Pacific Group to open their new mall at Dwarka sec-21 Metro station in Delhi today, November 15th 2019. They are expecting a sum amount of Rs 40cr as rent income per year from this project. A shopping mall and parking complex are made at Dwarka sec 21 metro station.
The company has completed the shopping mall and multi-level car parking project, which it bagged last year from Delhi Metro Rail Corporation (DMRC) through an auction process, with an investment of about Rs 100 crore.
The area is around 3 lakh sq ft mall including a 600 sq ft car parking. Pacific India has fully leased out retail space in the mall to brands like Lifestyle, Max, Big Bazaar, Home Centre, Reliance Trends and Reliance Digital. The mall will also have PVR’s six-screen multiplex.
Mr Bansal said “ Dwarka is the largest sub-city of Asia. However, it lacked single organised retail and people had to go out of Dwarka for all their needs such as movies, shopping, etc. This will fill in all of these gaps of their day to day and weekend needs.
As asked about the rental income they said the company expects a rent of over Rs 40 crore annual revenue from this project. The company has to pay Rs 15 crore annually to DMRC during the 25-year lease period. The total investment of this project was Rs 100 crore which has been met through internal accruals, Bansal also said that the project has been completed in 19 months from the date of taking over from DMRC.
Pacific has many malls all over the country (Delhi’s Tagore Garden, Ghaziabad in Uttar Pradesh and Dehradun in Uttarakhand) and has bagged another project from DMRC under which they are developing a 2.5 lakh sq ft shopping mall and a multi-level car parking with a capacity of 600 cars at Netaji Subhash Place metro station as well.
By this, we can see a lot more growth prospectives in Dwarka.