Led by Hyderabad, Chennai and NCR, Aashish Agarwal, Senior Director (Head-Consulting), Colliers International India, expects to see 18-20 million sq ft of new mall supply in the next three years.
'Eleven new malls covering nearly 6 million sq ft are under construction or in the planning stages in Hyderabad and slated to be completed by 2021,' notes Anuj Kejriwal, Managing Director & CEO, Anarock Retail. 'In Chennai, seven new malls spanning nearly 3.15 million sq ft are under construction or in the planning stages with a 2021 completion deadline.'
Why the rush to these cities? 'Cities like Hyderabad are attracting large investments from multinational corporations and this, in turn, is attracting migrants, which helps justify the high cost of establishing a mall,' explains Pratik Mantri, Director, Mantri Developers.