100 new malls scheduled to come up in India by 2022-end: ANAROCK
By Retail4Growth Team | January 24, 2020
Out of 100 malls, top seven cities alone will see 69 new malls and the remaining 31 malls over 13.5 mn sq.ft. will come up in tier 2 & 3 cities
Despite low consumer spending in recent times, mall developers remain positive on the growth potential of organised retail as 100 new malls spanning across 49 mn sqft are scheduled to come up in India by 2022-end, property consultant Anarock said.
Out of 100 malls, top seven cities alone will see 69 new malls spread over 35.5 mn sqft area and the remaining 31 malls over 13.5 mn sqft will come up in tier 2 & 3 cities such as Ahmedabad, Lucknow, Indore, Surat and Nagpur, it said in a statement.
Anuj Kejriwal, MD & CEO, Anarock Retail, said that 2019 was defined by significantly lower retail leasing, so this generous new upcoming mall supply over the next three years testifies to the confidence of private equity investors in Indian retail's pent-up potential.
"The retail sector drew over USD 2.8 bn PE inflows from 2015-2019-end, 59 per cent by foreign investors alone. Despite overall weak consumer spends, F&B, family entertainment centres, cinemas and beauty/wellness service outlets continue to flourish and demand new retail spaces. Consumer spending will rebound as the government's concerted intervention to push consumption bear fruit over the upcoming quarters," he said.
West India will get 36 new malls over 17.5 mn sqft area, followed closely by South India with 35 new malls over nearly 17 mn sqft. The north region comes next with 22 new malls spanning over 11 mn sqft area. East India is expected to get 7 new malls spread over approximately 3.5 mn sqft.