Parsvnath and Unity Group Launch New Mall in Delhi, Expected to Generate ₹120 Crore Yearly Rent
Parsvnath Developers and Unity Group have successfully launched a new shopping mall in the national capital, which is expected to generate an annual rental income of about ₹120 crore. The mall, named 'Unity One Elegante', opened its doors last month at Netaji Subhash Place in Delhi.
In 2023, Parsvnath and Unity Group formed an equal joint venture to develop the mall, which boasts 5 lakh square feet of leasable area. According to Harsh Bansal, Director of Unity Group, the mall has achieved 100% retail space leasing, ensuring a steady stream of income.
When asked about the rental income, Bansal stated that the mall is expected to generate around ₹10 crore per month, translating to ₹120 crore annually. However, the joint venture firm will have to pay nearly ₹20 crore as lease rental to the Delhi Metro Rail Corporation (DMRC).
Pradeep Jain, Chairman of Parsvnath Developers, highlighted the significant demand for quality retail space across the Delhi-NCR market. This demand is driving the development and success of such projects.
In a regulatory filing last month, Parsvnath mentioned that a special purpose vehicle, 'Unity Parsvnaths LLP', a joint venture with Unity Group, was responsible for developing the mall. The shopping mall covers an area of 28,400 square meters.
According to Cushman & Wakefield, the leasing of retail spaces in shopping malls and prominent high streets increased by 45% in the July-September quarter, reaching 2.41 million sq ft across eight major cities. This growth is attributed to better demand for retailers and fresh supply.
Unity Group currently operates six malls in Delhi and Mohali, with a combined area of around 2 million sq ft. Three of these malls are developed in partnership. Parsvnath Group, on the other hand, has a significant presence in over 37 major cities across 13 states, having developed numerous housing and commercial projects.
The launch of 'Unity One Elegante' marks a significant milestone for both Parsvnath Developers and Unity Group, showcasing their commitment to meeting the growing retail needs of the Delhi-NCR region.
