JP Iscon to launch second mall in Ahmedabad

AHMEDABAD: One of the oldest mall operators in the Gujarat property market, JP Iscon Ltd, plans to build a 10 lakh square feet mall in Ahmedabad. This will be the second mall to be built by the real-estate developer in the western part of the city.

"We are looking to bring in at least 150 different brands for our new mall," says Amit Gupta, executive director of the company which is expected to start work on the new mall in the next one year. "For any mall to be successful, we need at least an occupancy of 80%. If this level is not achieved, the existing brands tend to wither away," Mr Gupta added.

JP Iscon currently operates malls in Rajkot, Surat and Ahmedabad, including the Iscon Mega Mall which at 4.5 lakh square feet of retail space is one of the biggest malls in the state. Premium brands like Tommy Hilfiger, US Polo, Guess and Esprit currently occupy some of the mall space in Ahmedabad.

"We currently have an occupancy level of 95% for our Iscon Mall," says Jateen Gupta, MD of the company. Earlier, the group had shelved its plan to open a mall in Bopal area of the city and converted it into a hi-end luxury housing project. The new mall is expected to take shape in Gota locality which is a few kilometres away on the same stretch of SG Highway.

"Iscon Mega Mall records an average foot-fall of around 60,000 on weekends and about 20,000 during weekdays. We have a conversion rate of 7-8% which is considered good," Mr Gupta added.