chennai: the mall culture and the real estate market
DESCRIPTION
The growth of shopping malls indicates the kind of development a city has witnessed or expected to go through. And if you think that the mall culture is new to Chennai, then you are 100% wrong.TRANSCRIPT
CHENNAI:
The Mall Culture and
the Real Estate Market
If you think that Mall culture is new to Chennai, then you are 100% wrong. The city
may perhaps be one of the oldest to have brought in the mall culture with Spencer
Plaza in Mount Road. But the world never stopped experimenting and contemporary
malls do not just represent convenience and comfort but also affluence and luxury.
Chennai by itself has seen a deluge of malls in the last 5 years and their development
has been massive. The growth of malls is indicative of the kind of development a city
is witnessing or expected to go through.
Spencer Plaza(then Spencer) was
started as the south Asia's first
departmental store in 1863 by Charles
Durant and J. W. Spencer. After few
years the store was shifted to a new
building which is example of Indo-
Sarconic architecture. This
departmental store continued to be the one of the biggest mall for more than 100 years
when in 1985 a fire accident destroyed the entire building. The present building was
constructed in early 1990's by the Mangal Tirth Estate limited. The third phase of the
building is built resembling the old destroyed building with huge pillars. The mall is built
on the floor space of 1,000,000 sq ft which is the most expensive Real Estate property in
Chennai. The glamour of this Spencer Plaza would never go down amidst new sprouting
modern shopping malls.
Today, Chennai is inundated by malls of all kinds in every prominent part of the city.
As the population moves to peripheral regions, the need for development of malls in
those regions also increases tremendously. Regions like Medavakkam and
Perumbakkam have become Real Estate investor’s paradise. Real Estate market in the
suburban regions are on a high as they are close to a number of malls under
construction, serving as recreation destinations, thereby influencing the modern
lifestyle of the urban population.
Flats and Malls
As mall culture occupies a significant position in the lives of city people, both the CBD
and suburban markets have fair share of malls and retail spaces where people can
shop, buy, eat and enjoy. Today, the flats for sale in Chennai suburbs have even
accelerated in their momentum mainly because being enhanced by the construction of
shopping malls in and around the region. Malls like The Laurel Mall and Gold Souk
Grande Mall in GST Road, MARG Junction and Coramandel Plaza Mall in OMR are
some of the retail spaces that are located in and near Perumbakkam.
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MARG JUNCTION SHOPPING MALL
Entry of Major Multinational Retail Players
Scenario in 2012
Although Chennai is seeing an inflow of several modern and beautifully architected
malls, a number of multinational retailers are making their way into the city, and
these developments are proposed in the second half of 2014. The investment scenario
in 2013 may not have been so conducive to the entry of these major players but 2014
demonstrates to be a more open stage for them to make their advent. A fresh supply of
retail space can be seen in different pockets of Chennai that includes suburbs such as
Medavakkam, Sholinganallur, Perumbakkam...etc. In a day and age where
weekends are dominated by visits to a mall, the retail spaces are caching in on the
presence of residential communities in and around their premises. Hence, most malls
are located in residential localities that show great potential of development.
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