Ansal API, the company that owns New Delhi’s Ansal Plaza, is bullish on its plans to develop luxury malls in the country.
Confirming the news to Indiaretailing, Kunal Banerji, president, marketing, Ansal API, said, “The time is right for luxury malls in India. With the burgeoning economy and global luxury retailers keen to enter India, it is quite clear that such niche malls have a strong market in India.”
The company has already announced a project in Greater Noida and eventually plans to develop malls in Mumbai and Delhi.
Asked if the company will introduce luxury brands in the country, Banerji said: “We have plans to introduce new luxury apparel brands in the country. Besides, there will be niche brands across categories including home décor and kitchen appliances.”
Banerji did not reveal names of the brands, saying that the talks are at nascent stage.
The construction of the mall in Greater Noida is likely to be completed within two years. Later, the company will look at Mumbai and Delhi projects.
– Satrajit Sen
