March 13, 2007

Gurgaon Waking up to Specialty Malls

The old adage “The more the merrier” seems apt for the fast flourishing cyber city of Gurgaon that already has scores of monumental malls. Adding to its mall culture are coming specialty malls like wedding malls, festival city, boutique malls and the glittering gold souk. Work on wedding mall is already under way whereas the construction work for two boutique malls and a festival city are expected to commence soon. Not only this, there is one company, which is coming up with a theme destination mall in Gurgaon. It plans to invest a whopping Rs 300 crore and assures to offer world-class retail stores, entertainment, leisure experience and even an IMax theatre for the movie buffs. The company spokesperson informed that the malls the firm is planning will be among the biggest malls of the city and will spread over an area of two million-sq ft. He added that besides environment friendly design with large open sky spaces, the company will take care for the safety of kids, elderly people and the disabled people.His company is not restricting itself to Gurgaon. It is even branching out to Ludhiana and Punjab too, where it is planning to set up boutique malls. Do these malls attract genuine buyers or have they just turned out to be a place to do window shopping? Commenting on this, another official said, specialty malls are in vogue these days. Unlike other malls, where people are offered various things under one roof, here in specialty malls which will get one particular thing in one mall. This will attract only genuine buyers in that mall. However, he sounded optimistic stating that NCR region is expanding rapidly which means the purchasing power has gone up and that will definitely have an impact on the mall business too. Source:indianrealtynews