Mall space availability to rise to over 95 mn sq ft in 2015
Dec 27, 2013
Source : The Economic Times

 

MUMBAI: Total mall space availability across seven top cities is expected to increase by almost 26 per cent to 95.7 million square feet by 2015, a recent survey said.

The stock in Bangalore, Chennai, Delhi, Kolkata, Hyderabad, Mumbai and Pune is expected to increase from 76 million sqft in 2013 to 95.7 million sqft in 2015, said a survey by property consultant Jones Lang LaSalle.

Delhi NCR and Mumbai lead in terms of concentration of shopping malls, it said. "As of now, Delhi and Mumbai together account for 62 per cent of the pan India mall stock. They are followed by Bangalore and Chennai, which together constitute around 20 per cent of the stock," the survey said.

Nearly 24.9 million sq ft of shopping mall space is expected to be added in the next two years.

"There is an increasing trend among upcoming malls to adopt a structured approach in planning, execution and launch. The importance of formulating an optimal tenant mix to ensure the maximum utilisation of retail space is now recognised and accepted by almost all major mall developers," JLL Managing Director (retail services) Pankaj Renjhen said.

"In the coming years, average size of malls is likely to increase as developers are focusing on project sizes that allow for a critical mass in terms of offering various formats and categories under one roof," Renjhen said.

According to the report, next year the average size is estimated to be around 3,80,000 square feet, which is expected to increase to 4,70,000 square feet in 2015 and further to 6,60,000 square feet in 2017.

 

 

Latest Realty News

Branded homes gaining popularity in India
Dec 27, 2013
DELHI: In today’s scenario, buyers’ high aspirations, increased living standard of people, high esteem needs and pre-requisite of better living conditions has pushed developers a step forward to developing a space in the super-luxury segment known Branded Residences.
Downside of ‘wait & watch’ syndrome for home buyers
Dec 27, 2013
DELHI: Buyer paralysis – or, as it is popularly known these days, the ‘wait-and-watch’ syndrome – is one of the main reasons today why aspiring home owners do not make their move. There are various reasons why people prefer to sit on the fence rather than in their dream home. Probably the most significant one is the negative market messaging via various information channels.
Tata Housing buys 20 acres land in Bangalore for luxury housing
Dec 27, 2013
DELHI: Tata Group realty firm Tata Housing has bought 20 acres of land in Bangalore from Alstom T&D India for Rs 120 crore to develop a luxury housing project at the site.
Shopping malls set to grow, not only in numbers but also in size
Dec 27, 2013
DELHI: Malls in India are getting bigger as developers are focusing on projects that can accommodate more shoppers and offer various facilities under one roof. The average size of malls is likely to increase to 470,000 sq ft in 2015 from around 380,000 sq ft now, according to a study by property advisory firm Jones Lang LaSalle (JLL).
Commercial market a preferred investment choice in Delhi/NCR
Dec 26, 2013
DELHI: Developers and investors are now turning their focus upon commercial property, as these have greater potential for capital appreciation compared to residential property.
Building infrastructure at NH-24
Dec 25, 2013
DELHI: With infrastructure upgrades such as widening of NH-24 and the upcoming metro, the linkages between Delhi, Ghaziabad and Noida are expected to improve leading to real estate growth in these areas.
'Builder' held for duping people of crores
Dec 23, 2013
DELHI: Passing himself as a builder and a financial advisor, a 60-year-old man, who used his persuasive skills to cheat hundreds of people to the tune of Rs 200 crore, has been arrested here, police said on Sunday.
Affordable housing in India is the need of the hour
Dec 23, 2013
DELHI: The government has set an ambitious agenda to boost affordable housing in the country, including the metro cities and larger towns. But even several years after making its policy intention clear, the segment has lagged behind its potential. The supply of affordable homes has not been able to keep pace with the demand.
2014 to bring in hope for real estate sector
Dec 23, 2013
DELHI: As the year 2013 becomes part of our collective memory, a quick rap up leaves us enriched with the experience of the passing year. It was both exciting and disappointing year for the Indian real estate sector. While the introduction of the Real Estate Regulatory Bill in Lok Sabha and consent to the Land Acquisition Bill in the parliament will reap benefits in the future, slowing economy left the real estate fraternity disappointing from the point of view of expectations. The RBI’s bold de
Office space leasing up marginally in NCR despite slowdown
Dec 22, 2013
DELHI: Office space absorption in NCR, the largest office market in the country, is slightly higher at 4.9 million sq ft during January-September period of this year despite economic slowdown in India as well as globally, according to property consultant Knight Frank.

Latest Realty News Of State

Realty Talk's