DLF To Expand Delhi Vasant Kunj Mall(DLF Promenade) with an investment of Rs.200 crores.

The real estate developer is planning to develop 3000 to 4000 square feet of area as a luxury retail, next to DLF Promenade. According to a senior executive, DLF has planned to invest Rs. 200 crores, to enlarge its mall located at Vasant Kunj, in the country’s capital. The developer will soon apply to the Delhi Development Authority (DDA) for approvals.

The executive said that after covid, demand for luxury retail has grown. The surplus space will help the developer in getting international and domestic brands. This expansion will also help in giving a push to the retail rental portfolio.

Typically, when compared to mass-priced lifestyle, rentals for properties housing luxury brands are nearly double. DLF in planning to more than double its retail portfolio in DLF Promenade. The executive said that the retail developer is planning to invest around Rs.3,000 crores and acquire about 5 million square feet.

The DLF mall at Vasant Kunj measures across 500,000 square feet with having tenants like domestic and international brands. Mr. Sriram Khattar, MD of rental business, DLF said that the developer is delving into the various aspects of expanding the Vasant Kunj malls DLF Promenade according to the latest guidelines of local authorities, market absorption and other related issues.

The average rental at Delhi Promenade is Rs.190 per square feet when compared to that of DLF Emporia, its rental being Rs.400 per square feet. In order to increase its retail income to around Rs. 100 crores a year, the upcoming malls are mostly to have a rental price in the range Rs. 250 – Rs. 300 per square feet.

The executive added that this move will solidify its presence and hold in central and south Delhi with malls in Chanakyapuri, Saket and Vasant Kunj. DLF India is also planning to add retail area in residential project in gurgaon and West Delhi’s Moti Nagar. It has also chalked out malls in Gurugram and Goa. Moreover, majority of its upcoming residential and commercial projects having retail space will be launched this year.