Bharti Realty, a part of Sunil Mittal Bharti Group, will construct one of the biggest retail malls of the NCR, at Aerocity near IGI airport in Delhi. Bharti Group is also the promoter of the largest Indian telecom company, Bharti Airtel.
With expected leasable area of 2.5 million square feet, it will be amongst the largest single-retail mall developments in the country. The size of DLF Mall of India, which is presently considered as the biggest mall in the country, is 2 million sq ft. DLF is also planning to construct a mall on NH-8 in Gurgaon, close to Delhi boarder. S K Sayal, CEO of Bharti Realty, said that the company has already taken 23 acres on lease from Delhi International Airport Private Limited (DIAL) for the project and that the mall is likely to be completed by 2022.
Sources in the industry said that the investment required to complete the project would be around Rs 2,500 crore. Bharti Realty, however, refused to comment. A source in DIAL said that the land has been leased on a hybrid-rental mode under which Bharti Realty would pay around Rs 315 crore upfront, and licence fees equivalent to 20% of the revenue. The lease agreement is for 30 years, which would be renewed for another 30 years.
DIAL is planning to launch Phase 2 of their 230 acre integrated Aerocity commercial mixed-use development after the successful completion of Phase 1 hospitality district. Phase 2 – Aerocity Gateway District – will be over 46 acres and consist of retail, commercial offices, and services apartments. Bharti Realty will develop the mega retail project in Phase 2 of DIAL.
Sayal said that the entire area would be developed as a shopping destination in this part of the country. With its connectivity to the airport, people from Tier II and Tier III cities would visit for shopping, especially for special occasion like marriages, Sayal said.
In NCR too, the site is centrally located between five key affluent residential catchment areas – Gurgaon, Dwarka, west Delhi, central Delhi, and south Delhi – Sayal said.
Bharti realty has also developed three commercial projects with a total leasable area of 1.5 million sq ft, with brand name, WorldMark, in Aerocity. Apart from this, the group has completed a number of projects in the NCR and manages around 5 million sq ft office space.
The group has recently acquired 52 acres from Eros Group in Faridabad to develop residential projects.
Sayal said that they will launch the project as soon as they receive all the approvals. The group is also implementing a number of commercial projects in Gurgaon with a total leasable area of around 1 million sq ft.