Xander Group to build Indian malls

Investment firm Xander Group will invest around Rs 3300 crore (US$600 million) to develop 12 malls across India.

Virtuous Retail, a retail real estate asset platform sponsored by the Xander Group, is currently constructing eight malls in different Indian cities such as Pune, Bangalore, Chennai and Kolkata, with the remaining four to be constructed in Delhi, Hyderabad, Ahmedebad and Chandigarh within five years.

“Our concept is to provide a lifestyle. We plan to bring in various global brands into India and give consumers a premium retail experience,” said Virtuous Retail marketing director Anupam Yog.

Each mall will range from 0.5 million sqft to 1.5 million sqft.

The flagship mall is expected to open by the end of this year at Surat in Gujarat. The company is said to have invested roughly US$50 million for this 600,000 sqft shopping complex.

Annual revenue of Rs 30-40 crore (US$6 million – US$9 million) is expected from the Surat flagship mall, says Yog.

Xander Group’s investments in India now total US$1 billion which includes entertainment, hospitality and infrastructure.

GB

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