It'll rain malls in India this year: 7.8 mn sq ft space under construction

Experts say it is the booming retail sector and evolving shopping scenario in Tier-II and -III cities that is driving new supply

Call it the impact of rising consumption at brick-and-mortar stores or private equity pouring in, it is going to rain malls in India this year: an estimated 7.8 million sq ft of space has been procured to construct them -- the most since 2011, and 40 per cent higher than 2017, according to property consultancy JLL.

JLL said the next three years could see around 20 million sq ft of mall space hitting the market as all the big developers such as DLF, Prestige, Brigade Phoenix Mills, L&T, Nitesh Estates and a host of regional and local developers are building