Unity Group, based in Delhi, has inked a joint development agreement with Parsvnath Developers to create 450,000 square feet of retail space with a Rs 2 billion investment, according to Unity Group co-founder Harsh V Bansal. The bridge-to-luxury mall is near the Netaji Subhash Place metro station and is on land leased from Delhi Metro.

The agreement is part of the company's goal to double its retail portfolio and establish a retail REIT.

"This mall should become operational by October 2023, and we are already in touch with brands for leasing. We are expecting Rs 1 billion in rental income every year," Bansal said.

In addition, the company has planned mall developments in Preet Vihar, Mangolpuri, Rohini, and Punjabi Bagh in Delhi, and Mohali in Punjab. It is also in the process of expanding all its six operational malls as part of the extra floor area ratio allowed by the Delhi Development Authority (DDA). "In Preet Vihar, we are developing 150,000 sq ft, while we have acquired two land parcels in Mangolpuri and Rohini from DDA for Rs 630 million. We will invest another Rs 2 billion to develop 300,000 sq ft of retail space," said Bansal.

According to an analysis by Cushman & Wakefield, India's top three cities will need 9 million sq ft of retail space every year till 2027 to reach the level of organised retail area available in a country to match the cities of a small country like Vietnam's retail space per capita.

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