Fresh supply of mall space up 39% in 2013; no addition in NCR
Dec 18, 2013
Source : The Economic Times

 

DELHI: Fresh supply of retail space in shopping malls increased by 39 per cent in 2013 to 4.59 million sq ft in eight top cities despite delay in completion of 18 malls, said a global property consultant.

National Capital Region (NCR), Bengaluru and Ahmedabad did not see any new addition of mall spaces for the entire year in 2013, Cushman and Wakefield said, adding that Chennai saw the highest supply of 2 million sq ft, followed by Mumbai (9 lakh sq ft), Pune (7 lakh sq ft) and Kolkata (5 lakh sq ft).

"Retail mall space has recorded an increase of 39 per cent in fresh mall space supply in 2013 over the last year despite deferment of 18 malls in the year," C&W said in a statement.

Out of 18 malls deferred, 10 are in the NCR. Most of these have been on account of funding issues which have led many developers to go slow on pace of construction.

An estimated 9.8 million sq ft of mall spaces have been deferred in 2013 for completion in later times. The maximum deferment was witnessed in NCR at 7.3 million sq ft.

Vacancy reduced by 2 per cent over last year on account of increased leasing activities in the freshly launched malls, most of which started with high percentage of occupancy.

"Retail markets have started to show signs of maturity with developers taking interest in creating value out of their projects for all stake holders," C&W Executive Managing Director South Asia Sanjay Dutt said.

"Developers are now consciously creating shopping malls that are more suited to the requirements of the retailers as well as consumers. As a result new malls have opened with high occupancy levels with exception of few," he added.

Many developers have deferred their mall projects to align them to their customer requirements to ensure the success of their projects, the consultant said.

"As in the case of hospitality, shopping centres also have a long gestation period therefore investors are interested only in those projects where the fundamentals are strong and can provide sustainable returns and profitability over a long period of time," Dutt said.

 

 

Latest Realty News

Cushman names Edward Forst as company's new President, CEO
Dec 18, 2013
DELHI: Global real estate consultant Cushman & Wakefield Inc today announced Edward C Forst as the new President and Chief Executive Officer of the company.
Selling your old flat to buy new property? Few things to know
Dec 17, 2013
DELHI: Sanjay Dhule is keen to sell the old flat he inherited from his parents and buy a new one in the same city. He has realised that not only is it difficult to get a buyer for the old flat, but the cost of the new one is also high. He will have to put in his own money as well, but is unsure about completing both the sale and purchase transactions seamlessly. He is also worrying about the costs and taxes that may be applicable to him. How should he manage this?
Housing prices in India fall 1.7% in April-June on poor demand
Dec 17, 2013
DELHI: Housing prices in India fell 1.7 per cent during the April-June quarter due to poor demand amid subdued economic conditions and there are no signs of recovery, real estate consultancy Knight Frank said.
Tata Housing partners 'Club 60' film for promoting projectt
Dec 17, 2013
DELHI: Tata Housing Development Company today said it has partnered with the film 'Club 60' for promoting its housing project for senior citizens in Bangalore.
Conversion of land use disallowed
Dec 16, 2013
DELHI: The Supreme Court last week dismissed appeal of Oswal Agro Mills Ltd against the judgment of the Bombay High Court which had quashed the sanction accorded by the Municipal Corporation of Greater Mumbai for construction of a residential cum commercial complex in its land in Chembur, in the heart of the metropolis. The high court had asked the municipal commissioner to consider the objections raised by the Police Department, Ministry of Petroleum, Ministry of Environment and Intelligence Bu
Sell IB Real Estate Ltd with a target of Rs 60: Sandeep Wagle
Dec 16, 2013
DELHI: In a chat with ET Now, Sandeep Wagle, Founder & MD, APTART Technical Advisory Services shares his views on IB Real Estate Ltd.
‘India should up its transparency quotient’
Dec 15, 2013
DELHI: Global investors in real estate are skipping India and moving to countries like Indonesia and China to make investments, as issues such as regulatory framework and returns are still a matter of concern here.
Tata Value Homes sells over 50 homes online during Great Online Shopping Festival
Dec 15, 2013
DELHI: Tata Value Homes, a subsidiary of Tata Housing Development, today said it sold over 50 flats registering sale of over Rs 25 crore during the four-day Great Online Shopping Festival (GOSF) organised by Google.
Government open to modify Real Estate Regulatory Bill if needed: Girija Vyas
Dec 14, 2013
DELHI: Speaking on the sidelines, she said: "We have said that doors are open for negotiations. At present, the Bill has been placed in front of Parliamentary standing committee."
Real estate sector needs encouragement: Vyas
Dec 14, 2013
DELHI: Housing and Urban Poverty Alleviation Minister Girija Vyas today said the real estate sector, which is grappling with problems like manpower shortage, should be encouraged to boost the economic growth of the country.

Latest Realty News Of State

Realty Talk's