Of the 85 new malls on the anvil, over 30 new shopping malls covering nearly 14 million sq ft are likely to come up in the top eight cities, according to Anarock. These include Gurugram, Noida, Greater Noida and Delhi in NCR, Mumbai, Chennai, Bengaluru and Pune.
Expansion of brick-n-mortar retail is also underway outside metros. Between 2006 and 2017, Tier-II cities reportedly received close to five times the investment of Tier-I cities, which Anuj Kejriwal, Managing Director & CEO, Anarock Retail ascribes to 'investors and mall developers realising the potential of these smaller markets and trying to make their presence felt.'
2017 was a bad year for Indian realty. Launches dulled as the industry reeled under the impact of demonetisation and the newly introduced Real Estate (Regulation and Development) Act (RERA) and Goods and Service Tax (GST).
The silver lining for residential property buyers was the June 2018 amendment of the Insolvency & Bankruptcy Code (IBC), 2016, which classified home buyers as financial creditors as opposed to their previous operational creditors status.