Rcube Projects opens Rs 120 crore shopping mall at Noida

Realty firm Rcube Projects Pvt Ltd expects Rs 25-30 crore rental income annually from its new shopping mall in Noida, Delhi-NCR.

The company -- which is into the development of commercial projects comprising retail and office spaces -- has opened 'Rcube Monad Mall' at Sector 43, Noida, Uttar Pradesh.

On the new mall, Anuj Malhan, founder at Rcube Projects, said the shopping mall is spread over 2 acres with a total leasable area of 2.5 lakh square feet along with 300 car parking.

"We have taken this project from IRCON for a lease period of 27 years," he added.

Rcube Projects has invested Rs 120 crore to develop this mall.

"We have already given on lease 90 per cent of space and more than 50 per cent has become operational," Malhan said.

The mall also has a multiplex MovieMax Edition with a total seating capacity of 200 people.

On rental income, Malhan said, "We are expecting an annual rent of Rs 25-30 crore from this shopping mall".

Lifestyle has taken on lease 45,000 sq ft retail space in this mall, he noted.

On the company's other properties, Malhan said the company has a 1.5 lakh square feet shopping mall at Rajouri Garden in Delhi. The annual rental income from this mall is around Rs 18 crore.

Besides, Rcube Projects has a 3 lakh sq ft commercial project, largely office space, at Shivaji Stadium Metro Station.

The company, which has been in the real estate business for the last 15 years, has developed commercial spaces across 23 metro stations. The company's total portfolio is 15 lakh square feet.

On the demand for retail spaces, Malhan said there is a huge requirement for Grade A spaces in Delhi-NCR, and the company is looking to expand its portfolio to cater to this.