Adapting to the changing needs

Real estate has been at the receiving end of much attention from investors worldwide who are in search of emerging markets. With an increasing number of joint ventures and tax saving options in Special Economic Zones, Indian realty sector is well on its way to going global as well!

Malls in India are considered by the new generation of Indians as the one stop destination for premium products by famous international brands. There is a new class of consumers from the booming service sector who endorse the western idea of high disposable income and spending. The stupendous growth of the mall culture in the country is fallout of this new thinking pattern. Builders in Kerala have also sensitized themselves to this new need .Kochi which was a subdued retail market may witness a dramatic leap in the consumer footfall when a 4.22 lakh square feet mall becomes operational in that city in early 2009. Kochi currently has no malls; however, by 2009, the city is expected to have six malls covering a built-up area of 1.60 million sq ft. Malls like Forum (expected to have 1 million+ sq ft of space), Lulu Mall, Aerens Gold Souk, Abad Mall, Metro One, Mall O, The Summit (to be spread over 12 floors) and Kalyan Mall are being planned in the “Queen of the Arabian sea”. The construction for a gold souk and wedding souk is already underway in Kochi. Spread over 2.4 acres on the National Highway near Vyttila Junction, the souk will have about 150 shops. The company is planning to invest Rs 100 crore in the project.