🛍 Of Posh Malls And Cash Flows: DLF Has Some Dope Moves Up Its Sleeve
India’s biggest real estate developer DLF is considering buying Ambience Mall, one of the prominent shopping malls in Delhi.
The 1.2 million sqft mall in the posh area of south Delhi has been put up for auction as its current owner, the Ambience Group.
DLF is here to save the day as it considers the purchase of the debt-laden mall, which has not paid its outstanding debt of $149 million to Indiabulls Housing Finance and other creditors.
The auction for the luxurious Ambience Mall starts at $366 million.
This comes as DLF is also busy laying the groundwork for 2 huge investments. The plan is to construct 2 new shopping malls in Gurugram and Goa, as it sees huge growth potential in organized retail. More so, the opening up of the economy after the pandemic lays enormous opportunities for the realty giant.
Some More Shopping Therapy For Indians
At present, DLF has a retail footprint of 42 lakh sqft comprising 8 properties, most of which are malls and shopping complexes in Delhi NCR.
In a move to expand its retail real estate portfolio across the nation, DLF will construct a premium mall in Goa (because why should Delhiites have all the fun?)
This mall will be 5.75 sqft large and worth Rs.300–350 Cr — besides being the best of its kind in Goa.
As for the second investment, DLF is in the advanced stages of planning the ‘Mall of India’ in Gurugram, which will be 2.5 million sqft large and worth Rs.1500–1600 Cr.
Interestingly, this mall will be adjacent to Ambience Mall, which the Group is mulling for an auction bid.
Too long? Here’s a one-liner: DLF considers auction bid for Ambience Mall in Delhi with a base price of $366 million; reveals plans of 2 new projects of upcoming shopping malls in Gurugram and Goa.