa Luxe, Forever 21, Uniqlo and Marks & Spencer among others.
The company expects a footfall of 12 lakh per month.
"We are positive that DLF Avenue will further take consumer retail experience several notches higher. At DLF we continuously explore opportunities to enhance the shopping experiences," DLF Managing Director (Rental Business) Sriram Khattar said.
This mall comes under DLF Cyber City Developers Ltd (DCCDL) which is a joint venture between DLF Ltd and Singapore sovereign wealth fund GIC. DLF has nearly 67 per cent stake in the DCCDL while rest is being held by the GIC.
DLF has a rental portfolio of over 36 million sq ft of which 32 million sq ft is office and rest retail and it earns over Rs 3,000 crore annually through rent.
DLF Mall of India in Noida, Uttar Pradesh is biggest retail asset with around 2 million sq ft of leasable area.
As part of its strategy to focus on commercial real estate, DLF last week announced an investment of Rs 5,000 crore to develop large commercial project largely office in Chennai as part of its strategy to expand portfolio of rent yielding properties. MJH SHW SHW