Mantri Square: Bangalore's Newest Retail Giant Opens its Doors
Mantri Developers, a major Indian real estate firm headquartered in Bangalore, has announced the grand opening of Mantri Square, touted as one of India's largest malls. A key feature of this ambitious project is its direct metro connectivity, a first for the city.
The inauguration ceremony, held on Tuesday, was officiated by Karnataka Chief Minister B S Yeddyurappa. Located in Malleswaram, north Bangalore, the sprawling 1.7 million square foot mall represents an investment exceeding Rs 500 crore. It will house an impressive 252 retail outlets, showcasing a diverse selection of 10,000 brands, according to Sushil Mantri, Chairman and Managing Director of Mantri Developers. The project is also expected to create approximately 4,600 direct jobs.
A Unique Partnership: Metro Connectivity and Commercial Development
The mall's seamless integration with the metro station is the result of a unique collaborative effort between Mantri Developers and the metro rail authorities. This first-of-its-kind joint venture between Bengaluru Metro Rail Corporation (BMRCL) and a private real estate company aims to create a vibrant commercial hub within the metro station itself.
Sources indicate that Mantri and BMRCL have established a revenue-sharing agreement for the innovative station. BMRCL will receive 1% of the annual revenue generated for the initial 30 years, with this percentage increasing to 5% thereafter. While the land ownership remains with BMRCL, Mantri Developers will invest Rs 35 crore in developing the station and constructing a commercial tower above it. The agreement stipulates a 99-year lease for the space above the station, which will eventually be transferred back to BMRCL after development of the 5-acre property.
Projected Footfall and Retail Offerings
The station, slated to become operational within two years, is projected to attract an additional 20,000 commuters initially, with daily footfall estimated to reach one lakh upon full commencement. The station area will encompass around 80,000 square feet and its maintenance will be entrusted to a third-party entity.
Mantri Square will also introduce several leading international brands to the Indian market for the first time, along with numerous national brands making their debut in Bangalore. Mr. Mantri stated, “Mantri Square is going to be the largest mall in India. It will undoubtedly be the most sought after destination amongst discerning shoppers and for brands of repute as well. The sheer scale of offerings at the mall came only second to the detailing that has gone into ensuring a world class shopping, leisure and entertainment destination.” He added that a shopping experience at Mantri Square will be unique and unparalleled.