Retail market fell in recent months
The supply of retail space in shopping malls fell by 80 percent during the first half of this year to nearly 0.3 million sq ft in seven major cities as projects have been delayed, property consultant CBRE said today. Rentals of retail space in these seven cities showed a mixed trend, according to CBRE’s India Retail Market View report for H1 2014 on the status of organized retail real estate spaces in the country’s leading cities.
These seven cities are Delhi-NCR, Mumbai, Chennai, Kolkata, Bangalore, Hyderabad and Pune. H1 2014 has witnessed more than 80 percent drop in organized retail real estate supply over H1 2013.
At nearly around 0.3 million sq ft, new mall supply addition remained sluggish during the first half of 2014, dropping by more than 80 percent over the same period last year as stated by CBRE. All the major retail projects that are lined up for completion during the first half of 2014 were either deferred to the second half of the year or to first half of 2015, the consultant noted.
The retail supply market has gone down in these few months but it will probably upsurge in the upcoming months.
Source: The Economic Times
