Many malls to enter the market in 2022

Around 10.15 million sq ft of area has been marked for the new malls space in India, as grade-A malls push developers to speed up construction. This is almost twice the space compared to 2021, according to property consultant Anarock. In 2022, around 15 new malls are expected to commence operations, spread across 12 tier 1, 2 and 3 cities. In Chennai, four new malls are expected over an area of 2.55 million sq ft.

“As consumers return to more normal shopping and socialising patterns and populate malls again, India’s retail real estate market is responding to significantly improved footfalls. Malls are again seeing high occupancy levels, and the requirement for more organised retail space is pronounced,” stated Pankaj Renjhen, COO of Anarock.

In 2023, Another 7.25 million sq ft of retail space could get operational. Other tier-1 cities anticipating new mall supply include Ahmedabad, Bengaluru, Hyderabad, Mumbai, Pune and Ghaziabad in NCR, aggregating 5.1 million sq ft  of area. Tier 2 and 3 cities include Vadodara, Budaun, Indore, Nagpur and Udaipur, with a total projected area of about 2.5 million sq ft.