Malls under construction, developers pray Delhi-like culture sweeps region too

“The recession in the real estate industry is definitely going to impact the future developments of malls in the region. At the same time, we are hopeful that a lot of potential is there in the tricity to generate demand for malls,” said Pradeep Rai, brand manager, Paras Build-Call Pvt Ltd, Gurgaon. The company is constructing one of the largest malls in Punjab with a built-up area of 3.5 lakh square feet — Paras Downtown Square at Zirakpur.

While developers claim most shops have been sold and leased out both in the existing as well as under construction sites, experts are keen to know how this huge inventory of commercial space waiting to be launched in the tricity will generate demand. The malls, where space is usually available with a mix of lease, rent and sale, the rate varies from Rs 16,000 to Rs 25,000 per square feet, depending upon the floor and the location.

“At present, 14 brands are located in the mall with a total built-up area of 1.10 lakh square feet. Around seven will start operations next month,” said B S Arora, sales head, Uppal’s Centra Mall.  

Sixteen malls are, meanwhile, under construction in cities like Chandigarh, Mohali, Panchkula and Zirakpur. These include the Shalimar Mall in Panchkula and the Paras Downtown Square Mall in Zirakpur, which are on the verge of completion and awaiting inauguration.

Developers, meanwhile, are banking on the “potential in Chandigarh as residents are exposed to shopping in malls in areas like Gurgaon and Delhi”. They have crossed fingers for the tricity, hoping the mall culture will sweep the region too sometime in the near future.