Realty firm AIPL has leased 3 lakh sq ft of retail space in a year at its Gurgaon project, a senior executive said.
With this, the company has leased most of the 4.8 lakh sq ft of retail area to big brands including Haldiram’s, Inox, Costa Coffee, Fab India Chaayos, Bridgestreet, Looks Salon, Sodhi’s Super Market, Blue Tokai and many other prominent Brands.
“We have already completed this Grade ‘A’ retail real estate project. We got the occupancy certificate in September 2020 only. The high street shopping complex is fully operational now” said Pankaj Pal, Group Executive Director, AIPL. “Our investors are earning the highest rental income compared to other retail projects in the vicinity,” he said.
AIPL Joy Street also has managed serviced apartments along with entertainment, eateries, office spaces, and premium retail outlets.
In the mall, the company has tied up with INOX for multiplex, which is spread over 37,000 sq ft area.
“The footfall in our retail area has improved significantly after the second wave of the pandemic. Retailers are witnessing good business during the weekdays as well as weekends,” he said.
AIPL also adopted a co-retailing concept at AIPL Joy Street to help businesses and brands to come together to operate from a shared retail space and save significant expenses.
“We have a section called Senora market, where co-retailing spaces are available to grab. Under this concept air-conditioned Kiosks are available starting from monthly rent of Rs. 20,000, with no maintenance charges,” said Pal.
AIPL has projects across Delhi-NCR, Punjab and Rajasthan. The company has delivered over 7 million sq ft of office spaces, 3.7 million sq ft of retail spaces and over 800 acres of township development.
Source : ET