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The Insurance Sector, which was recently privatised has been performing well. Private Insurance companies, which started operations in the beginning of this year are entering a fresh round of expansion across the country. For example, Dabur CGU recently took up 1,394 sm in Delhi, Royal Sundaram took up 743 sm in Bangalore while Tata AIG took office space totaling 1,393 sm at three more locations in Mumbai – Fort, Worli and Bandra.
The Insurance Sector, IT enabled services such as call centres and data centres are likely to maintain their healthy growth patterns. Medical Transcription is likely to be the other growth area in the coming years. The retail sector in Mumbai is set to take off in the next 18 months. The retail se Over 186,000 sm of organised retail space is expected to enter the Mumbai market in the next 2 years.ctor in Mumbai is set to take off in the next 18 months.
Retail rentals, which form a huge portion of the total costs of a retailer in Mumbai, have stabilized. Several major real estate developers in Mumbai are setting up retail developments. The Piramal Group, is coming up with a second Crossroads having an area of 7,430 sm at Nariman Point. The Land Mark Group’s mall is expected to begin operations by November 2001 in Bandra. The anchor tenant for this establishment is Shoppers’ Stop occupying 3,250 sm of space. This will be the retailer’s third outlet in Mumbai.
The Ajmera Group’s CitiMall with an area of 7,430 sm on Link Road is expected to start operations by the end of 2001. This mall will house a multiplex cinema hall run by Adlabs Films. Another mall taking shape on Link Road is the E-City mall, an E-City (Essel Group) venture.