Runwal Developers, a real estate firm located in Mumbai, has purchased full ownership of the R City Mall in Mumbai, making it one of the largest single acquisitions in the Indian retail market. The transaction entailed the purchase of a 50% share from their joint venture partner, the Government of Singapore Investment Corporation (GIC), with a return on investment of more than four times. Runwal Developers announced the news in a statement issued on Friday.
The collaboration between Runwal Developers and GIC began in 2006, when they joined together to build the R City Mall in Ghatkopar West. It was one of the first projects in the real estate sector to attract foreign direct investment (FDI) in India at the time. GIC initially invested 50% in the mall as a greenfield project, and the mall has seen substantial development in terms of footfalls and sales over the years, becoming an award-winning icon in Mumbai.
Runwal Developers hopes to extend its annuity portfolio and become the leading retail player in Mumbai by acquiring GIC’s shareholding. The organisation has stated its dedication to provide its consumers with value and a great experience. The R City Mall, which has been open for almost 13 years, has 1.2 million square feet of retail space and a 24,000-square-foot leisure plaza. It is home to approximately 300 Indian and international firms from the fashion, culinary, beverage, and entertainment industries.
The retail industry in India has seen a spike in mall development in recent years, owing to increased demand in urban areas. According to ANAROCK Consultants, about 25 million square feet of mall space will be built throughout the country’s top seven cities over the next four to five years. Existing malls are being rebuilt and remodelled to attract more customers, while new malls are being built. The country’s entire mall stock is currently about 51 million square feet, with Mumbai, the NCR, and Bengaluru accounting for 62 percent of the total.
In keeping with its environmental aspirations, R City Mall recently teamed with Tata Power to install eight electric vehicle (EV) chargers across the grounds, including super-fast 60 KW charging ports. This project reflects the mall’s dedication to environmental stewardship and offering services that meet worldwide standards.
The purchase of complete ownership of the R City Mall by Runwal Developers not only represents a significant milestone for the firm, but also the successful completion of the long-standing joint venture with GIC. As Runwal Developers seeks to extend its retail presence and improve client shopping experiences, the purchase establishes a strong precedent for future growth and development in the Indian retail market.