The malls that developed localities in India
A decade ago, when Pallavi, a manager with an advisory firm, bought a home at Indirapuram, it was in one of the earliest societies developed by Development Authority in the area. With desolate roads and nascent civic amenities, she was advised to get back home before it got dark as a safety measure. Now, a decade later, the same roads in Indirapuram are jam packed in the evening with rush hour traffic - office goers in a hurry to get back home, people traveling to and from Delhi to the rest of India (Indirapuram is strategically located between two national highways, NH24 and NH57) and shoppers heading to the rapidly mushrooming malls in the area. Today, Indirapuram boasts of more than a hundred residential societies, foundation stones for most of which were laid in last one decade. But not very long ago, marketing residential projects in Indirapuram was every developer's biggest challenge. Building a mall as a retail magnet for shoppers and residents seems to have paid off as a marketing exercise. Today, Indirapuram and Vaishali in Ghaziabad are home to many small malls and more than 200 movie screens! Shopping malls, the one stop retail and entertainment destinations in the rapidly urbanising cities of India, have now emerged as one of the key drivers for development of residential real estate in India. PropGuide brings to you a list of five such malls, which have changed the face of once-ignored, less popular localities and contributed to their exponential growth:
Mall, Indirapuram (Photo: shipraworld.com)
The mall caters to a large number of residents in Ghaziabad and Noida. Moreover, this mall has just not been instrumental in development of residential properties in Indirapuram but also paved way for more small-sized malls across the area.Prevailing Property Rate (per sq. ft.) : Rs 4900-5600 (Indirapuram) ; Rs 6600-7500 (Vaishali)
Interestingly, this mall that rivals neighboring shopping areas like Atta market and Brahmaputra Shopping Complex, also helped its less popular cousins get equally popular among shoppers.Prevailing Property Rate (per sq. ft.) : Rs 14,600-15,400 (sectors around TGIP)
What's more, the mall also has a 4-star hotel within the property with a parking capacity of more than 1000 cars.Prevailing Property Rate (per sq. ft.) : Rs 5200-6500 (Sahibabad)
The locality and street markets in the vicinity of Inorbit have developed simultaneously with both mall employees and visitors thronging the area. Prevailing Property Rate (per sq. ft.) : Rs 13,500 - 14,000 (Malad)
Now, the area is turning out to be a new corporate hub of New as several corporate giants like ONGC, Bharti Airtel Limited and Maruti Limited have opened their offices in commercial spaces neighbouring the mall.Prevailing Property Rate (per sq. ft.) : Rs 12,500 - 13,750 (Vasant Kunj and Vasant Vihar)