On May 12th, Indiabulls Group, a dynamic entity with a diverse portfolio ranging from financial services to retail, announced that it is currently in discussions with top international single-product retailers who are looking to establish a presence throughout India. As stated by Indiabulls Real Estate (IBREL) during the release of its quarterly results, “The company is in early stages of discussions with some foremost international single-product retailers who desire to set up a pan-India presence.”
Furthermore, alongside its real estate endeavors which cater to various retail players through malls and assorted store formats, Indiabulls is also making strides with its own retail division. This division includes department stores, hypermarket venues, and neighborhood shops.
Currently, IBREL is in the process of constructing seventeen malls across sixteen cities, with a combined leasable area approximating fourteen million square feet. It is anticipated that Indiabulls' hypermarket and department store formats will serve as primary anchor tenants for these new shopping spaces.
The company has conveyed its outlook of completing and leasing the majority of these malls by late 2009. Notably, full payment for the land of thirteen malls has been completed, securing control over these properties.
The prospective malls will be situated in cities such as Hyderabad, Ahmedabad, Mumbai, Gurgaon, Chandigarh, and Visakhapatnam. Indiabulls is optimistic about achieving a monthly rental range of Rs 60-300 per square foot across these seventeen retail environments.
Additionally, the retail business subsidiary previously known as Piramyd Retail Ltd has been renamed Indiabulls Retail Services Ltd. Correspondingly, the Piramyd stores have undergone rebranding, adopting the names Indiabulls Megastore and Indiabulls Mart.