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Jul, 07 2018

Market analyst predicts 13 new malls to come up In NCR

The new malls will take the number of such shopping facilities in Noida, Ghaziabad, Greater Noida and Gurgaon to 58 in total. While Greater Noida will see four new malls.

At least 13 malls are likely to come up across NCR over the next five years, an Anarock research has found, buoyed by a 6% rise in shopping activity between 2016 and 2017.

The new malls will take the number of such shopping facilities in Noida, Ghaziabad, Greater Noida and Gurgaon to 58 in total. While Greater Noida will see four new malls — IDI mart, Galaxy Diamond Plaza, SBTL RST Galleria and Imperia Bandhan — Gurugram will see five — Spaze Tristaar, Orris Market City, JMS Marine Square, SVH 83 Metro Street, Aipl Joy Square and Satya The Hive. One new mall will come up Noida, ATS Kinghood Drive, while two new shopping plazas will be set up in Ghaziabad — Vihaan Shopping Plaza and KW Delhi 6.

Anuj Kejriwal, the MD and CEO of Anarock Retail, attributed the need for more malls to a sudden spurt in investments by shoppers. “The overall share of funding for the retail sector has grown from a mere 5-6% in 2016 to nearly 11% in 2017. Investors are showing confidence by beginning to make long-term commitments.”

“Recent data indicate Delhi-NCR has been one of the most active markets as far as retail activity is concerned. Leasing activity, too, has been the highest in NCR markets in the first quarter of 2018,” he added.

According to Anarock, Delhi-NCR will see the highest growth in the number of shoppers visiting malls, followed by, Mumbai, Chennai, Bengaluru and Pune.

Asked how malls have been witnessing a spurt in the number of shoppers at a time e-commerce is expanding rapidly, Subhranghshu Pani, managing director, retail services, JLL, said, “Besides existing brands, this new spurt in retail will see online brands converting to brick and mortar stores.”

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