First Luxury Mall in Luteyen’s Delhi
Parsvnath Developers Limited (PDL) unveiled plan for developing a new luxury mall complex in the heart of Delhi at Connaught Place. The company has acquired a plot situated at 27, Kasturba Gandhi Marg through a recently formed subsidiary “Primetime Realtors Pvt. Ltd.” and is proposing to build luxury shopping and state-of-the-art offices. The development activity would start immediately after obtaining all necessary approvals.
The mall will have offer a mix of fashion, lifestyle and entertainment. The luxury mall will showcase host of selected major international and Indian luxury brands, across categories such as apparel, jewellery, accessories, home and electronics.
“With an approx. investment of Rs 300 crore that we plan to do for the development of the mall and the kind of opportunities available for retail in India, I don’t think it will be unreasonable if we feel that once operational this will be an established landmark. As a first step, our focus is to attract well positioned luxury brands and thus create a brand of its own thereby maximizing return to the footfalls. It is not only certain people, certain brands; it’s also what fits into the positioning that we are looking at. It’s no wonder then that luxury brands are making a beeline for India.” Mr. Pradeep Jain, Chairman, Parsvnath Developers said.
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