New malls will cover over49 mn sq. ft. area. MMR tops out with 18 new malls spanning 7.8 mn sq. ft. NCR comes next with 13 spread over 7.5 mn sq. ft.
By Varun Singh
Malls are making a come back. Yes, there are close to 100 new malls that will be added to the country by 2022-end.
These will be spread over an area of 49 mn sq ft. Of which tier 1 cities will comprise of major portion. Mumbai Metropolitan Region (MMR) leads with 18, followed by NCR where 13 malls will come up
A research by Anarock revealed that of the total new mall supply, the top 7 cities alone will see 69 new malls spread over 35.5 mn sq. ft. area. The remaining 31 spread over 13.5 mn sq. ft. will come up in Tier 2 & 3 cities such as Ahmedabad, Lucknow, Indore, Surat and Nagpur, among others.
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 spread over nearly 17 mn sq. ft. The North region will see a supply of 22, spanning over 11 mn sq. ft. area. East India will see a much more modest supply of 7 spread over approx. 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,” says Anuj Kejriwal, MD & CEO – ANAROCK Retail.
Tier 1 City Mall Supply:
- MMR tops out with 18 new malls spanning 7.8 mn sq. ft.
- NCR comes next with 13 spread over 7.5 mn sq. ft.
- Hyderabad will see the launch of 12 spread over more than 4 mn sq. ft.
- Bangalore and Chennai will see an infusion of 10 and 9 malls respectively, together accounting for 10.8 mn sq. ft.
- Pune and Kolkata will see 4 and 3 new malls added respectively.
Among the tier 2 & 3 cities, Ahmedabad stands out with as many as 6 new malls slated to come up in the city by 2022-end. Which will be spread over 3.2 mn sq. ft. Both domestic and international brands are gung-ho on Ahmedabad; besides scoring high on consumerism, the city has a growing young population of entrepreneurs, IT professionals and factory employees
Lucknow presents a similar picture and has plans for 4. The western cities of Surat and Nagpur will see new supply of 2 each spread over 0.7 mn sq. ft. and 0.85 mn sq. ft. area.
