DLF to develop two new luxury malls in New Delhi and NCR
Indian real estate group DLF which owns Emporio, presently, New Delhi’s only luxury mall, has announced plans to build two new luxury malls to accommodate demand growth from luxury brands. The first luxury mall DLF will develop will be in Gurgaon, the NCR region.
In Gurgaon, DLF already owns and operates luxury residential complexes as well as one of India’s prominent golf clubs. The second luxury mall will be developed in the neighbourhood of Chanakyapuri in the heart of the capital New Delhi, within close distance from the newly inaugurated luxury hotel Leela Palace New Delhi. Luxury retail will occupy up to 60 percent of this new development.
Earlier this year, DLF announced its plans to exit the luxury retailing business. Last month, Giorgio Armani terminated its agreement with DLF and signed with luxury retailing group Genesis.
adapted from The Mint