Mumbai: Keen on matching supply with demand, real estate developers may spring up more than a hundred malls spread over 30 million sq ft in the country by end-2010, a report says.
“Between now and 2010, an additional 31,846,504-square feet of mall space will be created across India through just over 100 new shopping centres,” findings from a report titled ‘Mall Realities India 2010´ said.
However, 54% of expected mall supply in 2008 was deferred to 2009-10, the report compiled by real estate consultancy firms Cushman & Wakefield and Jones Lang LaSalle Meghraj said.
“As far as retail real estate in the top eight was concerned, as much as 11-million sq ft of expected mall supply in 2008 was deferred to 2009-10, which was a reduction of 54% from the projections made at the beginning of 2008,” it said.
Of the over 30-million sq ft of malls to be added by end-2010, India’s north zone is leading with a total of 14,790,000 sq ft.
“That translates into 45 malls expected in the North Zone with 24 in the Delhi NCR itself,” it said.