Lotus Mall @ Kuleshekar

Lotus Shopping Centre is strategically located in the heart of Mangalore on the NH-17 bypass with excellent frontage and visibility along NH-13, the emerging growth corridor of the city. Targeted at catering to the mid and high-end segment, the property is being developed as a world-class regional destination with a retail mall at the front and a three star business hotel towards the rear. With 900,000 sq.ft. of Gross leasable retail, 1.23 million sq/ft. Gross built area, 100,000 sq/ft of hotel, 1200 underground car parking spaces, 600 multi-storey parking units, 120 retail units with hypermarket and 9 screen cinema in the city, it is currently the largest proposed mall in the Malnad region.

• City: Mangalore
• Location: Kuleshekar
• Plot Area: 5.85 acres
• Total Built-up Area: 1.23 mn sq.ft.
• Mix: Retail & Hotel
• International Architect: HOK International, London
• Local Architect: 2PKM Architects
• PMC: Lotus

 Project URL:http://www.lotusshoppingcentres.com/mangalore

Tanishq @ Balmatta road

Tanishq, India’s largest jewellery brand and a part of Titan Industries, opened its new showroom at Balmatta road on Wednesday. This is 138th showroom in Tanishq’s network.

Inaugurating the showroom Bhasker Bhat, Managing Director, Titan Industries Ltd said, “Tanishq has been a pioneer in setting new benchmarks in the jewellery industry. In the future, we plan to extend our reach to newer markets”

The new showroom spreads over an area of 6000 sqft. and offers a wide range of jewellery. From grand and opulent wedding jewellery in gold, kundan, polki, diamonds to contemporary jewellery from Mia and Glam gold collections.

30% of proposed retail malls in India deferred

The retail real estate market recorded a deferment of more than 30% of retail mall space against projected supply for the first half of the year, says Cushman & Wakefield in a recent report.

Around 2.27 million sft mall spaces was added to the existing stock in the first half of 2012, while approximately one million sft of expected mall space was deferred to second half of the year or next year. The overall vacancy rate for the major cities as of H1 2012 stood at 19.6% marginally higher than the previous quarter, mentioned the report.

"This slowdown in mall construction need not be viewed as a negative growth indicator for the retail real estate segment. With high vacancy levels as well as cautious expansion plans of retailers, the deferment of supply is a necessary measure to bring stability in the retail market," says Jaideep Wahi, director-retail agency, Cushman & Wakefield India.

However, despite deferment in retail space, rental across most malls in cities like Delhi-NCR, Chennai, Bangalore, Mumbai and Kolkata remained largely stable, while some micro markets have seen a growth over the previous quarter in the range of 2-13%.

"Given the current uncertain economic conditions, the retail markets are showing a largely stable scenario. Retailers of foreign brands still remain committed to the Indian markets with the recent announcements by multinational retailers indicating the strength of the economy," says Wahi.

The highest appreciation in rental value was recorded at Camac Street and Elgin Road in Kolkata at 12.4% and 25% respectively due to renewals of existing tenants at a higher value. Other cities like Gurgaon, Pune and Bangalore saw increase in high street rents by 7-9%.

However prominent high streets in Hyderabad (Banjara Hills, Jubilee Hills, Ameerpeet and A.S. Rao Nagar) saw a rental fall of 4-7% compared to the previous quarter due to significant amount of new construction becoming available in these markets.