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Today Date : Tuesday, April 16, 2024

Mall stock in Chennai recorded at 7.5mnsq ft, 8.7% of India’s total Mall stock as of H1 2022: Knight

Mall stock in Chennai recorded at 7.5mnsq ft, 8.7% of India’s total Mall stock as of H1 2022: Knight

Chennai has recorded 7.5mnsq ft of gross leasable area (GLA) as of H1 2022 making up ~8.7% of the country’s total mall stock. India recorded 92.9 mnsq ft of GLA as of H1 2022 spread across 271 operational malls, according to Knight Frank India, the leading international property consultant in India, in its latest report ‘Think India, Think Retail 2022 – Reinventing Indian Shopping.

 Of the total stock, estimated 15.5 mnsq ft of GLA was added since December 2019 across 16 new malls in India.Grade A malls in Chennai comprised a maximum share of 39% of the total mall stock in the city with 2.9 mnsq ft as of H1 2022. Grade B and C malls comprises a share of 36% (2.7 mnsq ft) and 25% (1.9mnsq ft) of the total mall stock respectively. Shishir Baijal, Chairman & Managing Director at Knight Frank India said, “The retail real estate sector has reached a new level of maturity where smaller sized and lower grade developments are giving way to Grade A malls. 

The existing Grade A malls have over 95% occupancy which is indicative of the demand for quality real estate in this segment.”