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Somasroy Chakraborty

Could attract Rs 5,000-crore in investment

Kolkata May 4 It's boom time for the retail business in West Bengal.

The State is likely to have at least 20 malls over the next 18-20 months, according to Mr Gibson G. Vedamani, Chief Executive Officer, Retailers Association of India (RAI).

Malls are expected to cover nearly six million square feet of space in several cities.

"Retail growth in West Bengal looks to be progressive. Besides Kolkata, malls are also planned in cities like Siliguri, Durgapur, Howrah and Bardhaman," Mr Vedamani told Business Line.

According to industry experts, the proposed malls are likely to attract an investment of around Rs 5,000 crore. "On an average, a three-lakh square feet mall will require nearly Rs 250 crore investment, which will include the cost of property, construction cost and cost of providing basic services like elevator facilities," said Mr Susil Dungarwal, a Mumbai-based real estate and retail analyst.

Promising retail

On the retail scenario in West Bengal, Mr Dungarwal said, "It looks promising and in the next few years, a lot of (retail) activities are expected to happen in Kolkata."

Of the proposed 20 malls in the State, nearly 10 malls would be developed in Kolkata and in the New Town Rajarhat area. Currently, West Bengal has about eight operational malls, including five malls in Kolkata.

More Stories on : Retailing | West Bengal

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