Retail Real Estate: Expect 18 % Surge In Superior Malls By 2022, Says JLL Report

    Date:

    Share post:

    The Indian mall story is far from over. As per a recent report, the supply of superior grade mall in Indian retail real estate market will increase by 18 percent by 2022.

    Due to the increase in supply, a total of 34 million sq. ft. of space will be available by 2022. The findings were concluded in a report titled  ‘India’s Retail Realty – A Changing Face,’ launched by JLL, India’s largest real estate services firm. To read the complete report, click here.

    The report also emphasized the rise of superior high-end malls. It states the average and poor quality malls will soon be a thing of the past as their supply will go down by 9 percent.

    It seems that the developers and promoters have taken a cue from the fact that the people tend to prefer malls that have F&B as well as entertainment services apart from different brands for shopping.

          Asset Quality Wise Break-Up

        Operational mall stock       Future Supply pipeline                     % Jump

                          (2008 to 2012)                 (2018-2022)       

    Superior –       46%                                 64%                             18% increase

    Average –       35%                                 26%                              9% decrease

    Poor –            19%                                  10%                             9% decrease

    * The year (2013-2017) witness extremely low new supply in Indian retail real estate and hence are not advisable for granular analysis. 

    Source: Real Estate Intelligence Service (JLL)

    At present, there are a total of 253 malls in India with 77 new malls being added in the H1, 2018. Approximately 90 new malls are expected to be open by the end of 2022.

    “These are exciting times for the retail industry globally and India is no exception; today, the Indian consumer is very evolved and traveling across the world experiencing the retail revolution,”  Naveen Jaggi, Chairman – JLL Global Retail Leasing Board and President Americas, Retail Advisory Services, Leasing and Capital Markets, said, PR News Wire reported. “Lots of new trends are being witnessed and the industry is undergoing a huge transformation from offline to online customizing it’s offering to offer bespoke experiences to its customers.”

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Related Posts

    Latest posts

    Maharashtra to Publish Draft RR Rates Online for Public Feedback

    PUNE — In a first, the Maharashtra government has directed the registration department to publish proposed Ready Reckoner...

    India ranks third in global LEED green building certification for 2024

    India has retained its third-place ranking in the U.S. Green Building Council’s (USGBC) annual list of the top...

    Prestige Group Expanding Mall Portfolio with New Projects in Mumbai & Delhi-NCR

    Real estate developer Prestige Group is expanding its retail footprint with new mall projects in Mumbai and Delhi-NCR,...

    RBI Offers Nariman Point Plot to Expand Headquarters

    Mumbai – The Reserve Bank of India (RBI) has offered ₹2,650 crore to Mumbai Metro Rail Corporation Limited...