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Saturday, January 21, 2012
Zuari Shopping Mall @ KRS Road
Friday, January 20, 2012
Is commercial space in Mysore costlier than in Bangalore?
Are commercial spaces in Bangalore cheaper when
compared to Mysore? If one analyses the rents being commanded by
commercial spaces in TTMCs of Bangalore Metropolitan Transport
Corporation (BMTC) in Bangalore and Karnataka State Road Transport
Corporation (KSRTC) in Mysore, it appears so.
While
the maximum rent for commercial space at the most happening place in
Bangalore (Jayanagar 4 Block TTMC) is a meagre Rs. 25 per sq ft,
commercial space at the KSRTC suburban bus terminal in Mysore has been
leased out at Rs. 38 per sq ft.
The corporation
created this commercial space under JNNURM funding and constructed a
three-storeyed structure with parking facility at the basement.
Attractive
Ramesh
Babu, a realtor in Mysore, said that the rates KSRTC received has been
the most attractive in terms of bulk leasing of commercial spaces even
though small commercial spaces in central Mysore recently started to
command rents ranging from Rs. 60 to Rs. 100 per sq ft.
A senior KSRTC official with the project told
that about one lakh sq ft commercial space at the TTMC has been leased
out to an asset management company. The corporation gets Rs. 4.56 crore
lease rental per year from this lease.
Design modification
The
asset management company has been given some portions in the ground
floor, the entire first and second floors of the TTMC. The company, in
turn, has sub-leased them to a prominent retail chain, the official
said.
To attract more contenders, the KSRTC
introduced suitable changes in the design so as to suit a retail space,
the official said. Provisions for escalators have been made in the TTMC
structure thereby enhancing its lease potential.
Independent
of this mega lease, KSRTC has given eight shops on the ground floor on
small leases at rents ranging from Rs. 300 to Rs. 400 per sq ft.
These
shops face the main road and attract more customers. While the cost of
construction is about Rs. 28 crore, the corporation is hopeful of
achieving the break-even in about six years.
Meanwhile,
another four TTMCs under construction in Mysore have been designed to
accommodate retail chains so that KSRTC does not lose money.
The TTMCs are coming up at Satagalli, Ilavala, R.S. Naidu Nagar and Chamundi Hills.
Mysore's changing profile in retail space
The FDI in retail may have been put on hold for now, but
that has now slowed down the retail space activity in a Tier II city
like Mysore which for long has been promoted as preferred choice for
investors after Bangalore.
While emergence of
multi-brand retail showrooms may have been slow in city giving an
impression of lack of potential, the fact remains that the market
penetration was low and latent potential for such retail has not been
tapped and the investors have begun to perceive an opportunity in the
present scenario.
Commercially vibrant
Over
the years, Mysore has undergone a shift in its personality and has been
rated high for its potential to emerge as a commercially vibrant city.
The
slow but steady influx of a few large industries has contributed to it
while improved connectivity to Bangalore and change in people's
aspirations too have helped.
The city has seen the
opening of two multi-brand malls in recent months and three more are in
the offing. This is apart from the chain of mini-retail brands dealing
with day-to-day consumables including grocery that have proliferated in
the residential areas.
Not withstanding the slow down
in investment coming to Mysore in the last two or three years, the
investors in retail space are taking a long term view of the city and
this is evident in the emergence of chain stores like Aditya Birla
group's More, Reliance Digital and Reliance Fresh, Westside of the Tata
group, Loyal World, Big Bazaar etc to name a few. The Easy Day Market of
Bharati Retail at B.M.Habitat Mall, Jayalakshmipuram, is over 36,000
sq.ft while the complex housing it is fast gearing up for adding more
premium brand stores.The four multiplex screens are already functioning.
Likewise, the Mall of Mysore at the Raddison Hotel complex on the
M.G.Road near the Race Course is another. Promoted by the Delhi-based DM
South India Hospitality Group, the five-star hotel and the mall have a
built area of nearly 1.50 lakh sq.ft and 2.4 lakh sq.ft respectively.
Reckoned to be biggest mall as of now in Mysore, it has been designed by Mumbai-based P.G.Patki Architects.
Manchester United cafes to open outlet in Mysore?
The craze for the game is growing in India and marketers whet appetites in a variety of ways.
There's just one thing in the world which leads Gautham Srinivas, a prim and proper corporate lawyer, to “misbehave within the realms of acceptability”: Manchester United.
FOOD FUELS INTEREST
Thematic cafés and restaurants are also springing up across the country.
Says Avinandan Banerjee, Operating Partner of Sports Connoisseurs, a franchise partner for Manchester United's diner-cum-bar in Bangalore: “The thematic restaurant, replete with a dug-out area, sky box and a players' tunnel, was set up by Man U to offer a direct touch-point for consumers to relate to the club.”
The 12,000 sq. ft. restaurant in Bangalore is the world's largest Manchester United restaurant. Apart from serving finger food, pasta, pizza and drinks, the restaurant also dishes out various memorabilia and merchandise.
“We usually have 200-300 visitors each day. On Man U match days, it goes up to 400-500,” says Banerjee. New Year's Eve saw the place brim with over 750 people.
Manchester United is considered the most popular premier league club in the world. In India alone, it has an estimated fan base of 20 million. Interestingly, the club's fan base does not have a male skew, says Banerjee, who has hired a woman to head the restaurant's marketing. “Her passion for the game and the club was phenomenal. We just had to hire her.”
Manchester United cafes are also present in Mumbai, Delhi and Goa in association with the Mumbai-based Mirah group. The football club is eyeing Kolkata, Mysore, Manipal, Chennai, Chandigarh and Kochi.
The Liverpool club is also planning to set up cafés and lounges across the country.
There's just one thing in the world which leads Gautham Srinivas, a prim and proper corporate lawyer, to “misbehave within the realms of acceptability”: Manchester United.
FOOD FUELS INTEREST
Thematic cafés and restaurants are also springing up across the country.
Says Avinandan Banerjee, Operating Partner of Sports Connoisseurs, a franchise partner for Manchester United's diner-cum-bar in Bangalore: “The thematic restaurant, replete with a dug-out area, sky box and a players' tunnel, was set up by Man U to offer a direct touch-point for consumers to relate to the club.”
The 12,000 sq. ft. restaurant in Bangalore is the world's largest Manchester United restaurant. Apart from serving finger food, pasta, pizza and drinks, the restaurant also dishes out various memorabilia and merchandise.
“We usually have 200-300 visitors each day. On Man U match days, it goes up to 400-500,” says Banerjee. New Year's Eve saw the place brim with over 750 people.
Manchester United is considered the most popular premier league club in the world. In India alone, it has an estimated fan base of 20 million. Interestingly, the club's fan base does not have a male skew, says Banerjee, who has hired a woman to head the restaurant's marketing. “Her passion for the game and the club was phenomenal. We just had to hire her.”
Manchester United cafes are also present in Mumbai, Delhi and Goa in association with the Mumbai-based Mirah group. The football club is eyeing Kolkata, Mysore, Manipal, Chennai, Chandigarh and Kochi.
The Liverpool club is also planning to set up cafés and lounges across the country.
Saturday, January 14, 2012
Thursday, January 12, 2012
Saturday, January 7, 2012
Expansion of Garuda Mall - Phase II
The heritage Onduvare Aane Galli, linking Sayyaji Rao Road to Olympia
Theatre, which housed petty shops and street hawkers selling garments,
plastic goods and other paraphernalia, is now history.
The MCC authorities today demolished petty shops on the old lane along Makkaji Chowk, adjacent to K.R. Circle, to facilitate construction of the massive Garuda Mall undertaken by Bangalore-based Maverick Holdings & Investments Pvt. Ltd.
The demolition process that commenced at 7 am, razed about 20 shops.
As per a contract signed with Maverick Co., MCC is to give a total of 4.19 acres of land for the mall, which is under construction. Out of this, the MCC is yet to give 1.5 acres. A decision to give the remaining land to Maverick was taken up at the last Council meeting of MCC during which it was decided to clear the encroached area around the Makkaji Chowk.
MCC Zone 6 AC Thimmappa told SOM that the lane had 117 shops which will be evicted in three phases.
Way back in 1963, this land was acquired for the construction of a commercial complex following which notices were served to the shop owners after they were assured of compensation. Later in 2007, final notices for eviction were served to traders as the last part of land acquisition process.
In this backdrop, about 80 traders evicted from the acquired land were rehabilitated in shopping complexes newly constructed by the MCC.
Today’s demolition operation was carried out under the supervision of MCC Zone-6 Assistant Commissioner E. Thimmappa in which two excavators, few trucks and 60 gang men were employed. Devaraja Police Inspector Shanthamallappa and staff provided tight security.
11/2 Aane Galli
This lane came into existence along with the Sayyaji Rao Road in 1820 during which the sale, purchase and barter of used articles was facilitated on the lane. Weekly shandies also used to be held on this lane before the construction of Devaraja Market.
The MCC authorities today demolished petty shops on the old lane along Makkaji Chowk, adjacent to K.R. Circle, to facilitate construction of the massive Garuda Mall undertaken by Bangalore-based Maverick Holdings & Investments Pvt. Ltd.
The demolition process that commenced at 7 am, razed about 20 shops.
As per a contract signed with Maverick Co., MCC is to give a total of 4.19 acres of land for the mall, which is under construction. Out of this, the MCC is yet to give 1.5 acres. A decision to give the remaining land to Maverick was taken up at the last Council meeting of MCC during which it was decided to clear the encroached area around the Makkaji Chowk.
MCC Zone 6 AC Thimmappa told SOM that the lane had 117 shops which will be evicted in three phases.
Way back in 1963, this land was acquired for the construction of a commercial complex following which notices were served to the shop owners after they were assured of compensation. Later in 2007, final notices for eviction were served to traders as the last part of land acquisition process.
In this backdrop, about 80 traders evicted from the acquired land were rehabilitated in shopping complexes newly constructed by the MCC.
Today’s demolition operation was carried out under the supervision of MCC Zone-6 Assistant Commissioner E. Thimmappa in which two excavators, few trucks and 60 gang men were employed. Devaraja Police Inspector Shanthamallappa and staff provided tight security.
11/2 Aane Galli
This lane came into existence along with the Sayyaji Rao Road in 1820 during which the sale, purchase and barter of used articles was facilitated on the lane. Weekly shandies also used to be held on this lane before the construction of Devaraja Market.
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