The 4.5 million square feet, India’s biggest mall project ‘Mall of India’ being built by DLF in Gurgaon has been put on hold for now.
This is probably the biggest casualty in the retail category since the slowdown started as the project was conceived as the “mother of all malls” with an investment of over Rs.1500 crores.
It was also said that the mall might be the biggest in the world surpassing ‘Mall of America’ in Minneapolis and biggesst mall of Shanghai. However the recentyl opened “The Dubai Mall” has become world’s largest mall with 4.4 million sq ft space.
So as of the now, the Ambi Mall, Gurgaon and the Great India Palace, Noida would continue to remain among the largest Indian malls.
It seems at last real estate developers and retailers have started realising that the Indian retail story is not as sweet as it seemed initially.