10 malls expected to go off business this year Snazzy new malls are driving older, smaller and poorly designed ones out of business. Five malls shut down last year and 10 others in Chennai, Delhi-NCR, Mumbai and Pune changed their use to offices, educational institutes, shopping clusters, hospitals and banquet halls. This resulted in 3.5 million sq ft of retail space being withdrawn from operational stock, according to property consultant JLL, which expects another 10 malls to shut this year. Rediff.com, 3 weeks ago
Property sales have been sluggish and the sector has been facing headwinds. So, firms are in wait-and-watch mode. While 26 companies rolled out Initial Public Offerings (IPOs) of shares in the last one year, real estate firms stayed away. Paranjape Schemes Constructions, which had got nod last year for its Rs 600-crore (Rs 6 billion) IPO, let its one-year approval period lapse. "Property sales have been sluggish and the sector has been facing headwinds. So, firms are in wait-and-watch mode," ...Rediff.com, 2 months ago
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