Shopping mall space supply to more than double in 2014: Report
Jan 02, 2014
Source : The Economic Times


DELHI: Supply of retail space in shopping malls is expected to more than double in 2014 to 11.7 million square feet in the top seven cities of the country compared to last year, according to a report by property consultant JLL.

During 2013, these 7 cities - Bangalore, Chennai, Delhi-NCR, Kolkata, Hyderabad, Mumbai and Pune - logged an estimated supply of around 5.2 million square feet, taking the total shopping mall stock to 76 million square feet (sq ft).

According to Jones Lang LaSalle (JLL) India report on "Retail Real Estate', the total shopping mall stock is likely to reach 87.7 million sq ft by 2014, representing an addition of 11.7 million sq ft of new supply this year.

"In 2013, an estimated supply of around 5.2 million square feet was registered - a 22 per cent increase over last year's supply of shopping mall space.

"Chennai led with 1.95 million square feet of supply in 2013, followed by Mumbai and Pune. In 2014, Delhi-NCR is expected to hold the dominant position in terms of expected net addition of shopping malls," JLL India Managing Director - Retail Services Pankaj Renjhen said.

Among the seven cities, Delhi-NCR and Mumbai have been leading in terms having the highest concentration of shopping malls, accounting for 62 per cent of the total stock.

Renjhen said 2014 would witness increased supply of mall space as most of the retail projects were launched in 2009-10 and it takes 4-5 years to complete them.

That apart, Renjhen said that DLF's large shopping mall of about 2 million sq ft in Noida would be operational next year.

Highlighting an emerging trend in retail real estate, he said the average size of malls is likely to increase in the coming years, as developers are focusing on project sizes that allow for a critical mass in terms of offering various formats and categories under one roof.

"In 2014, the average size of malls is estimated to be around 3,80,000 sq ft, which is expected to increase to 4,70,000 sq ft in 2015 and further increase to 6,60,000 sq ft in 2017," he added.

Renjhen also mentioned about 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," he said.

Consultant said that retailers are showing the highest interest in upcoming retail projects that offer not only a good location, but have been optimised in terms of design and trade and tenant mix.



Latest Realty News

Delhi Development Authority to launch housing scheme
Jan 02, 2014
DELHI: Delhi Development Authority will be launching a new housing scheme under which people from all the segments of the society will get affordable flats through a draw this year.
Developers optimistic of revival in realty sector in 2014
Jan 01, 2014
DELHI: With high property prices and costlier borrowing hitting real estate, developers are hoping for a reversal of the slowdown in the new year and sales picking up post general elections.
Build a corpus soon after buying a house
Dec 31, 2013
MUMBAI: Raghavan and Radhika Ranjan recently purchased their own apartment, their first big-ticket investment. It was an achievement for them considering that they are in their early thirties. The process of finding the right property, completing the paper-work, furnishing took the Ranjans nearly 10 months.
Credit score V/s Credit report
Dec 31, 2013
DELHI:Credit scores and reports are still relatively new to the Indian psyche. To most people they are one and the same and are often used interchangeably in conversation. Though credit scores and credit reports are interrelated, they are not the same thing. Here is the difference between them and why it is important to know the differentiation
Time to invest in ‘metros’ for better realty returns
Dec 31, 2013
MUMBAI: Many investment experts believe that real estate investors could be in for a good time in the coming year. "It is a good time to invest in the real estate space. If you are getting a good entry price, you should definitely invest during the period between January and the monsoon of 2014," says Sanjay Dutt, executive managing director, Cushman & Wakefield. Some are asking their clients to consider investing before the general elections next year. If you are sitting on money for a long tim
Investing lessons and strategies for 2014
Dec 30, 2013
DELHI: The investing landscape saw momentous developments in 2013, most of them driven by regulatory actions. Whether it was the introduction of direct plans in mutual funds, new guidelines for health insurance, or the precipitous fall in debt funds, each of these events had a significant impact on your finances. Each development also offered a lesson to the small investor.
Developers eye Aravali green zones in Haryana
Dec 30, 2013
DELHI: “Conservation zones” in the national capital region, including the eco-sensitive Aravalis, Yamuna riverbed and areas around major water bodies, have been the main targets of Real Estate developers who sought the lifting of restrictions on “recreational activities” put in place by state government tourism policies. In a concerted approach, they appealed to the NCR Planning Board (NCRPB) to, in fact, include tourism projects under the “recreational” category.
Sikkim constructing 8,000 earthquake-resistant houses
Dec 30, 2013
DELHI: Sikkim government has initiated a Rs 391 crore project for constructing nearly 8,000 resilient houses capable of withstanding earthquakes and minimise loss of lives and property.
National Housing Bank's Rs 2,100 crore tax-free bond issue to open on December 30
Dec 29, 2013
DELHI: The National Housing Bank's Rs 2,100 crore tax-free bond issue will hit the markets on December 30.
Investments in India's realty sector decline 6% YoY: Assocham
Dec 28, 2013
DELHI: Outstanding investments in the country's real estate sector were six per cent lower at Rs 14.51 lakh crore in September 2013 as against the same month previous year, according to a study by industry body Assocham.

Latest Realty News Of State

Realty Talk's