JLL India projects a surge in organised retail space totalling 45 million square feet across seven major cities
By 2028, nearly 90 retail real estate properties, covering approximately 450 lakh square feet, are anticipated to emerge across seven major Indian cities, driven by rising demand for quality assets, according to JLL India.
The real estate consultant reported that 12 of these projects will span at least 10 lakh square feet each. Notably, Delhi-NCR will see two retail centres each exceeding 25 lakh square feet within the next five years.
Between Q2 2024 and the end of 2028, organized retail space completions are expected to surge. The top seven cities (Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Pune, Kolkata and Chennai) will collectively welcome around 45 million square feet from 88 new retail developments, surpassing the past decade’s supply of 38 million square feet.
JLL noted that these upcoming retail developments will be larger compared to those from the last decade. The average size of new retail supply, which was about 3,91,099 square feet over the past ten years, is expected to increase by 30 per cent to 5,07,341 square feet with new supply additions from April 2024 to June 2028.
“Larger developments integrating entertainment, leisure and dining options are creating comprehensive destinations catering to modern consumers,” said JLL.
As of March 2024, the total retail real estate stock stood at around 89 million square feet. This is projected to grow by 50 per cent, reaching 134 million square feet by the end of 2028. Delhi NCR is expected to capture the largest share (43 per cent) of this new supply, followed by Hyderabad (21 per cent) and Chennai (13 per cent), according to Rahul Arora, Head of Office Leasing Advisory and Retail Services, India, JLL.
