New Delhi: Real estate major DLF has chalked out an aggressive expansion plan to invest Rs 30,000 crore by 2015, for developing 100 million square feet retail space.
The capital-based DLF, which is coming out with perhaps the country's largest Initial Public Offer to raise more than Rs 10,500 crore, has already started working on its upcoming 34 shopping malls covering 21 million sq ft.
These commercial retail space projects are under various stages of implementation, a company official said. The demand for retail space, both from the organised and unorganised sector, in the country is pegged at 1,300-1,450 million sq ft by 2015, the company's internal report said.
DLF is eyeing to capture five per cent share of retail space in the next ten years across the country. It is banking on the rapid growth in organised retail sector, which is expected to go up to $45 - $50 billion in 2015 from just $7- $8 billion dollars in 2005, the report added.
Infact, one of the objectives of the company to go public is to raise funds for acquiring land, part of which would be used for developing malls in future. It has made partial payments to acquire 2,893 acres in 62 cities.
The company has made an elaborate plan to develop 100 million sq ft retail space by 2015 under six different formats- prime downtown shopping districts, shopping centres, stand-alone stores, neighbourhood malls, destination malls and super luxury malls.
As per the company's plans, 40 malls would be developed under prime downtown shopping districts format, to be located in prime shopping areas and each having a size of three to five lakh sq ft.
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