Malls under construction, developers pray Delhi-like culture sweeps region too

Even as two recently-opened multiplexes fell considerably short of footfalls, as many as 16 new malls and such complexes will hit the tricity in a year’s time.

Against much anticipation among the residents and the developers at the time of the launch, Uppal’s Centra Mall in the Industrial Area and DT Mall at IT Park Chandigarh, are still looking for takers. Maximum number of visitors here comprise of cine-goers.

“The recession in the real estate industry is definitely going to impact the future developments of malls in the region. At the same time, we are hopeful that a lot of potential is there in the tricity to generate demand for malls,” said Pradeep Rai, brand manager, Paras Build-Call Pvt Ltd, Gurgaon. The company is constructing one of the largest malls in Punjab with a built-up area of 3.5 lakh square feet — Paras Downtown Square at Zirakpur.

While developers claim most shops have been sold and leased out both in the existing as well as under construction sites, experts are keen to know how this huge inventory of commercial space waiting to be launched in the tricity will generate demand. The malls, where space is usually available with a mix of lease, rent and sale, the rate varies from Rs 16,000 to Rs 25,000 per square feet, depending upon the floor and the location.