new delhi global investment firm xander group will pump in 600 million about rs 3300 crore to develop and operate about 12 luxury shopping malls across india by 2017 virtuous retail the groups retail venture is at present constructing eight such centres at various places and will develop another 24 malls in the coming years the scope and potential of organised retail in india is huge we have committed 600 million for a panindia retail presence we think the amount will be invested by 2017 virtuous retail marketing director anupam yog told pti virtuous retail which is sponsored by the xander group was set up in 2007 and is gearing up to open its first project at surat in gujarat by the end of this year he added surat is our flagship project where we are investing around 50 million the total size of the shopping complex will be 600000 sq ft yog said the company has also adopted the surat boat race to promote it in the global platform besides starting a threeday storytelling event kahani festival from the surat project vr surat we are expecting a rental revenue of rs 3040 crore annually yog said the company will hire 300 people for operating the complex besides indirectly creating about 3000 jobs talking about the other projects yog said at present eight projects are under various stages of constructions in places like pune mumbai bangalore kolkata and chennai the sizes of the malls will vary between 05 million sq ft and 15 million sq ft the company will launch 24 new sopping centres targeting cities like delhi ahmedabad hyderabad and chandigarh he added our concept is to provide a lifestyle we plan to bring in various global brands into india and give consumers a premium retail experience yog said when asked about its model of operations he said the company will own develop and operate the properties in some cases we are developing the complexes under joint venture agreement with the property owner the model will vary in different places but we will never sell off the developed spaces yog said some of the underdeveloped malls in bangalore mumbai and pune are mixeduse spaces he added xander group has so far invested about 1 billion in india since 2005 in various sectors including infrastructure hospitality and entertainment