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New Delhi, Sept. 6 Retail real estate market is all set to gather momentum in Chennai, with mall space projected to multiply six times by 2010, when a total of six million sq ft of retail mall stock comes up.

“The Chennai retail real estate market boom, though started slow compared with other tier-1 cities, is now gaining momentum. Backed by the rising young local and migrant working population, increasing income levels and rising aspirations, the retail market in Chennai is set to grow rapidly in the next 2-3 years,” according to Jones Lang LaSalle, a real estate services and money management firm.

Pegging the current mall space in the city at about 9,09,000 sq ft of built-up area, it said that the projects being developed by national developers such as DLF and Prestige Group and local developers such as Suryavardhan Estates and Marg Construction would boost the retail built-up area to about six million sq ft of space by 2010. This takes into account 15 malls, which are either proposed or under construction.

The current total mall space in Chennai includes the Spencer Plaza with a built-up space of 5,59,000 sq ft and Chennai City Centre with a built up area of 3,50,000 sq ft, both located in Central Business District.

Around 50 per cent of total upcoming mall stock in Chennai would be developed in Old Mahabalipuram Road, in the Southern quadrant of the city, which is also known as the IT corridor. Currently, about 2.7 million sq ft of retail mall space is under construction or is proposed in the area. The Riverside Mall in Karapakkam is being developed by Marg Constructions with a total built up area of 5,00,000 sq ft and a floor plate of 1,25,000 sq ft.

More Stories on : Retailing | Real Estate & Construction | Tamil Nadu

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