India to have 31 new malls in two years on strong retail demand: Report

As many as 31 new shopping malls are expected to be operational by the end of next year on the back of strong revival in the retail sector, according to Anarock.

This year, a total of 15 new malls will enter the market spread across 12 cities and in 2023, another 16 new malls will come up.

In terms of area, property consultant Anarock said fresh retail space in shopping malls is expected to rise 76 per cent this year on an annual basis.

"Retail real estate is staging a strong comeback, with nearly 10.15 million square feet of new mall supply set to hit Tier 1, 2 and 3 cities in 2022, and another 7.25 million square feet in 2023," Anarock said in a statement.

In 2021, 5.76 million square feet of new retail real estate supply entered the country.

Chennai will see the highest supply of four new malls this year spread over an area of 2.55 million square feet. Other Tier 1 cities with new mall supply include Ahmedabad, Bengaluru, Hyderabad, Mumbai, Pune and Ghaziabad in NCR spanning 5.