Financial Daily from THE HINDU group of publications
Saturday, Oct 16, 2004
Financial Daily from THE HINDU group of publications Saturday, Oct 16, 2004 |
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Marketing
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Outlook DLF Retail eyes completing Rs 1,000-cr projects in 2 yrs Moumita Bakshi
New Delhi , Oct. 15 DLF Retail Developers Ltd, a part of DLF Group, today said it expects to execute projects across the country valued at over Rs 1,000 crore by mid-2006. "We should be able to execute projects valued at about Rs 1,000 crore by mid-2006, and we also hope to record sales and leases between Rs 400 crore and Rs 500 crore," Mr Ajay Khanna, Executive Director of DLF Retail Developers Ltd, said here. DLF Retail is one of the three focus areas of DLF Group, the other two being residential and commercial. "Retail business is looking at expansion in which DLF plans to invest Rs 2,000 crore-3,000 crore in the next two or two and half years ... In all the three focus areas together projects worth Rs 8,000 crore are in the pipeline," he added. Elaborating on the new projects, Mr Khanna said the company would look at geographical expansion moving from metros to A-class cities and towns such as Ludhiana, Chandigarh, Jaipur and Kochi. At present, the company is involved in the development of around 18 malls. In the National Capital Region alone it is developing around 10 malls. "These include two malls in Vasant Kunj in Delhi, one of which is the country's first upmarket designer mall. We are looking at a 1.2 million sq. ft-1.5 million sq. ft mall in Noida. We are also working on a luxury mall in Saket in Delhi," Mr Khanna said. Gurgaon, he pointed out, would develop into a retail hub over a period of time and DLF too would be executing projects here. On the funding for projects, he revealed that "a large part would come from internal accruals and some from borrowings. We will also leverage property mortgage." He said as far as the industry was concerned there was a large shift in movement of unorganised to organised retail.
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