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Chennai to have 6 More Malls Despite the Slump 25/03/2009
The slowdown may have stalled construction projects across the country, but Chennai is set to get six to eight new malls in the next couple of years, replete with food courts, cinema theatres, gaming arcades and shops. “In another two to three years, about six to eight malls are expected to become operational. Two will be functional by this year: Ampa mall in Aminjikarai will be ready by the first half of 2009 and Express Avenue on Whites Road by the end of the year,” said Sanjay Chugh, national head of business development, retail of Jones Lang LaSalle Meghraj (JLLM), a leading real estate services firm.

According to a report by Cushman and Wakefield, another well-known real estate solutions firm, 14 malls covering 6.2 million sq ft were to come up in 2010 and 2011, mostly in the southern and western parts of Chennai, but many are now on hold. “Though there are quite a few projects listed on paper, only three or four malls will probably become operational in two years,” said Rajneesh Mahajan, executive director, retail services at Cushman and Wakefield. “There is limited spending on the ground and construction activity has slowed down. It is hard to tell exactly how many projects will stick to schedule,” he said.
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