DLF to open ₹500 crore Goa mall by March 2027, targeting ₹150 crore annual rent
DLF's rental arm will open a 700,000 sq ft premium shopping mall in Goa by March 2027, investing about ₹500 crore. The company expects annual rental income of over ₹150 crore and has already leased 70-75% of the space, including a five-screen PVR cinema and a Shoppers Stop outlet.
DLF's rental business plans to open a 700,000 sq ft premium shopping mall in Goa by March 2027, with an investment of about ₹500 crore, and expects the property to generate annual rental income of more than ₹150 crore, said Sriram Khattar, vice chairman and managing director of DLF Rental Business.
About 70 to 75 per cent of the mall has already been leased, Khattar said. PVR has taken space for a five-screen cinema, while Shoppers Stop is among the other retailers that have signed up for the property.
Pushpa Bector, group executive director and business head-retail and whole-time director at DLF Cyber City Developers, said average rentals at the Goa property are around ₹175 to ₹180 per sq ft on super built-up area. The company is primarily targeting local consumers rather than building the business case around tourist demand, she said. “Local Goans are the ones that we are focusing on,” Bector added, noting that the mall's location in Panaji and its connectivity to North and South Goa provide access to a wider local catchment.
The Goa property is among three retail developments being operationalised by DLF during the current financial year. DLF has recently opened Midtown Plaza (about 280,000 sq ft) in Moti Nagar, Delhi, while Summit Plaza (about 115,000 sq ft) in DLF 5, Gurugram, has also become operational.
Bector added that DLF already has GIC as a long-term partner, owns the underlying land for several projects and is able to raise capital for mall development, while the payback from such assets remains attractive.
Khattar said the company has launched about 6.5 million sq ft of office space at DLF Downtown in Gurugram, which it expects to complete in around two-and-a-half years. The development will also include about two million sq ft of retail space. In Chennai, DLF is developing about 3.5 million sq ft of additional office space at Downtown Taramani, expected to be completed around FY28.
DLF Cyber City Developers (DCCDL) is the principal rental platform of the DLF Group and develops and operates office, IT/ITeS, technology park and retail assets. DLF owns 66.67 per cent of DCCDL, while Singapore sovereign wealth fund GIC holds 33.33 per cent.
