• Sat. Feb 24th, 2024

    Gopalan Enterprises Embraces Mixed-Use Retail Developments in Bengaluru

    ByEmma Wolukau-Wanambwa

    Feb 10, 2024
    Gopalan Enterprises Embraces Mixed-Use Retail Developments in Bengaluru

    Gopalan Enterprises Expands Mixed-Use Development in Bengaluru

    Bengaluru-based real estate developer Gopalan Enterprises is introducing a new approach to its mall portfolio. Instead of traditional shopping centers, the company plans to convert its existing malls in Bengaluru into mixed-use retail developments with integrated office spaces. This innovative concept, inspired by successful models in Dubai and Singapore, aims to maximize rental yields by combining retail and managed working spaces.

    Managing Director C Gopalan explained that the lower floors of these mixed-use developments will be dedicated to retail, while the upper floors will house managed office spaces. By integrating these two elements, Gopalan Enterprises aims to create vibrant spaces that cater to both shopping and work needs.

    In addition to transforming its current malls, the company intends to add 5 million sq ft of commercial and residential spaces in Bengaluru and Mysuru. With a projected revenue of Rs 5,000 crore by FY25, Gopalan Enterprises is looking to expand its presence in the real estate market.

    While the company is not actively seeking to develop more destination malls, it plans to add approximately 4 lakh sq ft of mixed-development retail spaces in Bengaluru. These upcoming projects in Whitefield and Rajarajeshwari Nagar are expected to be completed by the end of this year.

    Furthermore, Gopalan Enterprises is taking advantage of the recent government notification allowing floor-wise de-notification of special economic zone (SEZ) spaces. The company plans to de-notify 0.5 msf of SEZ spaces in Bengaluru, providing even more room for expansion and accommodating the increasing demand from local market players.

    Looking ahead, Gopalan Enterprises aims to enhance its commercial and residential portfolio. With plans to develop 1 msf of IT parks in both Bengaluru and Mysuru by the end of 2024, the company is preparing for future growth in these cities. Additionally, Gopalan emphasized the significance of Tier II cities, such as Mysuru, which have witnessed a resurgence in commercial demand due to their lower living costs and affordable real estate prices.

    In terms of residential development, Gopalan Enterprises has already completed 20 msf of apartments in Bengaluru and has ambitious plans to add 1,000 more flats, equivalent to 1.5 msf, by the end of 2024. These new developments will be located in Whitefield, Electronic City, and Rajarajeshwari Nagar, catering to individuals seeking modern and affordable housing options.

    With its strategic focus on mixed-use retail developments and expansion plans, Gopalan Enterprises is poised to shape and transform the real estate landscape in Bengaluru, creating dynamic spaces that cater to the evolving needs of both businesses and residents in the city.

    An FAQ based on the article:

    1. What is Gopalan Enterprises?
    Gopalan Enterprises is a real estate developer based in Bengaluru, India.

    2. What is the new approach that Gopalan Enterprises is taking with its mall portfolio?
    Instead of traditional shopping centers, Gopalan Enterprises plans to convert its existing malls into mixed-use retail developments with integrated office spaces.

    3. What is the aim of this new concept?
    The aim of this concept is to maximize rental yields by combining retail and managed working spaces, creating vibrant spaces that cater to both shopping and work needs.

    4. How does Gopalan Enterprises plan to expand its presence in the real estate market?
    Gopalan Enterprises plans to add 5 million sq ft of commercial and residential spaces in Bengaluru and Mysuru, with a projected revenue of Rs 5,000 crore by FY25.

    5. What are some upcoming projects by Gopalan Enterprises?
    Gopalan Enterprises plans to add approximately 4 lakh sq ft of mixed-development retail spaces in Bengaluru with upcoming projects in Whitefield and Rajarajeshwari Nagar, expected to be completed by the end of this year.

    6. How is Gopalan Enterprises taking advantage of recent government notification?
    Gopalan Enterprises plans to de-notify 0.5 msf of special economic zone (SEZ) spaces in Bengaluru, providing more room for expansion and accommodating the increasing demand from local market players.

    7. What are Gopalan Enterprises’ plans for IT parks?
    Gopalan Enterprises aims to develop 1 msf of IT parks in both Bengaluru and Mysuru by the end of 2024, preparing for future growth in these cities.

    8. What are Gopalan Enterprises’ plans for residential development?
    Gopalan Enterprises has completed 20 msf of apartments in Bengaluru and plans to add 1,000 more flats, equivalent to 1.5 msf, by the end of 2024 in locations such as Whitefield, Electronic City, and Rajarajeshwari Nagar.

    9. What is the significance of Tier II cities for Gopalan Enterprises?
    Gopalan Enterprises recognizes the resurgence in commercial demand in Tier II cities like Mysuru due to their lower living costs and affordable real estate prices.

    10. What is Gopalan Enterprises’ strategic focus and what impact does it aim to have on the real estate landscape in Bengaluru?
    Gopalan Enterprises is focusing on mixed-use retail developments and aims to shape and transform the real estate landscape in Bengaluru by creating dynamic spaces that cater to the evolving needs of businesses and residents in the city.

    Definitions:
    Mixed-use retail developments: These are spaces that combine retail and office spaces in the same building or area.
    Rental yields: The income generated from rental properties, usually expressed as a percentage of the property value or investment.
    Tier II cities: Smaller cities that are considered to be the second tier of important urban centers in a country, in this case, India.

    Related links:
    Gopalan Enterprises Official Website