DLF-GIC JV to build country’s largest mall in Gurugram
The new project, to be known as Down Town, will be constructed on a 23-acre land parcel owned by DLF in Gurugram
Singapore’s sovereign wealth fund GIC is strengthening its alliance with India’s largest listed realty developer DLF as it seeks to participate in helping build the country’s biggest retail mall of more than 2.5 million sq-ft.
The new project, a retail and commercialled mixed-use development to be known as Down Town, will be constructed on a 23-acre land parcel owned by DLF in Gurugram. The plot is on the highway opposite DLF’s 2.5 million sq-ft commercial project Cyber Park.
“The retail mall will be part of this 8 million sq-ft project that will also have component of serviced apartments, fivestar hotel and commercial development. The project will be developed in two-three phases in more than five years,” said a person familiar with the development.
The development, to be executed through DCCDL, is expected to supersede the country’s current largest retail development 2.5-million-sq-ft LuLu international shopping mall in Kochi and DLF’s own 2-million-sq-ft mall of India in Noida.