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Realty developers Parsvnath Developers and Unity Group are set to earn an annual rental income of around INR 120 crore from their newly launched shopping mall, Unity One Elegante, located at Netaji Subhash Place in Delhi. The mall, built through an equal joint venture between the two firms, has a total leasable area of 5 lakh square feet and has achieved full occupancy. Developed on land leased from the Delhi Metro Rail Corporation (DMRC), the venture will pay approximately INR 20 crore annually as lease rent to DMRC.
Real estate developers Parsvnath Developers and Unity Group have started generating rental income from their newly operational shopping mall, Unity One Elegante, situated at Netaji Subhash Place in Delhi. The project, developed under a 50:50 joint venture between the two companies, offers around 5 lakh square feet of leasable space. Advertisement
The entire retail space in the mall has already been leased out. Unity Group Director Harsh Bansal shared that the joint venture is expected to earn nearly INR 10 crore in monthly rental income, translating to an annual revenue of about INR 120 crore.
The joint venture company will pay close to INR 20 crore as annual lease rent to the Delhi Metro Rail Corporation (DMRC), which owns the land parcel where the mall has been developed. The project, spread across approximately 28,400 square metres, was developed by the special purpose vehicle Unity Parsvnaths LLP, formed by Parsvnath Developers and Unity Group.
Parsvnath Developers Chairman Pradeep Jain stated that the demand for quality retail spaces in the Delhi-NCR market continues to remain strong. The successful leasing of Unity One Elegante reflects the growing interest of both national and international retailers in premium retail destinations.
As per a recent report by real estate consultancy Cushman & Wakefield, leasing activity across major Indian cities has seen a significant rise, with retail space absorption in shopping malls and high streets increasing by 45% during the July-September quarter. The firm attributed this growth to the entry of new brands and the steady expansion of organised retail in metro cities.
Unity Group currently operates six malls across Delhi and Mohali, covering a total area of about 2 million square feet, three of which are joint ventures. Parsvnath Group, meanwhile, has a presence in more than 37 major cities across 13 states and has developed numerous residential and commercial projects over the years.
Source PTI
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