Suncity to invest $500 Mn to develop four malls

New Delhi: City-based realtor Suncity Projects Saturday announced plans to develop four mixed-use retail malls in four Indian cities with an investment of around $500 million (20 billion).

The projects, under the brand name Jewel of India, would come up at Jaipur, Mohali, Indore and Greater Noida.

The malls will have office space, hospitality and retail space, and entertainment space all in one extended Zone.

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The Jewel of India, Jaipur, to be developed over 40 million square feet, would house a Johari Bazaar showcasing traditional Rajasthani jewellery, a Jaipur haat selling traditional Jaipuri handicrafts, a wedding bazaar along with premium retail brands like Lifestyle, Shoppers' Stop, Pantaloon and Westside.

"Providing just international brands is not enough for the success of the retail malls. The success in emerging cities like Jaipur lies in mixing the international with the local so that people don't have to go to the local market if they want some traditional stuff of Jaipur," said Suncity projects director Ashok Bansal.

"We will add similar local flavour in all three other mixed-use retail malls," Bansal said.

The Jaipur mall will be operational in 2011. The projects in other three cities will be completed within six years.
Source: IANS