International property consultancy firm, Cushman & Wakefield, estimates that India will see close to 34 new malls by 2020 in the top eight (Ahmedabad, Bengaluru, Chennai, Delhi-NCR, Hyderaqbad, Kolkata, Mumbai and Pune) Indian cities. Out of these 34 new malls, 4 will be in Namma Chennai, accounting for 11% of the total mall space estimated. This is expected to increase the total mall retail space by 38%, from 5 million sqft to 6.9 million sqft. Hyderabad, with 11 new malls, will see the highest construction.
Of the 4 new malls coming up in Chennai, 2 will be in Velachery and 1 each in Anna Nagar and Navalur. VR Mall in Anna Nagar, nearing completion, will measure up to Phoenix in size, Times of India reported.
“With the estimated size of retail sector pegged at Rs 1 trillion by 2020, at a CAGR of approximately 15% between 2016 and 2020, the scope for retail real estate remains high. With foreign retailers entering the country and aggressively expanding, brands prefer to be located in malls that are likely to have higher occupancy levels,” said Cushman & Wakefield India country head and MD Anshul Jain.
There were no new malls opened in the city this year. Chennai currently has 12 shopping malls with Phoenix mall being the largest.
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