Word: unitech
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...With the high end of the property market in a downturn, other developers such as Unitech, Puravankara and Ansals are now eyeing low-income housing. ICICI Ventures, the venture funding arm for India's largest private bank, has a project underway in Pune. The apartments, which come in 450 sq. ft. and 800 sq. ft. versions, are priced...
...will soon be built in the upper-class Delhi neighborhood of Vasant Kunj, and will likely slash the inflow of wealthy Delhiites into Gurgaon. "We will see some big reductions in the numbers at Gurgaon malls; they will become less profitable for the retailers," says Sanjay Chandra, director of Unitech, a major real estate firm that is beginning to build malls...
...What's driving India's mania for malls? Bakshi of McDonald's says real estate speculation is one major factor: "In many cases, it's the 'loot-and-scoot' model. You see an opportunity, you build a mall, you sell out and leave." Mall builders like Unitech and DLF acknowledge that there has been speculative mall building, but blame it on smaller competitors that lack their long-term vision. Instead of putting a check on the mall-building glut, says Bakshi, India's state and local governments are all too happy to encourage it. "Governments sell land because they...
...Unitech's Chandra is more optimistic about the malling of India, predicting that the bulk of the country's retail business will move into malls within a few years. More Indians are starting to buy at malls, he notes, as retailers get better at pitching goods. "We're learning the science of retailing," he says. Yet even he concedes that "the larger malls will be the only ones that survive." KSA Technopak's Singhal is also bullish about the future of malls but adds, "It's very likely that quite a few of the new malls will see occupancy rates...
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