In my previous blog post, I talked about malls popping out everywhere. Today, let's analyse its impact.
Like I mentioned earlier, the two kilometre stretch near my house which was once barren now has three malls popping up. But the point to be noted here is that with the increase in the number of malls, the land prices are also escalating. The main reasons for the price hike are -
The increased popularity of the location, mainly because of the mall.
Selection of land by people near a swarming area to ensure safety.
Merely staying near a mall has its own set of benefits to enjoy. This would reduce the expenditure to be spent on driving all the way to the mall and the only expenses would be in the form of movie tickets and other eats and commodities bought in the mall. This in turn would also provide exercise to the body with the residents walking down the street for a change.
These can be considered as some of the more important reasons to buy land near a mall. A mall does bring profits to all its stores. However, it does a favour to all the property dealers as well. The nearby land or the properties become hot cakes on sale. Hence, it is the most profitable for a property dealer.
On the other hand, the price hike of properties hits badly on those who would want to buy within a specified budget. Prospective buyers from the middle and the lower strata have to search for other alternatives.
Another point to be noted regarding malls is that the rate at which they are springing up is not equivalent to the sales from its stores. This poses us with the major question of whether justice is being done with so many malls being popped up. On second thoughts, it is better to be happy with a few nice ones around instead of having one on each street.
It has to be remembered that whatever new is introduced in the society should be able to amalgamate in to the society maintaining a balance with everything. All in all, focussing on the urban India itself, a desired outcome is a must which should enhance the growth of a particular industry.