Retail Malls

There are 74 ghost shopping centres -- those with vacancy of more than 40 per cent -- out of 365 such retail properties across the top 32 cities, according to Knight Frank. Real estate consultant Knight Frank India on Tuesday released a report, 'Think India Think Retail - Value Capture: Unlocking Potential', which has mapped the country's retail real estate across 32 cities. "A significant finding of the report is that nearly one-fifth of India's operational shopping centres fall into the category of 'Ghost Malls' - assets marked by high vacancies, weak tenant curation, ageing infrastructure, and declining relevance," the consultant said. Across 365 shopping centres surveyed, as many as 74 have been classified as ghost assets, representing 15.5 million square feet (mn sq ft) of area. Within this pool, the consultant said that 15 centres with a combined area of 4.8 million sq ft could be retrofitted and earn Rs 357 crore as annual rental. The consultant has defined ghost shopping .

The firm, which operates 11 malls, including eight with Nexus, is doubling down on metro cities and plans to open the centres across Delhi, Mumbai, Bengaluru, Chennai and Hyderabad

The moves follow a mixed holiday season so far, with muted spending in stores on key shopping days such as Black Friday

Mall developers are downsizing multiplex spaces in new projects as declining footfall, competition from OTT platforms, and rising demand for experiential retail reshape the industry

Realty firm Elan Group has given a Rs 500 crore contract to Leighton Asia for the development of its shopping mall in Gurugram. In a statement, the company said it has "awarded the construction contract worth over Rs 500 crore to the Australian CIMIC Group's construction company, Leighton Asia, for its newly launched commercial mall, Elan Imperial." Located in Sector 82 in Gurugram, this mixed-use project includes a luxury retail mall, a five-star hotel and branded residences. Leighton is set to begin construction in November 2024. In August last year, Leighton was awarded with Rs 1,000 crore contract to construct Elan Group's flagship residential development, Elan The Presidential' in Sector 106, Gurugram. Rakesh Kapoor, Chairman, Elan Group, said the company has partnered again with Leighton. "With Elan Imperial, we aim to create a truly extraordinary destination for shopping, dining and leisure. This luxury mall will be the first of its kind in Gurugram, seamlessly integrating

Retail leasing in India surged to a five-year high in the first half of 2024, reaching 3.1 million square feet across eight cities

Technology helps them in knowing footfall and where visitors are flocking to

Malls witnessed higher footfall, and this translated into increased visitors to other entertainment zones like gaming arcades, clubs, etc

Major Indian developers for retail malls indicated that rising demand, tight vacancies, investments, and buyer inclination, are among the significant reasons behind the robust growth

Most malls that opened in 2023 had commitments even before they became operational, and were occupied soon after their opening

High interest from investors, along with comfortable balance sheets, is expected to keep credit risk profiles of mall owners stable, says Crisil

Prestige Group currently operates four malls in Bengaluru and Kochi, it plans to develop eight more malls across various stages in cities such as Chennai and Hyderabad

According to the Retailers Association of India, sales in July increased by 9 per cent compared to last year

The high revenue growth has largely been predicted due to increasing mall supply in next six years, sustenance of rising consumption demand

Rental income of retail malls is expected to increase by 30 per cent in this financial year compared to the last year mainly driven by pent-up demand, vaccination cover and resumption of multiplexes

Justice P V Kunhikrishnan, while hearing a plea that the mall was illegally collecting parking fees from customers, however, did not ask the mall to stop the collection

The proceeds will be used to fund the acquisition of Viviana Mall in Thane on Mumbai's outskirts, said a source in the know

Currently, it has 6.9 million (mn) sq. ft of malls in cities such as Mumbai, Pune, and Beng­aluru, among others

But only fully vaccinated to be allowed in malls; Cinema halls, auditoriums and places of worship remain shut

DLF, the country's largest listed developer, has also taken a similar stand.