The M2K Group is a leading business organisation with significant presence across diverse industries like Real Estate, Multiplexes, Biotechnology, Infrastructure and Defence & Aviation. M2K has already enriched the landscape of the National Capital Region with some of the best multiplexes and most outstanding housing projects. With such an impressive portfolio of achievements, the brand is perfectly positioned to create new hallmarks of distinction.
IMAGES Retail spoke to Dr. Vishesh Rawat, VP – Sales & Marketing, M2K Group who talked about the current state of the retail real estate industry in India and the position of upcoming malls in the country…
What, in your opinion, is the current state of the real estate industry in India, focusing on the lockdown and unlock phase?
We have seen a surge in demand for ready-to-move-in residential apartments and plotted developments during the last 6 months and the sales transactions have exceeded the pre-COVID levels by a good margin. With the arrival of vaccines, the retail and commercial sector is also poised to grow significantly in 2021. Reducing numbers of COVID infections and growing confidence of shoppers will make the malls a hotspot again.
How has this current state impacted the progress of upcoming malls in India?
M2K Cinemas were impacted as the customer turnout was low. This can be majorly attributed to lack of new content. However, we are expecting that customers will be back with the new content slated to release in the near future and more conducive environment.
We shall be launching 2 new Shop Cum Office (SCO) projects in next quarter, one in sector 102, Dwarka Expressway and the other in Sector 5, Dharuhera. This phase is temporary, and malls are set to come back strongly in FY 2021-22.
What changes/learnings have you taken from the pandemic from an upcoming mall’s perspective?
More open areas and better ventilation will be an integral part of the mall design in the coming times. From the operations perspective, next level of cleaning and personal hygiene will also become a part of the routine.
How are you dealing with construction, leasing, revenue, and manpower wrt the current crisis situation?
Barring April and May 2020 construction activities are going on as per plan in all the ongoing projects. New leasing got impacted during the pandemic as the focus of retailers was on conservation and consolidation rather than expansion. I believe 2021 will be a far better year for new leasing. There might be pent up demand for quality space and new leases will also see an upward movement.
Manpower is the most important asset for us. Staff salaries are already restored to 100 percent and prospects seem good for the coming year. Fresh hiring is on the cards due to upcoming new projects.
How do you plan to prepare yourself from a similar situation in the coming times?
Building agility and resilience is the key to face uncertainty in difficult times. We must strive to be fit for growth by aligning costs with priorities and strategy, investing in differentiated capabilities, and using traditional and digital levers to execute. Rather than setting on a single fixed course, we must continually engage in scenario planning, constructing and evaluating an array of options that offer a broader view of the landscape and possibilities for success. We will be focusing more on community activities, experiences, entertainment and food.
What are the brands that have confirmed their availability so far in your mall? How many have been added recently after the unlock phase?
A few brands in the supermarket category and F&B have confirmed leasing spaces in our malls post lockdown.