According to a report by Anarock Retail, an average of 2.4 mn sq. ft. of fresh supply has been witnessed over last 4 years in the 7 tier cities mainly Mumbai, Delhi NCR, Bengaluru, Kolkata, Hyderabad and Pune. The ‘H1 2023 India Retail Overview’ states that the total retail stock currently stands at 49.6 mn. sq. ft. Out of seven cities, 75% of the supply has come from just two regions, namely NCR & Bengaluru. Overall Grade ‘A’ mall stock, in terms of GLA, also increased by 2.7% in H1CY23 over H1CY22.
The report provides a detailed analysis on the stock, supply, and vacancy aspects, shedding light on the distribution of leasing areas and developmental trends across these cities.
Additionally, it furnishes data on pan-India marquee transactions during the first half of 2023, along with insights into upcoming malls in the country. It also offers insights into the average carpet rentals in key malls and high streets during the time frame.
Rentals vs Vacancy
Gross Leasing in CY22 surpassed CY19 levels, the pre-pandemic period, and leasing in H1CY23 has reached 56% of CY22, demonstrating a significant comeback in retail real estate.
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