Suncity Projects, a New Delhi-based real estate company, is branding its upcoming mega malls (typically a million sq ft plus area) as Jewel of India. The company, promoted by media baron Subhash Chandra’s younger sibling Lakshmi Goel, has identified Jaipur, Mohali, Chandigarh, Greater Noida, Indore and Bareilly as focus cities for its new mall brand. The company disclosed that more than Rs 15,000-crore will be invested over the next two-five years to develop these properties.
Mr. Ankit Goel, Projects director, Suncity, told, “Through this initiative, we plan to create a niche brand identity for Suncity malls.” With over 400 new malls slated to open in the next two-three years, differentiation is becoming the key, not just to attract shoppers but tenants too.
Apart from size, another unique feature of Jewel of India would be exclusive space for ethnic products, much on the lines of government-run Delhi Haat. Mr Goel added “It will provide a traditional flavor to the malls. We strongly believe that these products symbolize the true essence and culture of our society”. However, Mr Goel denied that they have similar plans for their existing, smaller Suncity malls.
Currently, the company has three shopping malls — Cross River, North Square & Vasant Sqaure — in Delhi, which are all spread over less than a million sq ft. Suncity Projects, a consortium of the Essel Group, Action Group and Odeon Builders, intends to tap the capital markets though an initial public offering in the second half of 2009.