Jamshedpur, July 30 : The steel city will join the list of metro cities boasting of a centrally air-conditioned mall that is being built at an estimated cost of over Rs 200 crore in a built-up area of over 5.5 lakh sq feet. The multi-crore, eight-storey mall upcoming up on Outer Circle Road in Bistupur.
Named P&M Hi-Tech City Center Mall, it is expected to become operational by September this year. The mall is a joint venture of eminent filmmaker PrakashJha and local industrialists R. K Agarwal.
An official informed that the mall will be equipped with all the modern facilities and amenities. Multiplex chain Cinepolis will be opening its unit in the city. It will state-of-the art facilities with 6-screen multiplex showing daily 30 shows and accommodating 1200 seats with large and spacious ticketing counter. The mall will have showrooms of Big Bazaar and Pantaloons along with several other international brands.
In another first in the city, the mall would have 15 numbers of high speed elevators and 12 state of the escalators with complete standby power arrangements.
The real estate market in the city has been doing exceptionally well for the past 10 months but in past years while residential and retail prices have shot up, commercial prices in all major places have been keeping pace with inflation.
The demand for property has been rising in cities like Jamshedpur and Adityapur as people hunt for calm surroundings. These two areas are now witnessing fast paced growth in terms of real estate developments across all the sectors-residential, commercial and retail.
The construction work is on at a fast pace. The mall management had in 2012 applied for licence to the district administration. The then additional deputy magistrate cum senior cinema magistrate Ajit Shankar had received the report of the Jamshedpur Notified Area Committee, road construction department and the health department in this regard.
If shopping is not your cup of tea, you can also indulge in a host of leisure and entertainment activities, that include, entertainment zone, video game parlours and various innovative retailing options. The mega mall has been conceptualised by an interior construction firm credited with designing some of the finest hotels and resorts across the globe.
�The major factors fuelling this change are the increase in disposable income of the people, improving lifestyles, increasing international exposure and increasing awareness among the customers. India has a large middle class as well as youth population, which has contributed greatly to the retail phenomenon. The youth are perceived as trend setters and decision makers,� said RohitAgrawal, a real estate expert.
He added that foreseeing a boom in the retail sector, more and more retail chains and national international brands are eyeing the markets of city. With the onset of festive season, various brands are looking forward to cash on the boom.