Now days as reported by the sources to the www.propertykhazana.com many be it major or Pvt Ltd realty firms are into action turning the business malls and complex into housing ventures and as said by the Crisil research reports, it is believed that in the next couple of years approximately about 96 Million Square Feet of retail space in 10 metros will be altered to housing projects.
Worried with the move many realty market analysers said at the www.propertykhazana.com that there will be a huge difference between the demand and supply if the trend continues. RMZ Corporation, a Bangalore based realty major has fallowed the path and converted about 1.1 million of its mall area into hotel cum housing venture and it was said that the builder was on plans to make the mall smaller to half of its existing space and the remaining area to host the corporate office, said the MD Mr. Raj Menda.
Further commenting, Amit Bagaria the chairman of Asipac said that the trend is continuing showing its impact and he also added that Bangalore being the hot destination for realty investments will have an additional supply of 166%, with Hyderabad shortage of 66% and on the whole the difference shall exceed up to 325% roughly. Fallowed by Bangalore it is Mumbai and Pune with oversupply of 60% and 125% respectively.
Probable oversupply taken into consideration Atul Ruia's ‘Pheonix Market’ ‘City mall’, Sobha Developers ‘Global Mall’, RMZ Corporation's ‘Galleria’ in Bangalore, Parsvanath Developers ‘Metro Mall’ in Delhi and Lanco's Mall projects are soon to be restructured into residential projects said the sources to the www.propertykhazana.com .
In addition to the above listed Pheonix Mills, Entertainment World Developers, Salarpuria, Omaxe, IVRCL and Goel Ganga Groups are reassessing their mall projects in Hyderabad, Bangalore and Pune. Sobha Developers is committed for a joint venture with Davnam Constructions for its first execution. Sobha Developers is upcoming with about 6.5 Lakh Sq.Ft retail space and the remaining land shall be used for the residential purpose said the sources to the www.propertykhazana.com but this was not officially confirmed from the developers end.
Source: NIMMA BENGALURU
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