Living up to its image of being a cosmopolitan city, Hyderabad is going the Mumbai and Delhi way to set up malls cum multiplexes. Accordingly, atleast 10 to 12 big malls will adorn the skyscape of Hyderabad.
Each will be an average 2,00,000 sqft and some can go up to seven lakh sqft and all these will mean an investment of about Rs 1,200-Rs 1,500 crore, with Rs 50 crore investment being on the lower side and Rs 200 crore on the upper side.
“A mall should have a multiplex, an anchor tenant, a food court and other components,” said Vasudevan Iyer, director-Hyderabad, KnightFrank, a real estate consultancy.
According to him, the new malls will be ready in a year to two. Each will have atleast three screens or more. Hyderabad, however, is behind Delhi and Bangalore, which have more than 100 and 67 malls, respectively.
For many, a mall is an ideal get-away for recreation, shopping and food. Since they also address the entertainment needs of the kids, they are being preferred to standalone places, said Iyer.
The new malls will come up in Gachibowli, Panjagutta, Khajaguda, Uppal, Kompally, Miyapur and Chandanagar, Patny, Erramanzil, Chikkadpally and Raidurgam in the city.
Though there are many malls in the city, the load is mostly on three to four malls- GVK One, Forum Sujana, Inorbit and a few others forcing many to travel significant distances.
Once the new ones come, the travel hassles will reduce, he said as some of the biggest malls are coming up towards Miyapur and Chandanagar.
Typically, it takes about seven to eight years for a mall to break even as increasing competition makes it difficult to consistently attract footfalls. The quality of service and the variety will be key differentiators, said Iyer.
L&T, which is executing the Hyderabad metro rail project, had recently said that it hoped to complete three malls, shortly. They are part of the transit oriented development works.
“Hyderabad has been late in embracing the mall culture. But now it is catching up and that is the way forward shopping and leisure activities,” said, M Narsaiah, chairman and managing director of Shantha Sriram, which is developing one mall at Patny and two multiplexes at Chikkadpally.