Tricity's Mall Boom: 16 New Complexes Planned Despite Existing Struggles
While two recently launched multiplexes grapple with disappointing footfalls, the tricity anticipates the arrival of 16 new malls and similar complexes within the next year. Uppal’s Centra Mall in the Industrial Area and DT Mall at IT Park Chandigarh, launched amidst high expectations from residents and developers, are currently struggling to attract customers beyond moviegoers.
"The recession in the real estate industry is definitely going to impact the future developments of malls in the region. At the same time, we are hopeful that a lot of potential is there in the tricity to generate demand for malls," said Pradeep Rai, brand manager, Paras Build-Call Pvt Ltd, Gurgaon. Paras Build-Call Pvt Ltd is currently developing Paras Downtown Square at Zirakpur, touted as one of Punjab's largest malls with a built-up area of 3.5 lakh square feet.
Although developers assert that a majority of shops in both existing and under-construction malls have been sold or leased, industry experts question the potential demand for such a substantial influx of commercial space in the tricity. In these malls, spaces are typically available through a combination of lease, rent, and sale options, with rates ranging from Rs 16,000 to Rs 25,000 per square foot, contingent on factors such as floor and location.