Malls set to grow in Hyderabad
Hyderabad: Malls with their fancy shopping areas, fun zones, food court and movie theatres have become the epitome of urban cities. These places have become the go to entertainment zones for the urban population and also provide the ease of finding everything under one roof. It was in 2004 that Hyderabad got its first mall […]
Hyderabad: Malls with their fancy shopping areas, fun zones, food court and movie theatres have become the epitome of urban cities. These places have become the go to entertainment zones for the urban population and also provide the ease of finding everything under one roof.
It was in 2004 that Hyderabad got its first mall – Hyderabad Central constructed with an investment of $15.5 million – situated in Panjagutta and since then the mall culture in the city has not taken a step back. From high-end malls to malls that cater to different budget needs, the city is home to over 12 malls and according to real estate experts, this is set to grow further as the city keeps expanding and growing. If currently many of the malls are located in the Western corridor to cater to the growing IT population, then, going ahead, the newer malls are set to come up in other parts of the city like the Eastern and the Northern corridors.
There are 12 well-advanced malls in the city, including Hyderabad Central, Inorbit Mall, GVK One Mall, L&T Malls, GSM, Forum Sujana, Manjeera and Sharath City Capital and these are all established in the Western side of the city. “We are currently foreseeing eight new malls in the city in the next two years. They were planned to launch earlier but the construction got delayed due to lockdown during the pandemic. We are expecting these new malls to be fully constructed by 2023. These are being developed in a phased manner and the focus of the developers has been on the untried places like Musheerabad, ECIL X Roads and LB Nagar,” says Naveen Mypala, founder, Urban Living.
Another real estate player, Aparna Constructions, is also entering the commercial realty, including retail and warehousing. The company is developing around five to seven boutique malls across Telangana and Andhra Pradesh and the first such project will be Aparna Mall at Nallagandla, Hyderabad, the company informed.
On the mall culture in the city, Aparna Constructions and Estates director Rakesh Reddy said, “Hyderabad’s commercial realty sector displayed its strength and resilience in the face of the pandemic. In between the first and second waves, malls witnessed a significant rise in shopping activity and footfall as lockdown restrictions were lifted, which also accounted for 30 per cent of total retail leasing activity. High-end malls comprised a large proportion of this activity as pent-up consumer demand led to higher discretionary spending. Fashion, beauty and electronics are among the most popular categories buoyed by the festive season and weddings.”
Experts also point out that there is a demand for around 4,000 sq yds so as to construct a full-facilitated mall with retail stores, food courts, game zones, multiplexes and parking areas. The city may witness about a dozen new malls, including big and small shopping complexes in the next 12 to 18 months.
“All the eight upcoming malls will come with the accommodation of shopping spaces and multiplexes. Among these new malls, five are being constructed in Sagar Road, LB Nagar, Attapur, BHEL, and AS Rao Nagar while the remaining three are in Dilsukhnagar. Apart from Hyderabad, we can also witness the evolving shopping complexes at other places of the State, which includes Marriguda, Bandlaguda Jagir, and Medak,” Mypala informed.
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