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India s physical retail market is set to see a robust supply of nearly 41 million sq ft of retail developments between 2024 and 2028 across the top 7 cities. Delhi-NCR will have the majority share, followed by Chennai, Bengaluru, and Hyderabad. Large foreign institutional investors hold around 24% of the new supply. The operational retail developments currently stand at 91 million sq ft and are expected to increase by 45% to reach 132 million sq ft by 2028. Mall developers are focusing on building larger-sized malls to offer a better shopping experience.
The new supply of retail space in shopping malls increased 72 percent last year to 59.48 lakh square feet across eight major cities to meet rising demand from retailers, according to Cushman & Wakefield. In 2023, as many as 11 shopping malls became operational, covering 59,48,395 square feet of space across the top eight cities. In the previous year, nine malls came into eight markets, totalling 34,49,222 square feet area.
The new supply of retail space in shopping malls increased 72 percent last year to 59.48 lakh square feet across eight major cities to meet rising demand from retailers, according to Cushman & Wakefield. In 2023, as many as 11 shopping malls became operational, covering 59,48,395 square feet of space across the top eight cities. In the previous year, nine malls came into eight markets, totalling 34,49,222 square feet area.
Bengaluru will witness new supply of 4.97 million square feet by 2027, Chennai 6.23 million square feet, Hyderabad 5.48 million square feet, Kolkata 2.94 million square feet, Mumbai 4.5 million square feet and Pune 2.32 million square feet.