Bharti Realty to build NCR’s biggest mall at Aerocity

New Delhi: Bharti Realty, a part of the Sunil Mittal Bharti Group, is planning to construct one of the biggest retail malls of NCR at Aerocity near IGI. The mall is expected to have a leasable area of 2.5 million square feet.
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. However, a launch date is yet to be announced.
S K Sayal, CEO of Bharti Realty, said the company had already taken 23 acres on lease from the Delhi International Airport Private Limited. He said the mall was likely to be completed by 2022. While the company refused to reveal the investment required to complete the project, sources in the industry said it would be around Rs 2,500 crore.
According to a source in DIAL, the land has been leased on a hybrid rental mode 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 for 30 years, which could be renewed for another 30 years.