"The company is in early stages of negotiations with some leading international single-product retailers who wish to establish a pan India presence," Indiabulls Real Estate (IBREL) today said while announcing its quarterly results.
Besides its real estate business that also caters to retail players with malls and other store-formats, Indiabulls also has its own retail venture, which has department stores, hypermarket stores and neighbourhood stores.
The IBREL is presently developing 17 malls across 16 cities with a combined leasable area of about 14 million square feet. Indiabulls' hyper-market stores and department stores are likely to be the anchor tenants in these malls.
The company said it expects majority of malls to be completed and leased out by late 2009. Full payment for the land of 13 malls has already been made and these are in company's possession.
The proposed malls are coming up in cities like Hyderabad, Ahmedabad, Mumbai, Gurgaon, Chandigarh and Visakhapattnam. The company is expecting a monthly rental in the range of Rs 60-300 per square feet in these 17 malls.
The name of the company's retail business subsidiary, Piramyd Retail Ltd, has been changed to Indiabulls Retail Services Ltd. The Piramyd stores has been accordingly rebranded as Indiabulls Megastore and Indiabulls Mart.
The retail business currently has an operational area of 6.7 lakh square feet. During Q4, the company opened Indiabulls Megastores in New Delhi and Ahmedabad, while six new Indiabulls Mart stores became operational in the quarter...........
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