The DLF group went into a joint venture with Singapore’s sovereign wealth fund GIC to build a retail mall in Gurugram. This mall will be developed in over 2.5 million sqft area and is believed to be the biggest mall of India, the sources said.
This will be a mix-land project and is planned to have both retail and commercial space named as Down Town. The same will be developed on a 23-acre land parcel owned by the DLF group in Gurgaon. This plot is located on the highway opposite to DLF Cyber Park that is spread over 2.5 million sqft.
The sources said that the retail mall is planned to be a part of 8 million sqft project and will also have serviced apartments, five-star hotel and commercial development. The project will be developed in two-three phases and will take more than five years to complete.
DCCDL i.e. the DLF Cyber City Developers Ltd will develop this project and will replace LuLu International Shopping Mall in Kochi that is spread over 2.5-million sqft and DLF’s Mall of India in Noida as the biggest mall in the country.
In 2017, the DLF and GIC signed jointed venture after the promoters K P Singh and his family sold their shares to the Singapore investment firm.