In two years, India will have 31 new shopping malls, with Chennai seeing the largest increase

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On the strength of a solid recovery in the retail sector, up to 31 new shopping malls might be open by the end of the year, according to Anarock.

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A total of 15 new malls will open this year, distributed across 12 locations, while another 16 malls will open in 2023.

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According to real estate expert Anarock, new retail space in malls is anticipated to grow by 76% on an annual basis this year.

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According to a statement from Anarock, "Retail real estate is making a robust return," with roughly 10.15 million square feet of brand-new mall supply scheduled to arrive in Tier 1, 2 and 3 cities in 2022 and another 7.25 million square feet in 2023.

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5.76 million square feet of brand-new retail space joined the market in 2021.

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This year, Chennai will have the biggest supply, with four new malls totaling 2.55 million square feet.

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Ahmedabad, Bengaluru, Hyderabad, Mumbai, Pune, and Ghaziabad in NCR are other Tier 1 cities with new mall supply, totaling 5.10 million square feet.

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Baroda, Budaun, Indore, Nagpur, and Udaipur are among the Tier 2 and Tier 3 cities, having a combined size of around 2.50 million square feet.

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Baroda, Budaun, Indore, Nagpur, and Udaipur are among the Tier 2 and Tier 3 cities, having a combined size of around 2.50 million square feet.

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