Malls Culture In India

There is hardly any part in Delhi which may not have a Mall. Mall culture is increasing fastly in the Delhi's Adjoing Ghaziabad. According to an estimate more that 24 malls would have been opened in Ghaziabad during next two years. At present eight Malls in Indirapuram and seven each in Vaishali and Kaushambi are under construction. As per the study of ASSOCHAM 100 new malls shall be operative in India during 2008. According to another study, during the last year malls had spread over 4 lakh sq.ft land throughout India with the pace this culture is approaching to two and three tier cities, two lakh sq.ft. Of land would have been added to this figure by end of this year.

According to report of Jones Lang La-Sella Meghraj most of the Malls are in Delhi and Mumbai, despite it there are still more possibilities of the same in these cities. It has been estimated in the report "Geography of Opportunity: The India 50" that by end of 2008-09 around one lakh sq.ft. Mall in Delhi and one & a half lakh sq.ft. mall in Mumbai would have been constructed on land. Rest part of malls area shall be completed from the malls being constructed in cities like Chandigarh, Ludhiana, Jaipur, Meerut, Lucknow and Kochi etc.

TWIST IN THE TALE

As per market reports, it is expected that some private developers along with HUDA will come up this financial year. But with so much competition in the already sluggish realty market, it would be interesting to see the turn of event in the next few months. May be developers, seeing the current market scenario, will finally target the middle class which was ignored in the earlier real estate revolution.

MORE SECTORES ON THE CARDS

The master plan 2021,approved by the Haryana government, earlier this year earmarked 58 residential sector that are to be developed by 2021 to cater to the projected 37 lakh population in Gurgaon and Manesar. A total area of 14,930 hectares has been earmarked for this. It would increase the total number of sectors in Gurgaon from the existing 57 to 115. HUDA and private developers like Ansal ,Unitech,DLF,Vatika, Uppal’s, Rahejas and other together have developed dwelling units in 8000 hectares of land for inhabitation in Sector 57.Developers have now acquired big chunks of land in residential zones earmarked in the new Master Plan 2021 and have applied for licenses for developing dwelling units in these areas.

TWIST IN THE TALE

As per market reports, it is expected that some private developers along with HUDA will come up this financial year. But with so much competition in the already sluggish realty market, it would be interesting to see the turn of event in the next few months. May be developers, seeing the current market scenario, will finally target the middle class which was ignored in the earlier real estate revolution.

MORE SECTORES ON THE CARDS

The master plan 2021,approved by the Haryana government, earlier this year earmarked 58 residential sector that are to be developed by 2021 to cater to the projected 37 lakh population in Gurgaon and Manesar. A total area of 14,930 hectares has been earmarked for this. It would increase the total number of sectors in Gurgaon from the existing 57 to 115. HUDA and private developers like Ansal ,Unitech,DLF,Vatika, Uppal’s, Rahejas and other together have developed dwelling units in 8000 hectares of land for inhabitation in Sector 57.Developers have now acquired big chunks of land in residential zones earmarked in the new Master Plan 2021 and have applied for licenses for developing dwelling units in these areas.

RESIDENTIAL SURGE

As per reports, about 60 per cent of the applications are for residential project. Thus, the supply of housing units is slated to go up in the near future in the part of the National Capital Region, where the market is in its correction mode at present. Says Narinder Sahni of Sahni Properties in Gurgaon.” The supply of housing units will no doubt increase in the next 12 to 24 months in Gurgaon belt as several developers are coming up with residential projects. However, this would create an ideal situation for budget buyers, as prices are bound to decline due to excessive competition. The middle class look for what to owing their dream homes-effect that was ignored by developers up till now.”

HOUSING FOR ALL

A number of residential project by private developers are expected to come Up in the new financial year.With the demand for good housing in Gurgaon maintaining its graph, the coming year will witness a horde of residential project coming up in the area, which may create a condition of over-supply.Apart from the numerous projects, which are under construction in the city, Haryana’s town and country planning department recently received more than 400 applications for the approval of licenses from private sector developers. The licenses are for developing apartments, and group housing societies as per the provisions in the Gurgan-Manesar master plan 2021.