Hyderabad Goes Euphoric on Malls
The cyber city of Hyderabad is set to break all records by adding 15 shopping malls on its ground within this year. Though it may appear a mad rush in the first thought, industry players actually find Hyderabad markets buoyant enough to accommodate all such properties.
According to Arvind Singhal of Technopark, a real estate consultancy, real estate developers just need to plan their malls well and manage a right mix of tenants. Some of the malls in Hyderabad have failed due to their erroneous planning, and now they are offering retail spaces as offices to corporate, sources informed.
Real estate developers often follow each other. If one starts building a shopping mall in a particular part of the city others also jump in the picture. One can easily see the concentration of shopping malls in areas like Kukatpally and Gachi Bowli. Many times availability of malls in a particular area drive consumers. Take Gurgaon, for instance, where mall road has become synonymous to shopping. When a customer lands onto this road, he is sure he will able to buy whatever stuff he wants. The marketing initiatives led by one mall benefit others and this is how a situation of collective advantage comes up.
If we take the other side, concentration of malls in a given area leaves a large catchment area unattended. Developers can take advantage of this situation and leverage these niche areas which other developers might be ignoring. Even if other developers follow, there is always an advantage of first-in, and chances are that other players won't find much of scope in the follow on game.
Meanwhile, in Hyderabad, the upmarket commercial and residential area of Banjara Hills will be the mall centre of the city. Infrastructure and real estate giant GVK is fast coming up with One Mall while MPM Mall is also said to be one of the largest malls in Hyderabad.
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Source: http://ezinearticles.com/
Added: March 18, 2008
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