Rajasthan is fast emerging as ‘the’ new retail destination of the new decade and much of the credit for this goes to a plethora of modern shopping malls which are coming up in the region. The state, which is popular for its traditional markets and historical forts, is attracting major real estate investors in its Tier II & III cities. Jaipur has the maximum number of shopping malls in Rajasthan.
As shopping malls are a much more organised retail format than high streets and local markets, people, especially the youth and the office going crowd, are huge fans of the mall culture. In Rajasthan, as in many other Tier II and III states and cities, malls have become the entry point for most foreign brands which is becoming a trend in the tier II & III cities. The fact that there are many upscale brands, restaurants, and gaming zones available in malls is also a real crowd puller, attracting families in huge numbers. They have become preferred locations frequented by tourists and foreigners.
As per an ANAROCK research, there are as many as 18 operational malls across various cities in Rajasthan presently while another two are under planning stage. Of the 18 operational malls in the state, 9 are in Jaipur, 3 in Udaipur and 2 each in Ajmer, Kota and Jodhpur. The cities with the two upcoming new malls are Udaipur and Kota, which will be spread over a total 4.1 lakh sq. ft. area combined.
As per a JLL study, the state has huge potential for retailers to invest in real estate. Factors like absence of property tax, low stamp duty, low establishment cost, presence of international airport at Jaipur and major tourist traffic; make Rajasthan an attractive investment hotspot. Retail real estate in Rajasthan consists of organised high streets, local markets and shopping malls. High streets are predominant in Rajasthan specialising in local handicrafts and textiles. Branded stores have also made their presence felt in high streets of Jaipur like MI Road and C-Scheme. Brands like Zara, Marks and Spencer, Aldo, Forever New, Lifestyle, Central and Shoppers Stop have presence in Jaipur which is an emerging Tier-2 retail destination in the country. As stated by the JLL report titled ‘Fuelling the Retail Revolution – The Paradigm of Emerging Cities’, Jaipur ranks first in potential for retail growth among top thirteen Tier II and Tier III cities of India.
In terms of retail real estate, prominent shopping malls in the state include Jaipur – Crystal Palm, Pink Square Mall, MGF Metropolitan, World Trade Park, The Great Mall of Kota etc. The upcoming malls in the region are Urban Square, Jaipur City Center, Mall of Jaipur.
Urban Square, Udaipur
Urban Square is being designed and developed as an ICONIC – hospitality focused mixed use destination development for entire Rajasthan & for Tourist Traffic with a balanced mix of commercial retail, hospitality and entertainment. The project has been conceived as a catalyst to enhance commerce, infrastructure and hospitality standards of the historic city of Udaipur. Urban Square is being developed in 2 Phases, which also has a mall positioned as an “All Under One Roof” Mall and Multiplex with Lifestyle Retail, Mouth -Watering F&B options along with a Food Court, a state of art Multiplex, adrenaline-driving Gaming Zone and a Bowling Alley and many more entertainment options for the entire family. The development also includes grade A Commercial Office space, Commercial Serviced Suites and a 5 Star Hotel.
Urban Square, Udaipur is a 30-minute drive from the Maharana Pratap Airport and a 7-minute drive from the city centre. Located on the Gaurav Path – NH8, Urban Square, will benefit from excellent visibility and frontage along the six lane roads connecting Ahmedabad, Udaipur, Jaipur and Nathdwara, a popular religious destination. The project has recently been awarded as Architecture Design of the Year – Retail (North), Best Mixed Use Project of the Year – (North) besides 5 Star ratings to the group for Urban Square by International brand Equity (IBE), a Bengaluru-based research firm.
Post launch, it will be the largest mall of Rajasthan with a total area of 1.8 million sq. ft area. The GLA of the mall is 2,63,000 sq ft and has two basement with 5+8 floors. Both malls will have brands the likes of Shoppers Stop, West Side, Reliance Trends, Inox, Marks & Spencer, Holiday Inn, Zudio, Skechers, Reebok, Pepe Jeans, levi’s ,Puma, Adidas, Aisec, Arrow, FCUK, F-Bar, Looks Saloon, Go Colors, Market 99, Kazo, Inox, (6 screen multiplex) and specially designed Haat Bazaar.
Urban Square Galleria, Alwar
Urban Square Galleria is being developed in Alwar by Bhumika Realty in a JV with Trehan Group. The project would spread across 1 lac sqft area and comprises retail shops, food court, restaurants, multiplex and entertainment zone. The group has already started the construction of the project. The location of the mall near Telco Circle in Alwar is considered as the most desirable because of the nearby residential development and upcoming new projects. It has already signed Inox and many other brands are in pipeline. In addition to multiplex, the mall will have a food court (Urban Chowpatty), Haat Bazaar (also known as Janpath Alwar), retail shops, restaurants and activity zone for kids.
Crystal Palm Jaipur
Crystal Palm Jaipur is owned by Mahima Group and is a famous mall of Jaipur. The first mall of Jaipur was brought to life by Mahima Group in the year 2002. Located at the lifeline road of Jaipur, MI Road, Bani Park, which is one of Jaipur’s busiest and significant roads, this mall has turned into an important landmark of the city. Along with spacious parking, various kiosks, florists and leading brand shops, the mall also has a restaurant that offers delicious varieties of food with the name of ‘Glocal Tadka.’ Apart from the facilities of work and recreational activities, a natural spa offers jaipurites a way to relax and rejuvenate. Crystal mall also has many commercial offices and various enterprises that make it a hub for professionals and workaholics.
World Trade Park
Located in Malviya Nagar, Jaipur, WTP Jaipur underlines the concept of International Trade and business activities all under one roof whereby providing its occupants through its services and features world-class and worldwide connectivity to expand the reach of their business, regular knowledge updation of the occupants for their trade and giving exhaustive information relevant to their trade. The building has two different blocks; one in North and other in South, separated by a city street. The two buildings are joined by a bridge, which has restaurants. Cinepolis is one of the major attractions in the mall.
Triton Mall Jaipur is spread over an area of 4.5 lakh sq. ft. and is one of the most famous malls in Jaipur. The Triton is a landmark destination for luxury shopping, featuring top-of-the-line luxury stores, exclusive shops and premium spaces. Apart from shopping brands, there are many entertainment options available in the mall.
- 4-screen multiplex by Fun Republic
- Largest gaming zone-Viking in Jaipur,
- Parking space for more than 1500 cars
Since 2006, the Crystal Court has been a major attraction for people all over Jaipur. The mall is located in Malviya Nagar which is also known as the heart of the city. It is one of the most splendid and impressive malls by Mahima Group, a haven for shopaholics where people of all age groups can shop to their heart’s content. With many clothing and cosmetic brands, the mall has established itself as the most loved and visited mall of the city. Surrounded by mini-shops, street food vendors and streets bustling with people, the mall is always busy. Apart from shopping, visitors can enjoy street-style food, pizzas, savouries, bakes & cakes, and also dine at the world-class rooftop restaurant ‘OTB’.
Celebration Mall Udaipur
Celebration Mall offers world class shopping and lifestyle experiences with a number of shopping brands, restaurant and entertainment options. Located at Bhuwana, NH8, the mall is just 5km away from the famous Lake Palace Hotel and the old city, less than 3km from Sukhadia Circle and less than a kilometre from the road that leads to tourist attractions such as Mount Abu. The mall was designed by Parul Zaveri and Nimesh Patel, the famed architectural team behind the landmark Oberoi Udaivilas. It has an ethnic architectural style and is the first iconic heritage mall in India with a unique blend of ethnicity on the outside with modern conveniences within. The mall has a number of big brands like McDonalds, Reliance Trends, Hungama Gaming Arcade and lots more.
Gaurav Tower, popularly known as “GT” is located at Malviya Nagar Jaipur. Since it launch in 1995, GT remains to be the most happening mall of Jaipur providing customers an unequalled shopping experience along with entertainment and innumerable food & beverage options. Gaurav Tower is spread in area of around 2,00,000 sq. feet and covers a large variety of world-class brands of apparels & clothing, electronics, shoes & accessories, restaurants & food courts etc. The Mall attracts an enormous footfall of over 25,000 people a day, which goes beyond 75000 on special occasions. The basement of Gaurav Tower with vanilla stores, shops as well as hi-tech kiosks houses the biggest cluster market establishment for Jaipur’s local vendors.
City Mall, Kota
With brands like MC Donald’s, Fun Multiplex, Levi’s, Domino’s Pizza, Cafe Bollywood, Pepe Jeans, Fundoo Zone, Adidas, Cafe Coffee Day, etc. City Mall Kota is a preferred destination for the young population. Key highlights include:
- Conveniently spread over 4 floors.
- Shopping space spread over a large area of 2.60 lac sq. ft.
- 45,000 sq. ft. of anchor store across 3 floors by Pantaloons – Big Bazaar
- Various sizes of kiosks and showrooms ranging from 150 sq. ft. to 1500 sq. ft.
Triniti Mall is one of the biggest shopping and entertainment spaces at New Sanganer Road. Set up in 2011, the mall allows the people of Jaipur to enjoy weekdays and weekends alike. Thoughtful design, beautiful architecture and spacious corridors makes it a centre of attraction for the people of Jaipur. The mall focuses upon offering the people the best in best clothing brands including FBB (Big bazaar), Liverpool, Jockey to name just a few. There are kiosks and many other shops including cosmetics, accessories, general and daily use products where shopaholics can spend their day.
CSM Ajmer is built by Shriji Group. It was the first mall and multiplex that was built in the Ajmer city and was very famous since it’s opening. The key brands at CSM are Pantaloons, Max Lifestyle, Being Human, Levis, United Colors of Benetton, Numero Uno, Wrangler, Planet Fashion, Spykar, Gini & Jony, Mufti, Peter England, Mufti, Voylla Jewellery, Revlon Cosmetics, Yepme Fashion, Pehchan and many more. The entertainment segment includes Inox Cinemas (multiplex-3 screens, 800+ seats), Dark House , Game Zone, Entertainment Adda etc.
Pink Square Mall
Among all other luxurious and well-furnished malls in Jaipur, Pink Square mall is a leading supermarket cum mall in Jaipur with growing number of visitors every year. The mall has various national and international brands like Puma. Inox theatre is one of the major attractions. The mall is situated in Govind Marg, Janata Colony (Raja Park) in Jaipur. The mall Ground floor of the mall has CCD and Kwality Walls. The food court on the fourth floor has a variety of restaurants located such as Grill in, Punjabi Tadka and Dominos.
Rajasthan because of its Tier I, II, III cities has the most unique retail layout, and the credit goes to the traditional retail root of the state along with the aspiration class of the population which is quite high in comparison to the other states.
Rent and sales comparison with metropolitan cities show that Rajasthan is an emerging real estate market. Compared with Grade-A malls in Delhi NCR, ATD (Average Trading Density) in corresponding malls and high streets of Jaipur varies between 60-70 percent with reference to Delhi. Similarly, while Rent on carpet in Grade A malls in Delhi is more than INR 700 per sq ft per month; in Jaipur, prime shopping malls like World Trade Park have rents varying between INR 250-300 per sq ft per month. In the post-COVID lockdown scenario, retail categories are trading at following levels –
- Fashion and related- 45-65 percent
- Electronics and Home- 50-90 percent
- F&B- 30-40 percent
- Convenience- 85-100 percent