If the progress forecasted for retail sector in India keeps moving like this, then, by the end of 2008, a supply of 66 million sq ft. of new retail space will be developed in the eight largest Indian cities.
Developers are primarily focusing on the metros like Delhi and Mumbai for the supply of retail space as these cities enjoy advantages because of their sheer size and population. They have emerged as the most lucrative consumer markets in Asia. Close by heels are the cities such as Bangalore, Hyderabad, Chennai, Pune, where the per capita income is increasing due to high proliferation of IT companies.
Big Realty players Unitech, Omaxe, Suncity Projects among others are planning to come up with big retail projects in tier-II cities like Ludhiana, Jaipur, Chandigarh, and Amritsar. What is attracting these majors to foray into these cities is their increasing customer base.
Around 100 shopping malls are already operating here, generating 20 million sq ft of retail space. 60 more malls are likely to spring by the end of next fiscal year.
Chief hosting spots to see the major retail development are NCR, Mumbai, Bangalore, Kolkata, Hyderabad, and Chennai. However, the mall culture is likely to hit 60 more cities. With Delhi Development Authority releasing real estate space in peripheral retail areas, mall development has got a strong boost.
According to the real estate trends report compiled by Merril Lynch, number of malls in Delhi, Mumbai, Hyderabad, and Pune may touch 250 by 2010 against the present 40. Growth of real estate in Delhi mainly owes to huge outlay in IT/ITes, and BPO centers, thereby attracting investments in the segment.
via India real estate news
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