Bharti Realty plans Rs.2,500 cr mall near IGI airport

Bharti Realty, which is a part of the Sunil Mittal Group, is planning to construct one of the biggest retail malls of NCR at Aerocity near IGI airport in New Delhi with a leasable space of 2.5 million square feet, CEO of Bharti Realty, S K Sayal, said elaborating that the company already taken 23 acres on lease from the Delhi International Airport Private Limited for the purpose. He said the mall is likely to be completed by 2022. While the company remained tight lipped to reveal the investment required completing the project but sources claimed that it would be around Rs 2,500 crore. According to a source in DIAL, the land has been leased on a hybrid rental model under which Bharti Realty will make around Rs 315 crore as an upfront payment and pay a licence fee equivalent to 20% of the revenue. The lease agreement is 30 years, which could be renewed for another 30 years. Currently, DLF Mall of India is considered to be NCR’s biggest mall at 2 million sq ft. DLF is learnt to be planning to construct another mall on NH-8 in Gurgaon.