4.5 mn sq ft of new retail mall supply expected to come up in 2021
Mumbai: About 4.5 million square feet of new retail mall supply is expected to come up in 2021 in various Indian cities. Of this, at least 1.22 million square feet of new supply will come up in Bengaluru and around 1.1 million square feet each in Noida and Mumbai. The organized retail market is expected to grow at CAGR of 20-25 percent, according to ANARCK.
Pankaj Renjhen, COO & Joint MD – ANAROCK Retail said, “Improving consumer confidence and a resilient long-term retail growth story translates into higher shopping spending, which reflects in the mall space scheduled for deployment in 2021. As per ANAROCK research, approx. 4.5 Mn sq. ft. of new supply is planned for 2021. This new supply will be spread across tier I and tier II cities of India, with tier I cities accounting for around 90% of the space. Approx. 85% of the upcoming malls are likely to be added in tier I cities, and 15% in tier II & tier III cities.”
Noida in Delhi will have 1.1 million square feet planned for 2021 in three malls.. Bengaluru will have around 1.22 million square feet spread over two malls. Mumbai is expected to add 1.1 million square feet spread three malls. Lucknow and Amravati are among tier-II towns that will collectively have 4.7 lakh square feet of mall space addition planned for 2021.