Shopping malls set to grow, not only in numbers but also in size
Dec 27, 2013
Source : The Economic Times


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).

Total shopping-mall space across India's top-seven cities is also expected to grow by more than 25% to 95.7 million sq ft in 2015 from 76 million sq ft in 2013. As of now, Delhi and Mumbai together account for 62% of the total mall space in India, with Bangalore and Chennai coming second with a combined share of around 20%. By 2017, the total mall space is expected to cross 107 million sq ft, the study shows.

According to JLL, the National Capital Territory of Delhi will have the maximum net addition of shopping mall area in 2014 with 6.92 million sq ft area to be built.

"Among the seven cities, Delhi-NCR and Mumbai have been leading in terms of having the highest concentration of shopping malls," said Pankaj Renjhen, managing director of retail services at JLL India.

"The net addition of shopping malls from 2013 to 2015 is expected to be around 24.9 million sq ft. In 2010, the stock of shopping mall in India stood at around 53.3 million sq ft," Renjhen said.

In 2013, an estimated supply of around 5.2 million sq ft was registered - a 22% increase over last year's supply. Chennai saw the maximum number of new shopping mall space at 1.95 million sq ft in 2013, followed by Mumbai and Pune.

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

In Delhi, by 2014, Noida and Greater Noida are anticipated to contribute significantly to the total Delhi-NCR share of mall space.

In Mumbai, the eastern and western suburbs are expected to be a major mall space occupier.

Latest Realty News

Mall space availability to rise to over 95 mn sq ft in 2015
Dec 27, 2013
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.
'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.
Public Private Partnership: Bridging the gap
Dec 21, 2013
DELHI: Public Private Partnership (PPP) broadly refers to long-term, contractual partnership between the public and private sector agencies, specifically targeted towards financing, designing, implementing and operating infrastructure facilities and services that were traditionally provided by the public sector. PPPs are therefore “cooperative venture between the public and private sectors, built on the expertise of each partner that best meets clearly defined public needs through the appropriat
Connaught Place now 7th costliest for office space
Dec 21, 2013
DELHI: Connaught Place has slipped two notches to become the world’s seventh costliest office destination due to slowdown in the realty market and fall in rupee’s exchange rate, property consultant CBRE has said.
Infrastructure public private partnerships need more flexibility: Kamal Nath
Dec 21, 2013
DELHI: Urban development minister Kamal Nath called for a more flexible approach towards infrastructure projects in order to meet India's target of developing new infrastructure worth one trillion dollars over the next few years.
RBI to relax norms for takeover of infrastructure loans
Dec 21, 2013
DELHI: The Reserve Bank of India will soon relax norms for the takeover of infrastructure loans, allowing them to be treated as standard assets even if they are rescheduled during the process. Under the current rules, any rescheduled loan is treated as a non-performing loan (NPL) for which banks have to make provisions
Realty-high GSC to invest $1 bn in India over 3 yrs
Dec 21, 2013
DELHI: A slowdown in the real estate space does not seem to have dampened US-based private equity firm Golden State Capital (GSC), which has decided to invest close to $1 billion in India over the next three years through its real estate investment trust (REIT). It also expects to get its REIT listed on the Singapore stock exchange next year.

Latest Realty News Of State

Realty Talk's