Retail Real Estate Boom: 450 Lakh Sq Ft Space by 2028 Across Major Indian Cities

Nearly 90 retail real estate properties, accounting for about 450 lakh square feet, are projected by 2028 in seven major Indian cities, driven by rising demand for quality assets from retailers, as reported by JLL India.

PTI | New Delhi | Updated: 03-06-2024 16:09 IST | Created: 03-06-2024 16:09 IST
Retail Real Estate Boom: 450 Lakh Sq Ft Space by 2028 Across Major Indian Cities
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India's retail real estate sector is set for a significant expansion with nearly 90 properties, spanning around 450 lakh square feet, expected to come up by 2028 across seven major cities. Builders are optimistic about a surge in demand for premium assets from retailers, noted JLL India.

According to real estate consultant JLL India, there will be 12 sizable projects each covering at least 10 lakh square feet. Notably, Delhi-NCR is poised to witness the emergence of two retail centers exceeding 25 lakh square feet each within the next five years.

JLL India anticipates the period from Q2 2024 to the end of 2028 to witness an unprecedented surge in organized retail space completions. The nation's top seven cities, including Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Pune, Kolkata, and Chennai, will introduce approximately 45 million (450 lakh) square feet through 88 new retail developments, outstripping the past decade's supply of about 38 million (380 lakh) square feet.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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