Real Estate

Covid-19 impact: Only five new malls in 2020

Anil Urs Bengaluru | Updated on November 16, 2020

Only five malls covering an area of around 2.75 million sq ft have come up in 2020 across the country.

“The mall supply has been severely impacted by Covid-19. Among the cities that added new malls are Gurugram, Delhi, Lucknow and Bengaluru. The supply is far less than the previously predicted numbers,” said Anuj Kejriwal, CEO & MD, Anarock Retail.

“Before the Covid-19 catalysed lockdown in March, our research indicated that Indian cities were to see new supply of about 54 new malls in 2020 spread over nearly 22.2 million sq ft. Of this, the top seven cities were to see new supply of nearly 35 malls spread over about 14.6 million sq ft while Tier-II and -III cities were to see new supply of 19 new malls over 7.6 million sq ft,” he added.

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New malls in 2021

The completion of new malls has been deferred to 2021. Presently, data indicates that 14 new malls spread over 5.9 million sq ft will be operational by 2021-end, and fit-outs are underway in at least 10 of them.

Among the cities that will see the maximum new supply in 2021 are:

Mumbai: New supply of at least six new malls, spanning over 1.65 million sq ft.

Bengaluru: At least three new malls spanning over 1.4 million sq ft.

Lucknow: Launch of two new malls spanning over 1.15 million sq ft.

Hyderabad: One new mall covering more than 0.2 million sq ft.

Thiruvananthapuram: One new mall spread over 1.1 million sq ft.

Rourkela: One new mall covering almost 0.35 million sq ft.

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Published on November 16, 2020

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