The Spencer Plaza, which started with a built up area of 3,00,000 sq ft, has now become the mega mall of city with 1.05 million sq ft. The pricing has gone up from Rs 18 to Rs 22 per sq ft per month in 1991 to the current Rs 60-100 per sq ft per month.

The mall Chennai Citi Centre on RK Salai, promoted by the ETA group, is almost complete. The other mall being developed is the Ampa Mall on Nelson Manickam Road, with 4-lakh sq ft built up area, with a retail area of about 3 lakh sq ft.

Existing Malls in Chennai are reporting high footfalls and causes congestion on the roads as well as car parking space. High end shopping malls with food courts and multiplexes are being planned in places such as Karapakkam, Siruseri & Semmenchery that are becoming hubs for IT companies. Trammel Crow Meghraj’s survey reveals that real estate companies have plans to develop 10 malls in Chennai. In the central business districts, there is a mall coming up at the Express Estates off Anna Salai and another one on Nungambakkam High Road.

The other malls are coming up in Karapakkam, Velachery, Koyambedu, Siruseri and Semmenchery. The investment in the Riverside Mall being developed by Marg Constructions Ltd at Karapakkam would be Rs 250 crore and the total built up space would be 5.00 lakh sqft with floor plates of 1.25 lakh sq ft. Entertainment is another facet that the malls provide. The Riverside Mall will have a multiplex and a 400 cover food court with eight counters, besides a fine dining restaurant and café on the open decks facing the backwaters. Car parking space for about 1000 cars will also be provided. The demand for retail and residential space at places like Karapakkam is high. For instance, every sq ft of commercial space generates seven times the demand for residential and retail space.

(with inputs from The Hindu Business Line)