Released on: May 3, 2008, 2:22 am

Press Release Author: varma

Industry: Real Estate

Press Release Summary: Developers and private equity players are set to put India\'s
retail space market on full throttle with investments worth any where between $5
billion and $10 billion in FY09-FY10.


Press Release Body: Developers and private equity players are set to put India\'s
retail space market on full throttle with investments worth any where between $5
billion and $10 billion in FY09-FY10.

In moves that would lend retail space gigantic proportions, the Runwal Group and
Singapore\'s GIC will use a joint venture to launch a 'Our City Centre\' retail mall
over 1.1 million sq ft of area in Ghatkopar, Mumbai. In the second phase of their
foray, they will develop another 'Our City Centre\' over 7 million sq ft of area in
Hyderabad. Mumbai-based ICS Group is their project advisor.Equally bullish is Sheth
Developers, which is building a shopping centre called 'Viva City\' over1 million sq
ft in Hyderabad and Thane, Mumbai. The company is investing Rs 400 crore in this new
retail development and has not associated with any private equity firms.

The sudden gush of investments has also swept across smaller cities. Media major
Dainik Bhaskar Group will develop a 7.5-lakh sq ft retail mall in Bhopal. With
construction already under way, the mall is likely to be up and running in December
2009. The mall comprises a basement, ground and six floors with seven anchor shops,
180 retail shops, six-screen multiplex and food courts. JMC projects have been
appointed as the civil contractors and Bentel Associates, Mumbai, are the property
advisors.On the crest of the investment wave, Coimbatore-based PS Group is
developing 'Our Grand Mall\', which is to be completed over the next 8-9 months. ICS
Group is the retail management adviser to this project.The pan-Indian ripples of the
'boom\' are spreading by the day. Provogue India Ltd\'s real estate arm, Prozone, and
UK-based mall property developers Liberty International PLC, are building a big mall
each called 'Prozone Liberty Centers\' in Aurangabad, Jaipur, Nagpur and Indore.

According to sources, each shopping centre will be spread across an area of 1.5
million sq ft. Property Zone CEO Ashwin Puri says, \"Prozone has formed a special
purpose vehicle (SPV) in association with the ICS Group called Triangle Real Estate
Fund to manage the Prozone and Liberty International\'s upcoming shopping centers in
India.\" Meanwhile, DB Realty is developing over five retail malls in western
India.According to Sanjeev Dasgupta, chief financial officer and head of
investments, Kshitij Investment Advisory Company Ltd, \"With $5 billion investments
coming into retail real estate development, developers are focusing on retail
projects.........
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