Just five malls launched across India as against 54 expected before the pandemic hit the world said Anarock, a leading real estate services company, in its latest report.
The report by Anarock also states that among the cities that added the new mall supply are Gurugram, Delhi, Lucknow and Bengaluru. The supply is far less than the previously predicted numbers.
Anuj Kejriwal, chief executive officer and managing director – Anarock Retail said:
“Before the Covid-19-catalysed lockdown in March, our research indicated that Indian cities were to see a new supply of approx. 54 new malls in 2020 spread over nearly 22.2 million sq. ft. area.
Of this, the top seven cities were to see a new supply of nearly 35 malls spread over approx. 14.6 million sq., ft. while Tier 2 and 3 cities were to see a new supply of 19 new malls over 7.6 million sq. ft.
“Covid-19 added enormous pressure to the already delicately-poised Indian retail sector. The anticipated new mall supply was severely hit this year and most of it will spill over to 2021 and beyond. New completions have been deferred and leasing activity has been delayed.”
The report also said that Mumbai will see maximum new supply – at least six new malls to be completed in 2021 and Bengaluru next with three new malls. Tier 2 and 3 cities like Lucknow, Thiruvananthapuram and Rourkela will also see a new mall supply in 2021.