Now small towns will also have value malls. Mirroring its cinema infrastructure model, E-CITY Ventures, part of the Essel Group, is setting up forty-five value malls aggregating ten million square feet in emerging real estate cities.
Mr. Atul Goel, CEO, E-CITY Ventures, said, “For this project, we are looking at equity funding of Rs 450 crore”. Further he added, “Talks with private equity players are in advanced stages”.
As part of its retail real estate, this venture will create twenty million square feet in two formats. One is lifestyle format, which is Fun Republic, and another in the value format, which is yet to be named. Mr. Goel said,“We will roll out the value format once the funding is in place”. In the lifestyle format, four million square feet of retail space is already in place with Fun Republics operational in Ahmedabad, Delhi, Chandigarh and Mumbai. But Mr. Goel pointed that there has been a slump in real estate space for a variety of reasons. He pointed, “There were projects announced and not really taking off, at least some of them”. As for its cinema infrastructure, there are fifty Fun Cinemas in place and thirty-two will be added this year. In the value Talkie Town format, there are six screens.
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Star TV and engineering and construction major Era Group are reportedly in talks to enter into the multiplex management business. Era will see the construction and management of multiplex properties while Star will lend its name, says a PTI report.Era Group reportedly has major plans of installing 120 screens by next three years. So far, it is running a few screens in Meerut and Agra in Uttar Pradesh. While the cinemas will be branded as Star, Era Group will invest and run them. Era is also planning to strike long-term deals with major real estate players which are developing malls and multiplexes to run all the screens coming up in their projects.For more view- realtydigest.blogspot.com
After the immense success in Metropolitans Food Courts and Malls are emerging in small cities as well. Cities like Delhi, Mumbai, Bangalore, Chennai, Hyderabad, Pune, Jaipur and Chandigarh etc. are having n number of Malls and Food Courts to cater all kind of requirements of masses at one place.
Yes obviously there are development in full swing at all the stages all over which is to be shown that the foreign level which is to be good for India.If we see development of Malls at everywhere which is to be view good for all the people.