Despite Including Gurugram, Delhi NCR Realty Market To Get Fewer New Malls Than Mumbai By 2022
New Delhi: Mumbai will get more new malls in the next three years than Delhi NCR which has long been credited with heralding the mall culture in the country with 100 new launches planned in the entire country.
Mumbai will see addition of 18 malls by the end of 2022 where as Delhi NCR, which includes the mall capital of India-Gurugram, will see only 13 new malls. But the average size of the new malls in Mumbai will be lower than that of Delhi NCR. The 18 malls of Mumbai will cover an area of 7.8 million square feet while the 13 malls of Delhi NCR will cover an area of 7.5 million square feet.
The 100 malls that are to be launched in the country will cover an area of 49 million square feet. While 69 malls will come up in the top 7 cities, another 31 malls will come up in tier 2 and tier 3 cities, according to a report by ANAROCK Property Consultants.
The top 7 cities will see about 35.5 million square feet of mall space being launched while the tier 2 and tier 3 cities will get around 13.5 million square feet of mall space.
“The retail sector drew over USD 2.8 billion private equity inflows from 2015-2019-end, 59% by foreign investors alone,” said Anuj Kejriwal, MD & CEO - ANAROCK Retail.
Hyderabad will get 12 malls covering an area of about 4 million square feet.
Bengaluru will get 10 new malls while Chennai will see an addition of 9 new malls. The total area of the malls in Bengaluru and Chennai will be 10.8 million square feet. Pune will have 4 new malls. Kolkata will see 3 new malls.
Region-wise, western and southern Indian cities will get an almost equal number of malls. Western India will get 36 new malls. Southern India will get 35 new malls. The Northern region will get 22 new malls while the Eastern region will get 7 malls.