The competition between old rivals DLF and Unitech is going to get fiercer. Both are opening malls bang opposite each other in sector 18, Noida, the area’s retail hotspot. There is a mall here developed by the deceased liquor baron Ponty Chadha’s Wave Group.
A few years ago, Unitech had opened what it called at that time India’s largest mall spread across 1 million square feet, The Great India Place. The new mall Gardens Galleria and the Great India Place are part of Unitech’s 147-acre complex comprising retail, hospitality and entertainment.
While Unitech had initially sold shops at the 570, 000 square feet Gardens Galleria, it has now converted its business model to a fully-leased mall.
Early buyers have been transferred to the adjoining Great India Place, which is being upgraded. So, deals are being singed for standalone stores of Tanshiq. Next to Gardens Galleria will be an annexed building with a 12 screen multiplex.
This Unitech complex will also boast the countries largest McDonalds and KFC. Right opposite the Gardens Galleria is DLF’s Mall of India. DLF claims this will be India’s largest mall spread across 1.8 million square feet.
Complete with a parking lot of 3000 cars, a seven-screen DT multiplex, the Mall of India like the Garden Galleria will open for business by the end of 2013.
DLF also claims its opening India’s largest indoor entertainment centre spread over 4 lakh square feet. Global giants like Zara, H&M, Gap, Forever 21, Uniqlo and Marks and Spencers are all expected to set up shops at the Mall of India.
Brokers say the average rent on the ground floor at the Mall of India is Rs 250-300 per square foot and Rs 250-260 per square foot at Unitech’s Gardens Galleria.
DLFs decided to not sell any space here, preferring to lease out the entire mall and stay in charge of operations. So, it is pretty clear that DLF and Unitech will do everything to outdo each other.