Hyderabad: Hyderabad, which is witnessing an all-round growth in real estate-across office, residential and retail is now expected to have 12 new malls with over 4 mn-sq-ft area by the end of 2022, according to Anarock Retail, a real-estate consultancy and research company.
The city has attracted private equity (PE) inflows of $200 million (over Rs 1,400 crore) into the retail segment in 2019 alone. Not only high-street stores are being set up by international retail giants here, these new malls coming up are the examples of city’s ongoing commercial growth and recent uptake of office space by multi-nationals and national firms. Hyderabad city is also expected to see good growth in residential and retail segments.
Sharing what is driving this growth, Anuj Kejriwal, MD & CEO, Anarock Retail, told ‘Telangana Today’, “Given the micro-markets where these malls are coming up, there is an inherent demand from people residing in and around the areas. Most people prefer to live in self-sustained localities with adequate social infrastructure facilities including malls because they wouldn’t want to travel long distances for entertainment or shopping purpose. Moreover, malls are no longer limited to shopping centres but rather are complete entertainment hubs for the discerning consumers.”
Advertisements
“In terms of real estate, the existence of a mall helps in enhancing the social infrastructure facade of the concerned locality. In fact, many developers leverage on the presence of a mall in the locality which often becomes a part of their marketing game plan to attract home buyers. Value of residential properties close to the mall also see decent appreciation, especially if the mall witnesses innumerable footfalls and does good business,” he added.
National trend
Pan India, a total of 100 new malls spanning over 49 mn-sq-ft are scheduled to come up across the country by 2022 end. Mumbai Metropolitan Region (MMR) tops out with 18 new malls spanning 7.8 mn-sq-ft while National Capital Region (NCR) comes next with 13 new malls spread over 7.5 mn-sq-ft. Bengaluru and Chennai will see an infusion of 10 and nine malls respectively, together accounting for 10.8 mn-sq-ft, while Pune and Kolkata will see four and three new malls added respectively.
Of the total new mall supply, the top seven cities alone will see 69 new malls spread over 35.5 mn-sq-ft area. The remaining 31 malls over 13.5 mn-sq-ft will come up in Tier II and Tier III cities such as Ahmedabad, Lucknow, Indore, Surat and Nagpur. Kejriwal added, the retail sector nationally drew over $2.8 billion PE inflows from 2015 to 2019 end, with 59 per cent by foreign investors alone.
Advertisements