According to a global real estate services firm the retail sector of India is expanding rapidly. Currently there are 190 malls in the country which is likely to swell up to 280 by 2011-12. CB Richard Ellis, the global real estate service firm said that in 2010 around 5 million sq ft of retail space have been added to India’s existing retail space approximately another 15 million sq ft of space is all set to get added in 2011-2012.
There is significant vacant retail space in the National Capital Region (NCR). Another 4 million sq ft is being developed in Delhi and its suburbs which will become operational in 2011-12. In terms of retail space development Mumbai, the NCR and Bangalore will account for almost 70% of the total space developed in India in 2011-12. As per CBRE rents are heading towards stability post-correction in 2008 and have thus depreciated on an average by 30-40% across cities.
The firm believes that there would be no dearth in demand for retail spaces on rent. Considering the current levels of rent retailers will select properties offered at corrected rental levels. The R-City Centre II in Ghatkopar, Market City in Kurla and Nirmal Lifestyle II in Eastern suburbs of Mumbai are expected to become operational by 2011 which will provide around 3 million sq ft of mall space.
There is significant vacant retail space in the National Capital Region (NCR). Another 4 million sq ft is being developed in Delhi and its suburbs which will become operational in 2011-12. In terms of retail space development Mumbai, the NCR and Bangalore will account for almost 70% of the total space developed in India in 2011-12. As per CBRE rents are heading towards stability post-correction in 2008 and have thus depreciated on an average by 30-40% across cities.
The firm believes that there would be no dearth in demand for retail spaces on rent. Considering the current levels of rent retailers will select properties offered at corrected rental levels. The R-City Centre II in Ghatkopar, Market City in Kurla and Nirmal Lifestyle II in Eastern suburbs of Mumbai are expected to become operational by 2011 which will provide around 3 million sq ft of mall space.
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