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India to Add 51.1 Mn Sq Ft of Mall Space by 2031
Real Estate

India to Add 51.1 Mn Sq Ft of Mall Space by 2031

Indian real estate developers are expected to add nearly 51.1 million sq ft of new shopping mall space over the next five years, taking the country's total mall stock to 143.2 million sq ft by the end of 2031, according to JLL's report, Indian Retail 2031: Towards a Future-Ready Ecosystem.

The expansion is being driven by growing consumer demand, the entry of international brands and expansion by domestic retailers. In H1 2026, India recorded gross retail leasing volumes of 6.3 million sq ft. As of June 2026, retail stock across the top seven cities stood at 92.1 million sq ft, with a vacancy rate of 11.2 per cent.

Of the upcoming mall supply, nearly 56 per cent, or approximately 28.7 million sq ft, will comprise large-format malls focused on experiential and destination-led retail. These developments are expected to allocate around 30-35 per cent of their space to entertainment, food and beverage, and services, representing nearly 9-10 million sq ft.

“India's retail real estate sector is entering a new growth phase with significant scale, with 51.1 million sq. ft. of new mall space set to redefine the shopping experience by 2031. The shift toward large-format, experiential destinations, which will account for 56% of upcoming supply, signals a fundamental transformation in how consumers engage and how consumption patterns are evolving with changing generational preferences,” said Saket Amrit, Head of Retail Services, India, JLL.

Next-generation neighbourhood malls will account for another 15 per cent of the upcoming supply, representing approximately 7.9 million sq ft. Major listed developers are increasingly focusing on improving shopping experiences within key residential neighbourhoods.

Market consolidation is also expected to increase. India's top three listed developers owned approximately 14 per cent of operational retail stock in Tier-I markets as of H1 2026. Their share could rise to around 21 per cent by the end of 2031, while the top 10 developers are projected to account for 44 per cent of total shopping mall stock.

More than half of the upcoming retail supply is expected to be concentrated in Delhi NCR and Hyderabad. Delhi NCR led the market with 29 million sq ft of operational mall stock in H1 2026, followed by Mumbai at 15.1 million sq ft and Bengaluru at 14.4 million sq ft.

By 2031, Delhi NCR's mall stock is expected to reach 48.6 million sq ft, while Bengaluru and Mumbai are projected to reach 22 million sq ft and 21.6 million sq ft, respectively. Incremental demand for the new retail pipeline under construction stands at 45.9 million sq ft.

Indian real estate developers are expected to add nearly 51.1 million sq ft of new shopping mall space over the next five years, taking the country's total mall stock to 143.2 million sq ft by the end of 2031, according to JLL's report, Indian Retail 2031: Towards a Future-Ready Ecosystem.The expansion is being driven by growing consumer demand, the entry of international brands and expansion by domestic retailers. In H1 2026, India recorded gross retail leasing volumes of 6.3 million sq ft. As of June 2026, retail stock across the top seven cities stood at 92.1 million sq ft, with a vacancy rate of 11.2 per cent.Of the upcoming mall supply, nearly 56 per cent, or approximately 28.7 million sq ft, will comprise large-format malls focused on experiential and destination-led retail. These developments are expected to allocate around 30-35 per cent of their space to entertainment, food and beverage, and services, representing nearly 9-10 million sq ft.“India's retail real estate sector is entering a new growth phase with significant scale, with 51.1 million sq. ft. of new mall space set to redefine the shopping experience by 2031. The shift toward large-format, experiential destinations, which will account for 56% of upcoming supply, signals a fundamental transformation in how consumers engage and how consumption patterns are evolving with changing generational preferences,” said Saket Amrit, Head of Retail Services, India, JLL.Next-generation neighbourhood malls will account for another 15 per cent of the upcoming supply, representing approximately 7.9 million sq ft. Major listed developers are increasingly focusing on improving shopping experiences within key residential neighbourhoods.Market consolidation is also expected to increase. India's top three listed developers owned approximately 14 per cent of operational retail stock in Tier-I markets as of H1 2026. Their share could rise to around 21 per cent by the end of 2031, while the top 10 developers are projected to account for 44 per cent of total shopping mall stock.More than half of the upcoming retail supply is expected to be concentrated in Delhi NCR and Hyderabad. Delhi NCR led the market with 29 million sq ft of operational mall stock in H1 2026, followed by Mumbai at 15.1 million sq ft and Bengaluru at 14.4 million sq ft.By 2031, Delhi NCR's mall stock is expected to reach 48.6 million sq ft, while Bengaluru and Mumbai are projected to reach 22 million sq ft and 21.6 million sq ft, respectively. Incremental demand for the new retail pipeline under construction stands at 45.9 million sq ft.

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