India to build 300 new malls by 2010
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93 malls coming up this year
BS Corporate Bureau in New Delhi March 01, 2005 12:30 IST
The Indian retail real estate development is expected to see an investment of about Rs 2,500 crore (Rs 25 billion) in the next two years and will cross the Rs 20,000 crore (Rs 200 billion) mark in 2010.
According to a study by retail consultancy KSA Technopak, a major part of this investment is likely to go into development of 93 malls in 14 major cities.
Of the 93 malls, about 39 will be launched in 2005 and the remaining 54 in 2006. By 2010, about 300 malls are estimated to come up. Also, development of malls is likely to spread across 60 cities by the end of the decade, the study said.
In 2005, almost 10 million square feet of mall space are expected to come up in 11 major cities and most of these malls will be concentrated in northern India because of the region's high disposable income and spending power.
The national capital region comprising New Delhi, Gurgaon and Noida will see maximum activity with 14 retail malls with a cumulative space of 3.35 million square feet expected to be operational in 2005.
As per the study, eastern India will have the lowest share of mall development because of the absence of major commercial centres.
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Kolkata, the only hub for commercial and economic activity in eastern India, will receive the highest share of malls in this region. Smaller cities like Guwahati, Jamshedpur and Bhubaneswar will also witness a few retail developments in the near future.
In Kolkata, only two malls -- City Centre (300,000 sq ft) and Metropolis (150,000 sq ft) -- are expected to be operational in 2005, while Junction, a 700,000 sq ft mall, will be operational in 2006.
According to the study, over 18 million square feet of mall space are expected to come up in 2006 across 12 major cities of India. The national capital region will continue to be the focal point for mall development activity with 18 malls totaling 6.67 million square feet of retail space to be launched in 2006.
Kochi and Chandigarh will also be added to the list of cities witnessing a mall 'boom.' Both these cities have a high proportion of working professionals with significant spending capabilities and are therefore, luring retailers to establish operations, the study said.
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In 2006, western and northern India are likely to have an almost equal share in mall development. Mumbai, in particular, will be witnessing a substantial chunk of retail development, attributable to the freeing of land occupied by textile mills in prime locations.
The fast-paced growth of mall development in New Delhi has been fueled by initiatives like the Delhi Development Authority's retail development programmes in prime areas such as Vasant Kunj and Saket.
The government is also beginning to ease regulations regarding foreign investments into retailing. At present, the government is considering allowing foreign direct investment in the construction of shopping malls in the country.
Also, large Indian corporates like Tatas, the Reliance group, the Rahejas, ITC, plantay Dyeing, the Murugappa group and the Piramal group are among those which have either entered or expressed interest in investing in retailing.
In addition, foreign investors and private equity players are also firming up plans to identify investment opportunities in the retail sector.
In addition, foreign investors and private equity players are also firming up plans to identify investment opportunities in the Indian retail sector.