The Hindu Business Line : Mall activity picks up in Chennai IT hubs

The existing malls in the city are reporting high footfalls mainly because of the congestion, both on the roads as well as car parking space, in prime shopping areas.

Chennai , Aug. 6

Ever thought of Karapakkam, Siruseri or Semmenchery for some fancy shopping in Chennai? High-end shopping malls with food courts and multiplexes are being planned in places that are becoming hubs for IT companies.

According to a recent survey done by international property consultants, Trammel Crow Meghraj, real estate companies have plans to develop 10 malls in Chennai. In the central business districts, there is a mall coming up at the Express estates off Anna Salai and another one on Nungambakkam High Road.

The other malls are coming up in Karapakkam, Velachery, Koyambedu, Siruseri and Semmenchery.

The Riverside Mall by Marg Constructions Ltd is being developed at Karapakkam. The investment into the Riverside Mall would be Rs 250 crore and the total built-up space would be five-lakh sq ft with floor plates of 1.25 lakh sq ft.

Mr Suramya Bhargava, General Manager (Marketing and Sales), Marg Constructions, said that the demand for retail and residential space at places like Karapakkam is high. For instance, every sq ft of commercial space generates seven times the demand for residential and retail space.

Entertainment is another facet that the malls provide. The Riverside Mall will have a multiplex and a 400-cover food court with eight counters, besides a fine dining restaurant and café on the open decks facing the backwaters. Car parking space for about 1,000 cars will also be provided, Mr Bhargava said.

Malls are also being planned inside the integrated townships coming up in Chennai's suburbs. Seven malls, covering about 30 lakh sq ft, are coming up - the Kalpathi Mall in Perambur, Mahindra Mall in Maraimalai Nagar, Orchid Mall in Korattur, Business Centre in Pallikkaranai, ECCI Mall in Semmanchery, Ozone Mall in Anna Nagar and Shriram Mall in Perungulathur.

According to the report, the existing malls in Chennai are reporting high footfalls mainly because of the congestion, both on the roads as well as car parking space, in prime shopping areas such as Pondy Bazaar and Purasawakkam.

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