Real estate News India : Total mall space availability across India’s 7 top cities is expected to increase by almost 26 per cent to 95.7 million square feet by 2015, according to a survey.
The stock in Bangalore, Chennai, Delhi, Kolkata, Hyderabad, Mumbai and Pune is expected to increase from 76 million square feet in 2013 to 95.7 million square feet in 2015, the survey conducted by property consultant Jones Lang LaSalle said.
According to the survey, Delhi NCR and Mumbai lead in terms of concentration of shopping malls.
“As of now, Delhi and Mumbai together account for 62 per cent of the pan India mall stock. They are followed by Bangalore and Chennai, which together constitute around 20 per cent of the stock.”
Nearly 24.9 million sq ft of shopping mall space is expected to be added in the next two years, it suggested.
“There is an increasing trend among upcoming malls to adopt a structured approach in planning, execution and launch. The importance of formulating an optimal tenant mix to ensure the maximum utilisation of retail space is now recognised and accepted by almost all major mall developers,” JLL managing director (retail services) Pankaj Renjhen said.
“In the coming years, average size of malls is likely to increase as developers are focusing on project sizes that allow for a critical mass in terms of offering various formats and categories under one roof,” Mr Renjhen said.
According to the report, the average size next year is estimated to be around 3,80,000 square feet, which is expected to increase to 4,70,000 square feet in 2015 and further to 6,60,000 square feet in 2017.