Virtuous Retail (VR), a retail real estate company sponsored by global investment firm, The Xander Group Inc., is currently building as many as eight large format retail shopping centers in city center locations across India, the majority of which are expected to be operational by 2015.
To invest $1 bn in realty sector, mulls new funds; has done exits worth Rs 8,000 crore, says founder
US-based Blackstone has bought malls such as AlphaOne Mall in Ahmedabad, Elante Mall in Chandigarh and Treasure Island Mall in Indore.
Almost all the big mall developers/investors - such as Raheja-owned Inorbit Malls, Xander-APG joint venture Virtuous Retail South Asia (VRSA), property developer Prestige Estates Projects, and Blackstone-owned Nexus Malls - are looking to double their space in a year or two.
The rise of the mall in India, at a time when many in the United States are becoming debt-ridden white elephants.
7.8 million square feet of mall space is under construction this year, the highest ever since 2011.
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