Unity, Parsvnath form joint development agreement to develop mall in Delhi, says report

A joint development agreement has been formed by the Delhi-based Unity Group and Parsvnath Developers. As per the agreement, the companies are going to develop 450,000 square feet of the retail area according to Harsh V Bansal, co-founder of Unity Group. The retail area will be developed with an investment of Rs 200 crore. The bridge-to-luxury mall is situated near Netaji Subhash Place metro station and the land is on lease from Delhi Metro. The agreement is a part of the firm’s plan for doubling its retail portfolio and creating a retail Real Estate Investment Trust (REIT). Bansal told Economic Times, “This mall should become operational by October 2023, and we are already in touch with brands for leasing.” He went on to add that the company is expecting Rs 100 crore in rental income each year. The corporation is also in the process of expansion of all of its six operational malls as part of the extra floor area ratio allowed by the Delhi Development Authority (DDA). The Unity Group has also planned the development of malls in Mangolpuri, Rohini, Preet Vihar, and Punjabi Bagh in Delhi, as well as Mohali, Punjab. Bansal informed that the company is developing 150,000 sq ft in Preet Vihar. He added that the firm has also acquired two land parcels in Mangolpuri and Rohini from the DDA for Rs 63 crore and it will invest another Rs 200 crore for developing 300,000 sq ft of retail space. At present, India adds around 3.8 million square feet of retail space per year, with developers majorly focusing on office and residential assets. As per the Economic Times, experts state that now is the time to create Grade A retail spaces because international brands are betting big on India. India’s top three cities will require 9 million square feet of retail space each year till 2027 in order to reach the level of organised retail area available in a country for matching the retail space per capita of a small country like Vietnam, according to an analysis by Cushman & Wakefield. Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.