Pacific Group to open new mall at Dwarka in Delhi on Nov 15; eyes Rs 40 cr rent income per yr
Realty firm Pacific India expects about Rs 40 crore of rental income per year from its shopping mall at Dwarka in the national capital that will become operational from Friday, its executive director Abhishek Bansal said.
The company has completed the shopping mall and multi-level car parking project, which it bagged last year from Delhi Metro Rail Corporation (DMRC) through an auction process, with an investment of about Rs 100 crore.
The project, comprising 3 lakh sq ft mall and around 600 car parking, is located at Dwarka Sector 21 metro station.
"We have completed our shopping mall project 'Pacific D21'. The mall will open from tomorrow. This is our fourth mall," Bansal told PTI.
Pacific India has fully leased out retail space in the mall to brands like Lifestyle, Max, Big Bazaar, Home Centre, Reliance Trends and Reliance Digital. The mall will also have PVR's six-screen multiplex.
"Dwarka is the largest sub-city of Asia. However, it lacked single organised retail and people had to go out of Dwarka for all their needs such as movies, shopping, etc. D21 fills in all of these gaps of their day to day and weekend needs," Bansal said.
Asked about the rental income, he said the company expects a rent of over Rs 40 crore annually from this project. The company has to pay Rs 15 crore annually to DMRC during the 25-year lease period.
The total investment in this project is Rs 100 crore which has been met entirely through internal accruals, Bansal said. The project has been completed in 19 months from the date of taking over from DMRC.
Unlike housing sector, commercial real estate, comprising of office and retail segments, is doing well and attracting lot of institutional investment from domestic and foreign players.
Pacific Group currently has three shopping malls at Delhi's Tagore Garden, Ghaziabad in Uttar Pradesh and Dehradun in Uttarakhand, totalling around 15 lakh sq ft of retail area.
Last year, Pacific had bagged another project from DMRC under which it is developing a 2.5 lakh sq ft shopping mall and a multi-level car parking with a capacity of 600 cars at Netaji Subhash Place metro station.
Pacific Group has already completed two housing projects in Moradabad and Dehradun totalling 600 apartments.
It is developing a golf-course project in Dehradun - Pacific Golf Estate, comprising of 2,000 flats, of which 200 units have been delivered so far.
The group is also engaged in hospitality and education business. It has two hotels in Delhi-NCR and one in Dehradun, comprising of around 250 keys.
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