CHENNAI:

The Mall Culture and

the Real Estate Market

If you think that Mall culture is new to Chennai, then you are 100% wrong. The city

may perhaps be one of the oldest to have brought in the mall culture with Spencer

Plaza in Mount Road. But the world never stopped experimenting and contemporary

malls do not just represent convenience and comfort but also affluence and luxury.

Chennai by itself has seen a deluge of malls in the last 5 years and their development

has been massive. The growth of malls is indicative of the kind of development a city

is witnessing or expected to go through.

Spencer Plaza(then Spencer) was

started as the south Asia's first

departmental store in 1863 by Charles

Durant and J. W. Spencer. After few

years the store was shifted to a new

building which is example of Indo-

Sarconic architecture. This

departmental store continued to be the one of the biggest mall for more than 100 years

when in 1985 a fire accident destroyed the entire building. The present building was

constructed in early 1990's by the Mangal Tirth Estate limited. The third phase of the

building is built resembling the old destroyed building with huge pillars. The mall is built

on the floor space of 1,000,000 sq ft which is the most expensive Real Estate property in

Chennai. The glamour of this Spencer Plaza would never go down amidst new sprouting

modern shopping malls.

Today, Chennai is inundated by malls of all kinds in every prominent part of the city.

As the population moves to peripheral regions, the need for development of malls in

those regions also increases tremendously. Regions like Medavakkam and

Perumbakkam have become Real Estate investor’s paradise. Real Estate market in the

suburban regions are on a high as they are close to a number of malls under

construction, serving as recreation destinations, thereby influencing the modern

lifestyle of the urban population.

Flats and Malls

As mall culture occupies a significant position in the lives of city people, both the CBD

and suburban markets have fair share of malls and retail spaces where people can

shop, buy, eat and enjoy. Today, the flats for sale in Chennai suburbs have even

accelerated in their momentum mainly because being enhanced by the construction of

shopping malls in and around the region. Malls like The Laurel Mall and Gold Souk

Grande Mall in GST Road, MARG Junction and Coramandel Plaza Mall in OMR are

some of the retail spaces that are located in and near Perumbakkam.

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MARG JUNCTION SHOPPING MALL

Entry of Major Multinational Retail Players

Scenario in 2012

Although Chennai is seeing an inflow of several modern and beautifully architected

malls, a number of multinational retailers are making their way into the city, and

these developments are proposed in the second half of 2014. The investment scenario

in 2013 may not have been so conducive to the entry of these major players but 2014

demonstrates to be a more open stage for them to make their advent. A fresh supply of

retail space can be seen in different pockets of Chennai that includes suburbs such as

Medavakkam, Sholinganallur, Perumbakkam...etc. In a day and age where

weekends are dominated by visits to a mall, the retail spaces are caching in on the

presence of residential communities in and around their premises. Hence, most malls

are located in residential localities that show great potential of development.

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