Retail real estate staged a big comeback in 2022 with the top 7 cities adding 2.6 million sq ft of mall space, registering a 27% increase against 2021.
Shopping mall space is set to maintain momentum with 25 million sq ft likely to be added in top 7 cities in the next five years.
Driven largely by rising consumption, the rebound in the Indian retail market has been exemplary in 2022 which is favourably impacting retail real estate across the country,
Sales value estimated during the festive season in late 2022 was Rs 2.5 lakh Crore, nearly 2.5 times compared to the previous year.
The newly planned mall supply across the top 7 cities is testimony to the developers’ expansion strategy.
The top 7 cities added nearly 2.6 million sq ft of mall space during 2022, which increased by 27% over the previous year -2021.
Presently, the top cities have over 51 million sq ft of mall stock across the country with NCR, MMR, and Bengaluru accounting for 62% of the total stock.
The average rentals in malls, appreciated by nearly 15% in 2022 over the previous year, thus reaching higher than the pre-pandemic levels.
Bengaluru registered the highest uptick in rentals of around 27%, followed by Kolkata at 20% in 2022 over the previous year.