A mall and multiplex wave is set to sweep across Chennai, with over 20 malls planned in the next three years. The city, where India’s first mall, Spencer Plaza, was set up in 1975, is expected to absorb over Rs 3,000 crore in the coming years.
Realty majors such as Prestige Group, Shriram Properties and DLF are in the forefront of mall development in the city and beyond. Bangalore-based Prestige is drawing up plans for a second Forum mall in the city’s artery, Mount Road, while completing the first Rs 350-crore Forum mall at Vadapalani in Chennai, in collaboration with Vijaya Group.
The Vadapalani mall, spread over 17 lakh square feet, will feature a seven-screen multiplex, over 100 shops, two departmental stores, a 1,40,000 square feet hypermarket. The mall is expected to become operational in the first quarter of 2010.
August 31, 2007
Source: Business Standard
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