New Delhi: Realty firm DLF Ltd, the country's biggest real estate firm, on Friday said that it has received environmental approval for developing the Mall of India project.
The project is slated to be the country's largest mall at a total cost of up to Rs 2,000 crore.
"We have received environmental clearance for the Mall of India project in Gurgaon," PTI quoted a DLF spokesperson as saying.
The firm would develop four million square feet of retail space in the project. The company is also considering to expand the built-up space by an additional 1-2 million square feet.
The total project cost is Rs 1,500 crore, but if the company plans to expand the area the cost could go up to Rs 2,000 crore, the spokesperson added.
The Mall of India will come up at Gurgaon on a 32.87 acre piece of land. It is designed by Jerde Partnership Inc, an international firm of architects.
The under-construction Mall of India at Gurgaon has a total area of around 39 lakh square feet and a total land area of 32.87 acres.
DLF's retail space development plan has six main formats: stand-alone stores, shopping centres, prime downtown shopping districts, neighbourhood malls, destination malls and super-luxury malls.
The business model includes sale, ownership and leasing of properties, though there is a focus on retaining ownership and managing mall properties by the company.
DLF has secured land for the development of about 44 million square feet of retail space, of which 10 million square feet is under-construction.
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