DB Realty to build Rs 700 cr worth Family Retail Mall

{image-DB Realty_31082008.jpg news.oneindia.in}Mumbai, Aug 31: DB Realty will be investing Rs 700 crore (USD 175 million) to build a new 2.5 million sq ft Family Retail Mall (FLR) -- 'Orchid Ozone,' the biggest in the city at Dahisar.

DB Realty Director Nabil Patel said on Sunday, Aug 31 the existing malls, operating in 50,000-1,00,000 sq ft of space in India will soon make way for FLRs with 10-20 times the floorspace, that will include multiplexes, theme fountains, skating rinks and hotels within the complex. ''FLRs are the type of malls you'd find in the West - providing entertainment and experience for the whole family. The smaller crop of malls are slowly being converted into offices,'' he said.

He said that the Indian middle class is more than ready for FLRs and the present economic senario is but a passing phase. ''We expect to recoup our investment within two years of launch,'' he added.

Designed by Hafeez Contractor, the mammoth mall will boast of 2,500 car park, a 14 screen multiplex, a 152 room five-star hotel and offer hyper market to high-end luxury goods. To attract families and children, the mall will have a 50,000 sq ft of play zone, including an ice skating rink, Mr Patel revealed.

''Safety is an issue we will seriously look into. The mall will have a dispensary, fire escape, ambulance and earthquake resistant building,'' assured Mr Patel. The Orchid Ozone will also be environmentally friendly using recyclable materials from construction stage and will supply its own electricity, he added.

UNI