new delhi the countrys largest realty player dlf ltd will invest up to rs 3000 crore over the next five years to develop shopping malls across india as it looks to cash in on opportunities following the further opening up of fdi in retail sectorthe company will develop 35 million square feet to 4 million square feet of retail space as it expects heightened activity with the government yesterday approving 51 per cent foreign direct investment in multibrand retail and 100 per cent in single brandi welcome the opening of the retail sector in the next three to five years the sector will grow and consumers will benefit the supply chain issue will also be addressed by the industry adequately from our side we will invest rs 2000 crore to rs 3000 crore in the next five years dlf vice chairman rajiv singh told pti on the sidelines of cdreai summit herehe said most of the new retail malls will come up in cities including the capital ncr jalandhar lucknow kolkatta chennai kochi and indoreasked about the funding of the investments he said it would be through internal accrualscommenting on the companys plans to tap the retail sector singh said we are already present in malls business and have many international brands after yesterdays decision on fdi we will step up our mall activity through our sister firm dlf brands and hope to get better tenants in futurewhile dlf brands manages malls another division of dlf ltd constructs the malls the company currently has about 10 operational malls across indiaon the overall investments in core real estate he said usually we invest rs 1200 crore to rs 1500 crore every year in purchasing new land and rental activities our capex for 201213 will also be in this rangesingh said the company does not foresee real estate prices coming downwhen asked about the companys plans to sell its hospitality venture aman resorts singh said we are likely to close the deal by next quarter we have got bids from many players and all of them are international firmshe did not comment on the valuation of the deal that would include 29 properties of the hospitality chain that dlf ltd had acquired in in 2007 for 400 millionsources in the know of the development however said the company is expecting about rs 2000 crore to rs 2500 crore from the dealit is also understood that dlf will retain the delhi property of the aman resorts