India to get over 65 million sqft new mall space by 2022
Despite the onslaught of the e-commerce business across the country, malls are still serious business as indicated by the number of development planned and proposed by realty developers. The sector is riding high on the phenomenal rise of consumerism and renewed interest by institutional investors. India is set to get over 65 million sqft of new mall spaces by the end of 2022. Of this total new supply, the top 7 cities comprise 72% share and the remaining 28% or 18.2 million sqft is slated to come up in tier 2 and 3 cities, said Anarock Property Consultants report. “This new supply is also driven by the increasing interest of institutional investors, including private equity players, who invested almost $1.9 billion into Indian retail between 2015 and Q1 2019. In fact, over 60% of this investment corpus was infused in the last two years of 2017 and 2018 alone, making these the best years for the retail sector in recent times,” AnujKejriwal, MD & CEO - ANAROCK Retail.
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