Suncity Projects Unveils 'Jewel of India' Mall Brand
Suncity Projects, a New Delhi-based real estate developer, is embarking on an ambitious venture to establish a chain of mega-malls under the brand name 'Jewel of India'. These expansive retail destinations, each exceeding one million square feet, will be strategically located in key cities across India. The company, promoted by Lakshmi Goel, sister of media magnate Subhash Chandra, has identified Jaipur, Mohali, Chandigarh, Greater Noida, Indore, and Bareilly as the initial focus cities for this significant undertaking. Suncity anticipates an investment exceeding ₹15,000 crore over the next two to five years for the development of these properties.
Creating a Niche Identity
"Through this initiative, we plan to create a niche brand identity for Suncity malls," stated Ankit Goel, Projects Director at Suncity. With fierce competition and an influx of over 400 new malls expected to launch in the coming two to three years, creating differentiation is paramount for attracting both shoppers and retailers. Suncity Projects aims to achieve this by offering a distinctive retail experience.
Showcasing India's Heritage
Beyond sheer size, the 'Jewel of India' malls will introduce a unique feature: dedicated spaces specifically curated for ethnic products. Inspired by the government-run Delhi Haat, these areas will showcase traditional crafts and goods, offering a glimpse into India's rich cultural heritage. "It will provide a traditional flavor to the malls. We strongly believe that these products symbolize the true essence and culture of our society," explained Mr. Goel. It's worth noting that this distinct concept isn't planned for the company's existing, smaller Suncity malls.
Existing Portfolio and Future Plans
Presently, Suncity operates three shopping malls in Delhi: Cross River, North Square, and Vasant Square. Each of these is smaller than one million square feet. Suncity Projects, a consortium comprising the Essel Group, Action Group, and Odeon Builders, is also looking towards the future. The company has revealed intentions to tap the capital markets via an initial public offering (IPO) projected for the second half of 2009. This move will likely provide additional resources to fuel their ambitious expansion plans.