Mall list in Mumbai
Name
Destination
Total sqft
Lease Rates (Rs)
RMall
Mulund
3,00,000
90
Nirmal Lifestyle
Mulund
90,000
150
Centre One
Vashi
50,000
80
Cross Roads
Nariman Point
80,000
175
Dheeraj Heritage
Santacruz (W)
1,35,000
75
Fun Republic
Andheri (W)
1,20,000
100
Hatane Shopping Centre
Andheri (W)
30,000
NA
Thakur Mall
Kandivali (E)
1,50,000
NA
Marathon Max
Mulund
25,000
60
Grand Hyatt
Kalina
1,20,000
125
Cine World
Thane
1,00,000
65
Raheja Classic
Andheri Link Road
2,00,000
NA
Atria
Worli
2,00,000
150
Tulip Arcade
Juhu
2,00,000
125
Nirmal Arcade II
Mulund
5,00,000
NA
In Orbit
Malad (W)
6,50,000
90
Hi street finix
Lower Parel
2,00,000
NA
Cable Corp
Borivali
1,70,000
NA
Hi way Mall
Goregaon (E)
3,00,000
NA
Oberoi Mall
Goregaon (E)
3,00,000
NA
RNA Millennium
Kandivali (W)
1,00,000
NA
Raj Arcade
Kandivali (W)
1,50,000
NA
Growell
Kandivali (E)
5,00,000
NA
Dynamix Group
Goregaon (E)
270 shops various size
Juhu 1,05,000
NA
Santacruz (W)
1,00,000
NA
Neelkanth Group
Santacruz (W)
3,00,000
NA
Gundecha
Chandivali
–
NA
Kanakia
Sahara
Linking Rd, Bandra
–
NA
Sagar
Chandivali, IT Park
–
NA
Emgeen
CST Road, Kalia Windsor
3,00,000
NA
Morya Properties
Link Road, Andheri
2,00,000
NA
Tata Housing
Technopol, MIDC, Andheri
–
NA
KRaheja
Construction Nest
Link Road, Malad
–
NA
Classic Link road, Andheri –
NA
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Emergence of Retail Market
While the IT related developments are on slower track the retail market is emerging throughout the country. Multiplexes and shopping malls are the order of the day.
To encourage such developments the Andhra Pradesh Government is contemplating to provide sales tax concessions within uniform floor rates to various industry segments. The concept of speciality stores and restaurants is growing. After the bust of dot com boom, the retail sector developments in Mumbai, are set to accelerate, due to the success of ‘ Crossroads’-speciality shopping malls, Shoppers Stop, Haiko and other such developments. Close to 2 million sq.ft of retail space is expected to come up in Mumbai over the next two years. The retail industry and the subsequent developments of shopping malls and multiplexes in Delhi are on fast track. Retail development in Delhi and in surrounding areas like Noida and Gurgaon, is in full swing. Bangalore too is now awakening to the retail development in the aftermath of slowdown of technology sector. Pune, Baroda, Ahmedabad, Hyderabad and Chennai are the cities where retail development and multiplexes are in advance stages of development. It seems the lifestyle of people is changing be it shopping or entertainment. This type of development is adding valuable properties and is good for the property market and hence must be encouraged. The government and local bodies e.g. Municipal authorities must take positive and co-operative approach while sanctioning such projects and charging concessional property taxes on them.
The success of malls and multiplexes depends solely on the availability of space at rational lease rents. In Mumbai the introduction of a property tax system based on the market value of the property as against the earlier practice of calculation based on the age of the property, may lead to high rate of property taxes. This will discourage the parties to take the space in malls and multiplexes. Rationalisation of levies and taxes should be taken up on priority basis to encourage the development of retail properties.
