Despite low consumer spending in recent times, mall developers remain bullish on the growth potential of organised retail as 100 new malls spanning over 49 mn sq.ft. are scheduled to come up across the country by 2022-end, property consultant Anarock said.
Of the total new mall supply, the top seven cities alone will see 69 new malls spread over 35.5 mn sq.ft. area. The remaining 31 malls over 13.5 mn sq.ft. will come up in tier 2 & 3 cities such as Ahmedabad, Lucknow, Indore, Surat and Nagpur, it said.
Region-wise, west and south Indian cities will see almost equal new supply. West India will get 36 new malls over 17.5 mn sq. ft. area, followed closely by South India with 35 new malls over 17 mn sq. ft. The north region will see a supply of 22 new malls spanning over 11 mn sq. ft. area.
East India will see a much more modest supply of seven new malls spread over approximately 3.5 mn sq. ft.
“2019 was defined by significantly lower retail leasing, so this generous new upcoming mall supply over the next three years testifies to the confidence of private equity investors in Indian retail’s pent-up potential,” MD & CEO of Anarock Retail, Anuj Kejriwal said.