Major industrial groups, including Reliance industries, have lined up to buy or rent space at major malls being set up in the holy city. The Reliance group, which has recently ventured into retail segment, has shown keen interest to set up shop for its large retail stores. This would be the first retail store by a leading company in Punjab.
A leading real estate developer and at present involved in a major construction project for a leading construction company in Delhi, Mr Kapil Mehra, said that the upcoming malls have been receiving quite enthusiastic response from the leading Indian and international brands, including major food chains, to set up their retail outlets in the city.
With the retail segment here expecting a major sales boom due to urbanisation of the city, the leading manufacturers and industrial houses have started scouting for spaces for direct sales segment to showcase their product range.
Mr Mehra said that city had emerged as one of the most important tourist spot in the country with over one lakh pilgrims and devotees visiting Amritsar recently. This has ushered in massive investment into the shopping mall segment in and around the city. The pride of place, the Mall Road, has become the 'Mall's street' with eight to 10 major real estate developers having descended here to develop multiplexes, shopping complexes and commercial estates. The developers are also eyeing other prime posh localities of the city.
Mr Kapil Mehra said that a majority of these malls, numbering more than 10, would become functional by the end 2007 and 2008 and would offer space for lease or for sale to the reputed and established names in the country. He said that a mall or a multiplex usually offered around five lakh square feet area each in the each building. He said at present the mall authorities were receiving enthusiastic response from India and abroad. He claimed that majority of the space available in the malls would be sold out positively by next year.
The retail segment in India, especially in the northern states, had been growing considerably and the people of this area were preferring to do their shopping in the malls and enjoy all international class facilities.
Not to be left behind the major food chains giants, restaurants and hotels were also making a beeline to set up food courts at these malls offering a wide variety of food items from Italian to American fast food, Thai food, Indian cuisine besides typical Punjabi and continental food as well.
The major builders who have undertaken the construction of the one of these world-class malls, include Omaxe builders, MGF, Metroplitan malls, Celebrations by Advance Projects India Limited, Maiden Malls by Today Homes. Besides these builders local builders too have launched four commercial buildings.
Madan Mohan Malvia road, Queenz road, Lawrence Road, Court Road have emerged as the major locations for the construction of more malls and commercial complexes.
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