Parsvnath Developers Signs JV Deal in Delhi for Retail Mall with Unity Group

Parsvnath Developers Signs JV Deal in Delhi for Retail Mall with Unity Group

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2 year(s) ago

Unity Group Gears Up for Retail Expansion in Delhi & Punjab. Unity Group, a real estate developer, has announced a significant expansion of its retail portfolio through a joint venture. Parsvnath Developers Signs JV Deal in Delhi for Retail Mall with Unity Group.

  • Joint Venture with Parsvnath Developers:

    • Developing a 450,000 sq ft “bridge-to-luxury” mall near Netaji Subhash Place metro station (Delhi).
    • Investment: ₹200 crore.
    • Land leased from Delhi Metro.
    • Leasing discussions underway with brands.
    • Projected annual rental income: ₹100 crore.
  • Additional Developments Planned:

    • Preet Vihar (Delhi): 150,000 sq ft mall.
    • Mangolpuri & Rohini (Delhi): Two land parcels acquired from DDA for ₹63 crore. Planned development: 300,000 sq ft of retail space. Investment: ₹200 crore.
    • Punjabi Bagh (Delhi) and Mohali (Punjab): Details not disclosed.
  • Expansion of Existing Malls:

    • Upgrading all six operational Unity Group malls to utilize increased floor area ratio permitted by DDA.

Driving Force:

  • Double their existing retail portfolio.
  • Create a Retail Real Estate Investment Trust (REIT).

Industry Context:

  • Cushman & Wakefield analysis indicates a major gap in India’s retail space compared to developed economies.
  • Top 3 Indian cities require an additional 9 million sq ft of retail space annually until 2027 to match Vietnam’s per capita retail space.
  • This expansion positions Unity Group to capitalize on the growing demand for Grade A retail spaces to attract international brands.

Overall, this strategy positions Unity Group as a major player in the evolving Indian retail landscape.

 

Disclaimer: The information herein is based upon information obtained in good faith from sources believed to be reliable. All such information and opinions can be subject to change. Furthermore, The image featured in this article is for representation purposes only. It does not in any way represent the project. If you wish to remove or edit the article or want to publish your news or article please email news@jvdeals.in

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