The Hindu Business Line : Study sees 220 malls by 2006

According to Mr Amitabh Taneja, Director, International Council of Shopping Centres (ICSC India), there were 25 operational malls in 2003. Quoting figures from the recently released Images book, Retail Real Estate: Malls in India, he said the total mall space in the six A-grade cities - Delhi (including Gurgaon and Noida), Mumbai, Bangalore, Hyderabad, Chennai and Kolkata - is expected to increase to over 21.1 million sq. ft. by 2005. Adding the expected supply in seven non-metro cities - Pune, Ahmedabad, Lucknow, Ludhiana, Jaipur, Chandigarh and Indore - in the same duration would take this to 26.2 million sq. ft. up to 2005 as per current announcements, he said.

The National Capital Region (NCR) - Delhi, Gurgaon, Noida, Greater Noida and Faridabad - will account for over 40 per cent of this total.

Mr Taneja remarked that most retailers were aggressively expanding operations in the large Delhi market, made all the more alluring by the upcoming suburban locations and their real-estate advantage. "While the peripheral business district of Gurgaon currently dominates the organised retail real estate segment in the city, the next two years will see the "localisation" of the mall segment, with all major parts of the city slated to have at least one major mall development. NCR also has a fair share of proposed specialty malls, including an auto mall and a mall dedicated to gold and jewellery retailing," he said.

On Mumbai, Mr Taneja says the city is expected to offer the second highest quantum of mall space with close to 4.8 million sq. ft. scheduled to be operational by 2005-06. With the scheduled completion of major projects by 2005-06, Bangalore is slated to become the leader in the organised retail real estate segment in South India. In the overall metro city pie, the share of Bangalore mall developments will increase from one per cent in 2003 to 10 per cent over the following two years.

Mall developments are also coming up in non-metro cities and even larger towns across the country, says the book. Out of the total 5.23 million sq. ft. mall space being developed in the seven key non-metro cities up to 2005, over 40 per cent is coming up in Pune.

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