“The company is in early stages of negotiations with some leading international single-brand retailers who wish to establish a pan-India presence,” IBREL said while announcing its quarterly results.
Besides, IBREL is presently developing 17 malls across 16 cities with a combined leasable area of about 14 million square feet. Indiabulls’ hypermarket stores and department stores are likely to be the anchor tenants in these malls.
The company said it expects a majority of the 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 including Hyderabad, Ahmedabad, Mumbai, Gurgaon, Chandigarh and Visakhapatnam. The company is expecting a monthly rental in the range of Rs 60-Rs 300 per square foot in these 17 malls.
The retail business operated by the company under the brand name Indiabulls Retail Services Ltd 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.