34 malls to be developed in eight cities
Cushman & Wakefield, the international property consultancy firm, estimates that India will see close to 34 new malls by 2020 in the top eight Indian cities.
Cities including Ahmedabad, Bengaluru, Chennai, Delhi-NCR, Hyderabad, Kolkata, Mumbai and Pune are to see mall construction.
Totaling about 13.6 million sq ft (msf), the new supply will add approximately 20 per cent to the total available mall inventory in these cities.
The retail sector has been encouraged by an upward trend in mall space leasing, which was up by 55 per cent during January–September 2017, recorded at 2.3 msf. New supply for the same period saw a year–on–year (y-o-y) decline of 63 per cent at 1.9 msf.