Real estate developers Parsvnath Developers and Unity Group are set to earn an annual rental income of about Rs 1.2 billion from their newly opened shopping mall in Delhi. The two companies had formed an equal joint venture in 2023 to develop a retail mall with a leasable area of around 500,000 square feet. The project, named Unity One Elegante, located at Netaji Subhash Place in the national capital, was inaugurated last month. “We have leased 100 per cent of the retail space in our mall,” said Unity Group Director Harsh Bansal. He added that the joint venture expects monthly rental earnings of approximately Rs 100 million, translating to Rs 1.2 billion annually. Bansal noted that the venture will pay nearly Rs 200 million as lease rental to the Delhi Metro Rail Corporation (DMRC), which owns the underlying land. Parsvnath Developers Chairman Pradeep Jain highlighted that demand for quality retail space in the Delhi-NCR market remains exceptionally strong. “There is a huge appetite for premium shopping destinations, particularly in well-connected areas such as Netaji Subhash Place,” he said. In a regulatory filing last month, Parsvnath confirmed that a special purpose vehicle (SPV), Unity Parsvnaths LLP — a 50:50 joint venture with Unity Group — developed the mall, which spans an area of 28,400 square metres. According to data from Cushman & Wakefield, leasing activity in retail spaces across shopping malls and key high streets surged by 45 per cent during July–September 2025, reaching 2.41 million square feet across eight major cities. This growth reflects robust retailer demand and the steady addition of new supply. Unity Group currently operates six malls across Delhi and Mohali, covering approximately 2 million square feet, with three of them developed through partnerships. Parsvnath Group, which has a presence in over 37 cities across 13 states, continues to expand its footprint in residential, commercial, and retail real estate.