Latest announcements from domestic and international players are adding to the retail boom driving real estate India market. Kshitij Investment Advisory, a division of the Future Group, plans to set up seven ‘market cities’ replete with shopping malls, food courts, serviced apartments, convention centres, multiplexes and residential complexes.

Each of these cities would occupy 17 to 30 acres of land in Mumbai, Chennai, Bangalore, Hyderabad and Pune. The market city model is based on similar cities in Singapore and the US, and architects from the UK and New Zealand have been commissioned to design the ‘cities’.

The group’s Horizon International Fund and Kshitij Venture Capital will finance the projects Germany based Metro Cash and Carry is pitching Rs.900 crore to start a distribution and retail chain in Punjab, beginning with Jalandhar, Ludhiana and Amritsar.

The business is expected to give a boost to agriculture in Punjab, and generate employment. Patiala, Bhatinda and Mohali would be set up in the second phase of the plan. UK based West Pioneer Properties has also evinced interest in India’s booming retail market, with plans to invest Rs.5 billion in 5 million sq. ft.

of retail space in India over the next 5 years. 726,000 sq. ft of retail space has already been completed in Kalyan, and the second phase of the project will be taken up in another 5 months.

Pioneer has also invested in Aurangabad in Maharashtra for a 750,000 sq. ft. mall in the city. Meanwhile, Reliance Retail is tying up with Ansal API for its outlets in Lucknow, Kanpur, Allahabad and Noida.

This follows the UP Government’s ban on standalone retail outlets, which affected the operations of Reliance Fresh and Spencer’s.

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