Real estate surge: 60 malls lined up for seven cities between 2023 & 2025

Mumbai: Sixty malls, accounting for a total of 23.25 million sq. ft. of malls are lined up to become operational in seven Indian cities between 2023 and 2025.

Mumbai, the financial capital of the country, will have only 10% of this new retail space. The other malls will come up at Bengaluru, Pune, Hyderabad, Kolkata, Chennai, and the National Capital Region.

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Hyderabad to get about 17% of new retail space

As many as 25 malls are set to be launched across the top seven cities of India in 2023, according to JLL India’s report, The 2022 story: Indian real estate’s rise from the lows.

Leasing demand for sectors such as food and beverage, electronics, jewellery, athleisure, casual clothing, formal wear, accessories, and beauty and cosmetics is increasing. The introduction of new entertainment categories programming and the removal of covid-related limitations led to the entertainment category, including multiplexes, enjoying a robust comeback in business beginning in March 2022.

“There has been a churning of brands and categories in existing shopping malls to help keep up with changing customer demands and accommodate newer global businesses. Nearly 60 shopping malls encompassing a total retail space of 23.25 million sq. ft are expected to become operational during 2023-25 across the top seven cities of India. Delhi NCR and Bengaluru will account for the major part with a 53% share in the upcoming supply,” said Rahul Arora, head, office leasing advisory and retail (India), JLL.

Hyderabad will get about 17% of new retail space, compared to 10% each in Mumbai and Pune. Chennai and Kolkata will have 6% and 4% of the 23.25 million sq ft of area respectively.

Retail space

Citywise share of new malls

NCR 35%

Bengaluru 18%

Hyderabad 17%

Mumbai 10%

Pune 10%

Chennai 6%

Kolkata 4%