Multiple Shopping Malls to Open by 2026 in Seven cities: Anarock
By the end of the following year, Anarock predicts that shopping malls in India's seven largest cities will have a new supply of 16.6 million (166 lakh) square feet of prime retail space.
More than 16.6 million (166 lakh) square feet of Grade A supply will be added to new retail malls, which are anticipated to debut in 2025 and 2026, according to statistics from real estate consultant Anarock.
At 65 percent, Hyderabad and Delhi-NCR will control the majority of the fresh supply. Mumbai, Kolkata, Chennai, Bengaluru, and Pune are the other five cities.
About 2.6 million (26 lakh) square feet of new Grade A retail space were added to these seven cities in 2022, while 3.2 million (32 lakh) square feet were leased.
Similarly, 5.3 million (53 lakh) square feet of new Grade A mall space were supplied in 2023, while 6.5 million (65 lakh) square feet of space were leased.
Due to a slowdown in approvals brought on the state and general elections, the demand-supply disparity grew even more in 2024.
According to the expert, present absorption rates are encouraging even though the expected additional supply somewhat boosts the possibility of an oversupply.
Anarock estimates that approximately 12.6 million (126 lakh) square feet of retail space will be leased in malls in the top 7 cities during the next two years.
Retail real estate growth is also accelerating in tier II and tier III cities, according to Abhishek Bansal, managing director of Pacific Group.
The Pacific Group has nine shopping centers in Delhi, Ghaziabad, Faridabad, and Dehradun, totaling over 30 lakh square feet of retail space.
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