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Delhi NCR accounts for nearly 60% of total expected mall space
In a recent report by Cushman and Wakefield, one of the leading consulting agencies in the world, it has been revealed that there will be 14 million sq ft of mall space by the end of this year in the 8 metro cities of the country. This means that there will be a rise of about 200% mall space in a span of one year, as in 2013, the total area covered by mall space was 4.6 million sq ft.

This also means that India is rapidly moving towards urbanization, and malls and shopping complexes are preferred more over the traditional markets. Of the 14 million sq ft, about 13.6 million sq ft is under construction, but is expected to be complete by the turn of the year.

Delhi is leading the race for the maximum area of the mall space with about 60% (8.2 million sq ft) of the 14 million sq ft coming under the National Capital Region (NCR). Next in line Bangalore, accounting for about 2.8 million sq feet of the total expected mall space.

According to senior official of Cushman & Wakefield, the leading cities of the country have been witnessing slow development. This is due to the fact that the developers who are into commercial construction are a little fidgety in choosing new locations because they are not sure whether their huge investments can pay them rich dividends in the new markets. So, most of developers are paying much time analyzing the pros & cons of such locations, and only after a detail analysis are considering new locations.

The retail FDI can spell boon for the Indian markets as it brings added interests of international brands to India. However, this is also a cause of concern for the developers as they now have to extra careful in mall space development, and need to provide the foreign brands the type of shopping spaces they are used to.

While there has been steady rise in the demand of retail spaces, the reason for concern has been to find the correct match of product and location. The developers need to find the brands and the products that are favored by the people of a particular location because there is no benefit in leasing the mall space to a company that produces products that don’t have their audience in that particular location.

So, in order to be able to use this huge expected all space of 14 million sq ft, the developers as well as the retail will have to work hand in hand, and provide the consumers with a different and beneficial shopping experience.

Source :http://www.gurgaonproperties.net

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