New supply of retail space expected to increase by 45% by 2028: Report

February 7th, 2024

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Delhi NCR is projected to have the majority share of retail space (34%), followed by Chennai (20%), Bengaluru and Hyderabad each at 15%.

New supply of retail real estate space is expected to increase by 45% from the current 91 mn sq ft across seven major cities by 2028 as developers expand their retail footprint, a new report by JLL said on February 7.

The operational retail stock across the country currently stands at 91 million sq ft and is expected to increase by 45% and touch 132 million sq ft by the end of 2028, the report said. The top seven cities include Delhi-NCR, Mumbai, Pune, Bengaluru, Kolkata, Chennai, and Hyderabad.

Stable economic conditions have fueled the consumption-led growth which has enabled footprint expansion by retailers and new mall announcements. Apart from the strong supply pipeline, mall developers are focusing on building larger-sized malls to offer better shopping experience.

The retail market has a robust supply of around 41 million sq ft of developments scheduled to be operational between 2024 and 2028 across top 7 cities of India.

Retail stock supply constitutes projects which are either under construction or in active planning stages. Delhi NCR is projected to have the majority share (34%), followed by Chennai (20%), Bengaluru and Hyderabad each at 15%.

The average size of mall developments that were completed in 2023 has increased by 41% from 276,800 sqft in 2022 to 389,900 sqft. Developers are coming up with bigger malls, it said.

Source: hindustantimes.com

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