In a significant development for the Gurgaon real estate market, DLF, a prominent real estate developer, has commenced construction on a new shopping mall in Gurugram. The mall, spanning an impressive 26-27 lakh square feet, comes with an investment of approximately Rs 2,200 crore. This move by DLF is part of its expansion strategy, driven by the resurgence in retail consumption following the COVID-19 pandemic.
DLF’s Retail Portfolio
| Property Type | Area (Lakh Sq. Ft.) |
|---|---|
| Malls and Shopping Centres | 42 |
| Under DLF Ltd | 3.4 |
| Under DLF Cyber City Developers Ltd (DCCDL) | 38.6 |
Table 1: DLF’s current retail portfolio breakdown.
DLF currently boasts a retail footprint of around 42 lakh square feet, comprising nine properties, primarily located across the Delhi-NCR region. Of this, approximately 3.4 lakh square feet falls under DLF Ltd, while the remaining is under the DLF Cyber City Developers Ltd (DCCDL), a joint venture between DLF and Singapore’s sovereign wealth fund GIC.
Bullish Outlook on Retail Sector
Sriram Khattar, DLF’s Vice Chairman and MD (Rental Business), expressed the company’s bullish stance on the growth of the retail sector. He emphasized that the post-COVID period has witnessed a sharp rebound in the retail industry, with strong growth in footfalls and sales across shopping malls. This positive sentiment is expected to drive higher demand for retail space from retailers.
Upcoming Retail Projects
In addition to the Gurugram mall, DLF is also developing a premium mall in Goa, spanning around 6 lakh square feet. Moreover, the company is constructing high-street shopping centres near its housing projects to cater to the needs of residents in the vicinity. Notable among these are the shopping centres at DLF Phase 5, Gurugram, and Moti Nagar, Delhi.
Khattar stated, “In the next 18 months, a mall in Goa and two shopping centres at Gurugram and Delhi will become operational.”
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Retail Leasing Trends
Addressing the CII conference on the real estate sector, Khattar highlighted that retail leasing across malls and high streets surpassed 7 million (70 lakh) square feet in 2023. This growth was driven by brands actively targeting aspirational and well-heeled customers through new formats, experiential stores, and international merchandise offerings.
Consumption trends exhibited a rebound during 2023, with cinemas stabilizing, followed by healthy growth in footwear, travel & leisure, QSRs, and jewellery & watches segments.
DLF Group’s Business Profile
The DLF Group primarily focuses on two core business segments:
- Development and sale of residential properties (development business)
- Development and leasing of commercial and retail properties (annuity or rental business)
The group has an impressive track record, having developed more than 158 real estate projects and an area exceeding 340 million square feet. Its annuity portfolio spans over 42 million square feet, and the group possesses land banks to develop an additional 215 million square feet across residential and commercial segments.
DLF’s investment of Rs 2,200 crore in a new shopping mall in Gurugram reflects the company’s confidence in the retail sector’s growth and the Gurgaon real estate market’s potential. With the retail industry witnessing a strong rebound post-COVID, the demand for retail space is expected to rise, presenting attractive opportunities for developers and investors alike.
As DLF continues to expand its retail portfolio and develop high-quality shopping destinations, it is well-positioned to capitalize on the growing consumer appetite and contribute to the vibrancy of the Gurgaon real estate landscape.
DLF is investing approximately Rs 2,200 crore in the new shopping mall in Gurugram.
The new shopping mall will span an impressive 26-27 lakh square feet.
DLF's investment is part of its expansion strategy, fueled by the resurgence in retail consumption following the COVID-19 pandemic.
DLF's current retail portfolio includes around 42 lakh square feet across nine properties, with 3.4 lakh square feet under DLF Ltd and the remaining under DLF Cyber City Developers Ltd (DCCDL).
In addition to the Gurugram mall, DLF is developing a premium mall in Goa and constructing high-street shopping centres near housing projects in Gurugram and Delhi.
Retail leasing across malls and high streets surpassed 7 million (70 lakh) square feet in 2023, driven by brands targeting aspirational customers with new formats and international merchandise.
Growth is being observed in segments such as footwear, travel & leisure, quick-service restaurants (QSRs), and jewellery & watches.
DLF primarily focuses on the development and sale of residential properties as well as the development and leasing of commercial and retail properties.
DLF has developed more than 158 real estate projects, covering an area exceeding 340 million square feet.
DLF's investment in the new shopping mall reflects confidence in the retail sector's growth and is expected to increase demand for retail space in the Gurgaon real estate market.
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