Two Million Square Feet Mall, Chennai Market City, In Velachery Soon
Chennai’s shopping landscape is set to change with a sprawling two million-square feet mall coming up near Guru Nanak College in Velachery.
Mumbai-based mall developer Phoenix Mills, which is promoting the shopping plaza – christened Chennai Market City – said at that size it would be the biggest mall in the city, toppling Express Avenue, which has a built-up space of less than one million square feet.
Phoenix Mills CEO Shishir Shrivastava said Chennai Market City would house a mall, an apartment complex and perhaps a luxury hotel too. The mall will also have an exclusive wing for luxury shopping with international brands, making it the second mall in India after Mumbai’s High Street Phoenix to have such a zone.
Chennai is seeing a buzz in the mall space with the launch of Ramee Mall and Express Avenue. Three more properties – Forum in Vadapalani, Marg Junction Mall on OMR and The Grande in Velachery – will come up in the city in the next two years.
The first phase of Chennai Market City with a built-up space of over one million square feet will be open to public by June.
“There is a large scope for organized retail in Chennai. The city is still behind other metros and so mall developers are rushing in to tap the huge potential here,” said S Ramaswamy, associate director, RECS Group, a real estate consulting firm. “Consumers’ mindset is also changing now. They are now more into shopping at malls rather than in T Nagar.”
“We bought the land in the second half of 2006, since then things have extensively changed here. The profile of the population in Chennai has changed now with rising exposure to international environment,” Shrivastava said. The 17 acres in Velachery was sold by pharma company Raptakos Brett for Rs 130 crore.The mall will have four levels and above that there will be a 13-storey apartment (five lakh sq ft), taking the height of the building to about 22 stories, Shrivastava said.
Phoenix is in advanced talks with Future Group for establishing stores, and is also trying to rope in international brands like Mango, Diesel and Jack & Jones, among others.
Future Group, which has been associated with Phoenix’s malls in Mumbai, Bangalore and Pune, said it will set up shops in Chennai Market City. “We will have all our retail brand stores in the mall,” said Future Group CEO Kishore Biyani. Another official from Future Group said they could set up shops – Pantaloon, Big Bazaar – in about one lakh square fee. Phase one of the project will be developed at a cost of Rs 550 crore.
Posted on February 20, 2012, in Attractions, Business, Entertainment and tagged biggest mall in chennai, chennai, chennai market city, Future Group, mall, Velachery. Bookmark the permalink. 4 Comments.