Space to reach 45 million sq ft in five years
Delhi with 43 percent share, with 21 percent
Hyderabad stands second.
JLL report revealed
Organised retail realty is set to gain momentum in the country. It is expected that there will be significant growth in this segment in the next five years. JLL revealed that 45 million square feet of space will be made available through 88 new retail developments in seven major cities of the country from the second quarter of 2024 to the end of 2028. This is significantly higher than the supply of 38 million square feet during the decade 2014-2023. Moreover, the new retail space is being looked at to be spacious to suit the current needs and aspirations.
Compared to the last decade, all new retail development projects are huge in size. While the average retail space supply was 3,91,099 square feet during the last decade, it will increase by 30 percent to 5,07,341 square feet between 2024-2028. This is a big change in the organised retail space. Out of the 88 new retail developments coming up, 12 are big projects. Each of these will be at least 10 lakh square feet in size. By 2028, they will account for 37 percent of the new supply. In the last decade, their share was only 27 percent. Two retail centres are coming up in Delhi, each measuring over 25 lakh square feet. In the next five years, Delhi will hold the first position with a share of 43 percent in the supply of organized retail space, while Hyderabad will hold the second position with a share of 21 percent. Chennai will stand at the third position with a share of 13 percent.
