Mumbai Metropolitan Region To Get 14 million sq ft of Mall Supply by 2022: ANAROCK
New Delhi: The Mumbai Metropolitan Region (MMR) will get about 13.6 million sq ft of new mall supply by 2022, according to data by ANAROCK Property consultant. Among all cities in the country, MMR will see maximum mall space supply in this period.
Of the total new supply, Mumbai itself will get 82 percent of the 13.6 million sq ft and Navi Mumbai will get 17 percent. The average rentals in the malls are at about Rs 140 per sq ft, lower than that of Rs 320-480 per sq ft in key high street destinations.
The micro markets that will see new mall supply coming in include Bandra, Andheri, Worli, Ghansoli, and Jui Nagar.
Vacancy levels in malls in MMR are lower than in its major counterpart NCR, where average vacancy levels stood at 18.2 percent in 2018 while average rentals hovered around Rs 137 per sq. ft. In terms of new mall supply too, MMR races ahead of NCR with the latter likely to see new addition of about 7 million sq. ft. space by 2022 - almost half of the total upcoming supply in entire MMR.