Omaxe plans 3 malls for Rs 550 cr

Delhi-based real estate major Omaxe Construction Ltd  has decided to launch three new mall projects in the national capital territory of Delhi.

While the Rs 300-crore (Rs 3 billion) PearlsOmaxe stylish mall will be developed in the Pitampura area of Delhi as a joint venture project with the Pearls Group, a Rs 150-crore (Rs 1.5 billion) office-cum shopping complex will be located at Jasola near the Apollo Hospital on Mathura Road.

The Rs 100-crore (Rs 1 billion) super-speciality mall House2Home will be located at the Sohna-Gurgaon road in Gurgaon.

According to RK Jain, president, Omaxe Construction Ltd, the projects had received a tremendous response from prospective customers. "In PearlsOmaxe, 35,000 square feet space of the proposed 300,000 square feet has already been purchased by the customers. In case of Citadel, 60,000 square feet space out of the proposed 80,000 square feet has already been taken," Jain said.

In the case of House2Home super-speciality mall project, 50 per cent of the proposed 150,000 square feet space had been paid for by the prospective customers, he added.

Located in the heart of north-west Delhi, PearlsOmaxe would offer unique shopping experience with top of the line national and international brands, said Rachit Bajaj, chief manager (marketing and sales) of the real estate development company.

The mall project, which would have three-level basement parking and front space parking for over 1,000 cars, was expected to be complete in the next 24 months, he added.

Giving details of the office-cum shopping complex Citadel, Gaurav Paintal, chief manager (marketing and sales) of the company, said the complex would be built with international specifications and features and would be open from three sides.

"It will provide a great upmarket solution to both the high-end corporate and retail enterprises," he said. This office-cum shopping complex project was expected to be complete in the next 24 months, he added.

According to project developers, the House2Home speciality mall will offer "everything one needs to convert the house into a home". The mall is expected to be ready in the next 30 months.

"Under one roof, prospective customers will be provided with services of interior decorators, architects, Vastu and Feng Shui specialists, and home furnishing items, furniture, home appliances and white goods.

"In fact, everything that is required in a home," said Kunal Banerji, senior vice-president (sales and marketing), Omaxe Construction Ltd.

It would provide a business opportunity worth Rs 5,000 crore (Rs 50 billion) to companies operating in the home and office furnishing arena by targeting the fast growing commercial and residential belt of Gurgaon as well as Delhi, Banerji added.

Jain feels that there is space for many more malls in the national capital territory region and the surrounding areas.

"The opening up of economy has certainly increased spending power of middle class and upper middle class of the society. People want to have interesting shopping experiences. I see space for many more malls with innovative concepts," Jain said.

Omaxe Construction Ltd, a ISO 9001:2000 certified real estate major, is developing townships, institution complexes, entertainment facilities, hospitals, shopping malls and residential towers.

On the future projects of the company, Jain said, "Omaxe has projects worth over Rs 5,000 crore (Rs 50 billion) in the pipeline."