CHENNAI: The city will upload four new buying groceries department shops to the present 12 by 2020, expanding its total mall retail house by 38% -from five million sqft to six.nine million sqft.
Over the course of the following 3 years, 34 new department shops, spread over 13.6 million sqft, will arise around the country , with Hyderabad accounting for one-third of this house and Chennai 11%, says a report by global realty advisor Cushman & Wakefield.
Malls in Bengaluru, Chennai, Delhi NCR, Hyderabad, Kolkata, Mumbai and Pune, the report says, will complement house of their present inventory by round 20% in the similar period.
Of the brand new department shops coming up in Chennai -where Phoenix Market City (1 million sqft) is now the biggest -two will be in Velachery and one each in Anna Nagar and Navalur. VR Mall in Anna Nagar, nearing crowning glory, will measure as much as Phoenix in measurement, the report says.
Mumbai, Bengaluru and Pure are the one main cities where new department shops opened this yr; none were opened in Chennai, Delhi NCR, Hyderabad and Kolkata. Malls in Delhi added three.1 million sqft last yr, whilst Chennai and Hyderabad drew a blank. Mumbai used to be the one city so as to add mall house in 2017 (1.1million sqft) over 2016 (8.five lakh sqft). Pune dropped from 8.37 lakh sqft last yr to six lakh sqft this yr.
While there used to be a 55% soar in mall house leasing (2.three million sqft) around the country between January and September 2017, new provide , at 1.nine million sqft, all the way through the period used to be a yearon-year decline of 63%.
Developers have regained self belief, with buyers appearing higher dedication. Private equity budget invested an estimated `7,959 crore in department shops between January 2016 and September 2017, the report mentioned.
After a protracted period of sluggish enlargement, the retail sector has regained momentum, it mentioned. "Increasingly it is understood that retail malls will continue to hold importance as a "destina tion going past retail outlets and selling," the report said.Even e-commerce firms are establishing a physical presence through "revel in" retail outlets in department shops and on outstanding top streets, it mentioned.
"With the estimated measurement of retail sector pegged at Rs 1 trillion by 2020, at a CAGR of approximately 15% between 2016 and 2020, the scope for retail real estate remains top. With international outlets getting into the country and aggressively expanding, manufacturers wish to be situated in department shops which might be prone to have upper occupancy levels," mentioned Cushman & Wakefield India country head and MD Anshul Jain.
The simplest city not anticipated to see any exchange within the mall sector in the following few years is Ahmedabad, which remains a in large part top street retail city, the report mentioned.
Over the course of the following 3 years, 34 new department shops, spread over 13.6 million sqft, will arise around the country , with Hyderabad accounting for one-third of this house and Chennai 11%, says a report by global realty advisor Cushman & Wakefield.
Malls in Bengaluru, Chennai, Delhi NCR, Hyderabad, Kolkata, Mumbai and Pune, the report says, will complement house of their present inventory by round 20% in the similar period.
Of the brand new department shops coming up in Chennai -where Phoenix Market City (1 million sqft) is now the biggest -two will be in Velachery and one each in Anna Nagar and Navalur. VR Mall in Anna Nagar, nearing crowning glory, will measure as much as Phoenix in measurement, the report says.
Mumbai, Bengaluru and Pure are the one main cities where new department shops opened this yr; none were opened in Chennai, Delhi NCR, Hyderabad and Kolkata. Malls in Delhi added three.1 million sqft last yr, whilst Chennai and Hyderabad drew a blank. Mumbai used to be the one city so as to add mall house in 2017 (1.1million sqft) over 2016 (8.five lakh sqft). Pune dropped from 8.37 lakh sqft last yr to six lakh sqft this yr.
While there used to be a 55% soar in mall house leasing (2.three million sqft) around the country between January and September 2017, new provide , at 1.nine million sqft, all the way through the period used to be a yearon-year decline of 63%.
Developers have regained self belief, with buyers appearing higher dedication. Private equity budget invested an estimated `7,959 crore in department shops between January 2016 and September 2017, the report mentioned.
After a protracted period of sluggish enlargement, the retail sector has regained momentum, it mentioned. "Increasingly it is understood that retail malls will continue to hold importance as a "destina tion going past retail outlets and selling," the report said.Even e-commerce firms are establishing a physical presence through "revel in" retail outlets in department shops and on outstanding top streets, it mentioned.
"With the estimated measurement of retail sector pegged at Rs 1 trillion by 2020, at a CAGR of approximately 15% between 2016 and 2020, the scope for retail real estate remains top. With international outlets getting into the country and aggressively expanding, manufacturers wish to be situated in department shops which might be prone to have upper occupancy levels," mentioned Cushman & Wakefield India country head and MD Anshul Jain.
The simplest city not anticipated to see any exchange within the mall sector in the following few years is Ahmedabad, which remains a in large part top street retail city, the report mentioned.
Chennai to add 4 malls to existing 12 by 2020
![Chennai to add 4 malls to existing 12 by 2020]()
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March 04, 2018
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