Mall Space Supply to soar 60mn, sqft by 2008

July 3, 2007	(2 votes, average: 5 out of 5)  Loading ...
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The growth in real estate sector has always maintained to stay in step with the retail sector and this has led to phenomenal rise in supply of space for organized sector.

Mall space is likely to touch 40 million square feet by 2007 from the year 2002, and an estimated 60 million square feet by end-2008.  Retail sector in India is mainly focused in metros of Delhi and Mumbai which offer excellent prospects to offer, says the data showcased by Jones Lang LaSalle Meghraj on the Indian retail sector.

Christened as ‘Geography of Opportunity – The India 50’, the study includes data about Delhi and Mumbai which will account for 40 per cent of national organized retailing by 2008. It is likely to lead the retail sector in India with estimated total mall stock of 22 million and 15 million square feet respectively by 2008-09.

According to the study, there are around 50 cities across India known to be have lined up to benefit from the booming retail sector and these have been categorized as per socio-economic characteristics, retail activity, and shopping mall development.

Delhi and Mumbai are sought after as mature cities and leading other Indian cities in terms of number of shopping malls and retailers. Add to that, transparency seems to be increasing day by day. Thanks to the norms brought by the government.

Other emerging cities are fast making their way on the retail sector. While organized retailing is a more recent phenomenon here than in large metros, they are catching up as both retailers and developers tap into high middle class. Bangalore, Hyderabad, Kolkata, Pune, and Ahmedabad have a number of significant retail projects in pipeline.

Other cities such as Chandigarh, Ludhiana, Jaipur, Lucknow and Kochi are also leading the pack, exemplified by high levels of shopping mall development and retailer interest.

News Published Under:   Real Estate India, Retail Market in India |

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