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Business Standard
13-05-2025
- Business
- Business Standard
Over 16.6 msf of new malls to come up in Tier-1 cities in 2 yrs: Report
Driven by rising consumption, over 16.6 million square feet (msf) of new Grade-A malls are expected to come up in Tier-1 cities in 2025-26 calendar years, according to a report by real estate consultancy firm Anarock. Hyderabad and Delhi-national capital region (NCR) will command a combined 65 per cent share of the new malls, indicating a shift of focus for players in this segment to high-growth consumption hubs, it added. This comes after a perceivable shortfall in new supply of Grade-A malls across the top seven cities, including Mumbai Metropolitan Region, Delhi-NCR, Chennai, Pune, Hyderabad, Kolkata, and Bangalore, which was significantly lower than the overall leasing in the last three calendar years. According to data, these cities witnessed 2.6 msf of new Grade-A retail supply, while leasing clocked in around 3.2 msf in 2022. Likewise, 2023 saw 5.3 msf of new Grade-A malls, lower than the 6.5 msf of space leased. The demand-supply gap widened further in 2024 due to approvals slowing down because of general and state elections. 'New Grade-A mall supply in 2024 was just 1.1 msf, while leasing was 6.5 msf,' Anuj Kejriwal, chief executive officer (CEO) and managing director (MD) at Anarock Retail said. The surge now, however, is part of a broader pipeline that could add more than 40 msf of retail space by 2029 across major urban centres. The report adds that current absorption trends are reassuring, putting down concerns of potential oversupply. Anarock data states that the total mall leasing is pegged to be over 12.6 msf across the top seven cities, compared to 16.6 msf of new supply over the next two years. 'Both mall developers and retailers are showing resolute confidence, spurred by strong leasing and positive consumer sentiments,' the report said. Data also indicates that with the demand-supply imbalance of previous years now gradually normalising, mall vacancy rates in top seven cities are expected to stabilise over the next two years, at 8.2 per cent in 2025 and 8.5 per cent in 2026. In 2021, the vacancy rate in these cities was as high as 15.5 per cent. The report indicates that the current retail boom is not limited to urban metros, with Tier-2 and -3 cities also emerging as new consumption hotbeds due to rising disposable incomes and deeper smartphone and internet penetration. 'E-commerce adoption in these cities has outpaced that of Tier-1 cities, with industry estimates pegging the share of overall online shopping pie at 65 per cent and predict it to reach 64 per cent by FY30,' the report added. The number of Indian online shoppers has also jumped from 140 million in 2020 to nearly 260 million in 2024. The report stated that it is further projected to nearly double to 300 million by 2030, and to 700 million by 2035.
Hans India
13-05-2025
- Business
- Hans India
Hyderabad, Delhi NCR to Lead 16.6 Mn Sq Ft Mall Growth by 2026
India's top seven cities are set to receive 16.6 million square feet of new Grade A mall space during calendar years 2025 and 2026, according to data released Tuesday by ANAROCK Research. Hyderabad and Delhi–NCR will together account for roughly 65 percent of the total scheduled openings. ANAROCK's report shows this injection follows a period in which leasing activity outpaced supply. In 2022, top-tier markets recorded 2.6 million sq ft of new mall space against 3.2 million sq ft of leasing. The gap widened in 2023, with 5.3 million sq ft opening while leasing hit 6.5 million sq ft. Approvals slowed during the 2024 election cycle, limiting new space to just 1.1 million sq ft even as 6.5 million sq ft were leased. 'Developers responded to a clear shortfall in high-quality retail inventory,' said Anuj Kejriwal, CEO and managing director of ANAROCK Retail. 'The next two years will see supply levels align more closely with demand in leading consumption centres.' Despite concerns of oversupply, ANAROCK projects that retailers will absorb more than 12.6 million sq ft of mall space across these cities through 2026. Vacancy rates, which peaked at 15.5 per cent in 2021, are forecast to settle around 8.2 per cent in 2025 and 8.5 per cent in 2026. Retailers' confidence reflects the entry of over 60 global brands in India since 2021, spanning fashion, electronics, lifestyle and food and beverage. Their expansion has driven demand for organised retail venues in high-footfall locations, Mr. Kejriwal said. The pipeline extends beyond metros. Rapid income growth and rising internet penetration have turned many Tier 2 and Tier 3 cities into consumption hotspots. E-commerce in these markets captured 56 per cent of online retail transactions in fiscal 2024 and could reach 64 percent by 2030, ANAROCK noted. The number of Indian online shoppers climbed from 140 million in 2020 to nearly 260 million in 2024; it may rise to 300 million by 2030 and 700 million by 2035. ANAROCK Research data highlights the shift in development focus toward India's fastest-growing urban corridors. Industry watchers say the alignment of supply and demand will shape leasing trends and vacancy levels in the coming years.
Time of India
13-05-2025
- Business
- Time of India
Multiple shopping malls to open by 2026 in 7 cities with 16.6mn sq ft space: Anarock
India's seven major cities will witness a fresh supply of 16.6 million (166 lakh) sq ft of prime retail spaces in shopping malls by the end of the next year, according to Anarock. Real estate consultant Anarock data shows that over 16.6 million (166 lakh) sq ft of Grade A supply will be added in new shopping malls, likely to open during the 2025 and 2026 calendar years. Hyderabad and Delhi-NCR will command the lion's share in fresh supply at 65 per cent. The other five cities are Mumbai, Kolkata, Chennai, Bengaluru and Pune. "The surge is also prompted by a perceivable shortfall in new supply of Grade A malls across cities. The previous three-year data trends show that new mall supply in the top 7 cities did not match the overall leasing," Anuj Kejriwal, CEO & MD of Anarock Retail, said. In 2022, these seven cities witnessed about 2.6 million (26 lakh) sq ft of new Grade A retail supply, while leasing clocked in at 3.2 million (32 lakh) sq ft. Likewise, 2023 saw 5.3 million (53 lakh) sq ft of new Grade A mall supply, while 6.5 million (65 lakh) sq ft space was leased. Live Events The demand-supply gap widened further in 2024 due to approvals slowing down because of general and state elections. "New Grade A mall supply in 2024 was just 1.1 million (11 lakh) sq ft, while leasing was 6.5 million (65 lakh) sq ft," said Kejriwal. While the estimated new supply to some extent raises the spectre of potential oversupply, current absorption trends are reassuring, the consultant said. Anarock has pegged leasing of retail spaces in malls over the next two years at more than 12.6 million (126 lakh) sq ft across the top 7 cities. Pacific Group Managing Director Abhishek Bansal said the expansion of retail real estate is also gaining ground in tier II and III cities. "While metro cities dominate, emerging hubs like Jaipur are gaining traction, highlighting the need for quality retail infrastructure beyond tier I cities to meet evolving consumer and investor demand," Bansal said. Pacific Group has nine shopping malls, comprising more than 30 lakh sq ft of retail space in Delhi, Ghaziabad, Faridabad, and Dehradun. "Delhi NCR is expected to emerge as the frontrunner in this expansion, driven by rising consumer demand, improving infrastructure, and changing lifestyle dynamics," Pralayesh Guha, VP-Projects at Trehan Iris, said. Kirthi Chilukuri, Founder and MD of Stonecraft Group, said, "The rapid expansion of Grade A retail spaces, particularly in Hyderabad, is a clear reflection of the city's growing economic strength and rising consumer confidence. As retail infrastructure becomes more sophisticated, we see an undeniable correlation with premium residential demand." Angad Bedi, CMD of Bengaluru-based BCD Group, said that homegrown and international brands are expanding their footprint in India, driven by rising consumer demand and a dynamic retail landscape. Economic Times WhatsApp channel )
