In 2023, Parsvnath and Unity Group formed an equal joint venture to develop a mall with a leasable area of 5 lakh square feet.
Last month, they opened the ‘Unity One Elegante’ mall at Netaji Subhash Place, Delhi.
“We have leased out 100 percent of the retail space in our mall,” Unity Group Managing Director Harsh Bansal told PTI.
When asked about the rental income, he said it would be around Rs 10 crore per month and Rs 120 crore per year.
Bansal said the joint venture has to give nearly Rs 20 crore as lease rent to Delhi Metro Rail Corporation (DMRC). Pradeep Jain, chairman of Parsvnath developers, noted that there is a huge demand for high-end retail space in the Delhi-NCR market. Last month, Parsvnath said in a regulatory filing that this mall has been developed by a special purpose vehicle, ‘Unity Parsvnaths LLP’, a joint venture with Unity Group.
The shopping center is developed on 28,400 square meters.
According to Cushman & Wakefield, leasing of retail space in shopping centers and prominent high streets rose 45 percent to 2.41 million square feet in eight major cities in July-September due to better demand for retailers and increased supply of fresh produce.
Unity Group has six operational malls in Delhi and Mohali, covering an area of approximately 2 million square feet.
Three of the shopping centers work together.
Parsvnath Group has a presence in over 37 major cities across 13 states. It has developed many residential and commercial projects.
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