The size of the country’s retail market is expected to touch USD 2 trillion ( Rs 164 lakh crore) by 2032, growing from USD 690 billion in 2021, according to a joint report by Anarock and Retailers Association of India (RAI). The size of the realty market was put at USD 690 billion ( Rs 56.5 lakh crore) by 2021. The organized retail sector sales were put at USD 52 billion by 2021-22. The sales were expected to grow to USD 136 billion by 2028, the joint report concluded.
The report also notes that real estate developers plan to add nearly 25 million square feet of new mall space across seven major cities over the next 4-5 years. In 2022, seven major cities added over 2.6 million sq ft of mall space, up 27 percent from the preceding year, the report noted. The compounded growth of the organized retail sector was put at 25% annually, the report said. Kumar Rajagopalan, CEO of RAI, said the Indian retail sector attracted around USD 1,473 million between 2019 and 2022. Presently, the top cities have over 51 million sq ft of mall stock across the country with NCR (National Capital Region), MMR (Mumbai Metropolitan Region) and Bengaluru accounting for 62 percent of the total stock.
