Lonavala's 1st boutique mall eyes Rs 60-lakh as lease rent

MUMBAI: Dhanlaxmi Builders and Developers, which has constructed hill-station Lonavala's first boutique mall over 1.5-lakh square feet, is expecting Rs 50-60 lakh per month as lease rent within the first year of its operations.

The Rs 80-crore project is expected to be operational by the first quarter of FY 12, Dhanlaxmi Builders' Managing Partner, Sunil Sangoi, told reporters here.

The mall--Lonavala Square--would cater to week-end visitors from Mumbai and Pune, along with the local population and tourists, he said.

The company has tied-up with mall management solutions provider, Beyond Squarefeet, for mall marketing, promotions and development.

The mall land would be leased out for three-years to retailers. "Even before we could formally announce the project, we had got requests from many companies for buying space in the mall," Beyond Squarefeet's Chief Mall Mechanic, Susil Dungarwal, said.

Companies like Big Cinema, Archies, McDonalds and a few others have already signed agreements. "We are also in talks with some food operators for opening their outlets as well- we have invited Pizza Hut for opening its outlet here," Dungarwal said.

"We expect to earn Rs 50-60 lakh per month from lease rent and Rs 35-45-lakh from non-leased activities in the first year of operations of the mall," Dungarwal said.

The two-storeyed Lonavala Square would also have a three-screen multiplex, a 20,000-square feet family entertainment centre with high-tech rides, a bowling alley, redemption games and a multi-cuisine food court spread over 21,000 square feet with over 13 kitchens and 4 fine-dine restaurants.