Unitech — which has a land bank of about 20,000 acres with a saleable area of 850 million sq ft — is using its existing resources for the first phase. Land acquisition process is underway for the rest of the expansion.

The company will lease out all the new retail spaces to prospective retailers. In addition to the minimum rentals, it would also enter into revenue sharing agreements to ensure better long-term gains. Unitech has formed a specialised team to promote its malls and shopping centres and boost sales.

According to global realty consultant Cushman & Wakefield, the percentage of organised retail in India stands at 4.6 per cent as compared to developed economies. Organised sector accounts for 80 per cent and 70 per cent of retail operations in the US and UK respectively. “The figure, however, indicates the immense scope and potential of the retail sector to flourish in the country,” the consultant said in its latest report.