The Hindu Business Line : Majestic Properties plans 3 more malls

CLOSE on the heels of announcing its `Melange' mall project near Meerut at an estimated cost of over Rs 80 crore, Majestic Properties is now planning three more malls in the country.

"There are three more malls in the pipeline. We will be announcing one of the malls and also one township project by June next year," Mr Abdul Bari, Vice President - Marketing and Business Development, Majestic Properties, said here.

One of the three malls proposed would be a highway mall, he said adding that this would come up in a B-class city. "Ideally, we look at locations where we can target 10-15 lakh population. Also while deciding on the location for malls, we make sure it is close to universities and institutions, so as to ensure a strong day-time traffic."The company recently announced its `Melange' project, with a built-up area of 2-lakh square feet. The mall houses multiplex, retail outlets, food and beverage courts, cafes and a kid zone.

Located on Delhi-Dehradun highway, the mall targets highway commuters and is five km from Meerut. It is expected to be fully operational by December 2005.

Majestic Properties has already tied up with Rave Cinemas for running the multiplex. It has already roped in McDonalds, Pizza Hut, Archies, Lee Cooper, KFC, Candy Treat, Vibe, Hangten, Shapes, Reebok, Levis, Baskin Robins and Creambell among other brands, thus signing up 60 per cent of the mall space.

"The mall is divided into two parts, the first part being the main mall. The second part is for highway traffic and shall be opened for 24 hours and consists of ATMs and food joints. We chose this location because of its proximity to universities and institutions. There are about 25 institutions and 85,000 student communities in close proximity," Mr Bari added.

Retail is now a booming sector in India. As many as 50 shopping centres and malls are already operational and another 300 malls are expected to come up in the next two years in major cities across India.

The average size of these malls is pegged at about 2,00,000 sq ft with anchor ranging from 50,000-60,000 sq ft.

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