Company sources reveal that Dubai based property major Emaar plans to open a large number of retail shopping malls throughout India at some point in the future in a move to join the bandwagon of investors seeking to reap the profits of India’s booming economy.
Chairman of the Dubai-based Emaar, Mohammed Ali Alabbar, stated that plans were in the works to establish more than 100 shopping malls in cities across India, according to reports in Khaleej Times.
India’s surging economy and real estate industry has led to a boom in retail mall construction in both urban centers and two-tier cities, with an estimated 280 malls currently planned for 2006. A recent survey conducted by KSA Technopak predicts that this number will rise to nearly 600 by 2010.
Among the two-tier cities, Jaipur has become one of the most attractive locations for investors looking to establish large retail shopping centers, a fact that has triggered overall growth in the realty sector.
Proximity to New Delhi is one of the main reasons for the investment boom in places like Jaipur and others, while large developers from Delhi have shown keen interest in development outside the city.
