A report issued by Anarok said on Monday, that Indian cities severely affected by the outbreak of the Covid-19 virus witnessed the addition of only five new shopping centers in 2020, compared to the 54 centers expected before the Coronavirus hit the country.
Among the cities that have added new shopping center offerings are Gurugram, Delhi, Lucknow, and Bengaluru. He said the offer was much lower than previously expected.
Anuj Kejriwal, CEO and CEO of Anarock Retail, said.
From this, the 7 Named Cities will see a new supply of approximately 35 malls spread over approximately 14.6 million square feet, while the Tier 2 and Tier 3 cities will see a new supply from 19 new malls over an area of more than 7.6 million square feet. Square feet, he said.
“COVID-19 has added a lot of pressure on the Indian retail sector, which is already meticulously prepared. The supply of new malls has been severely affected this year and will most of them continue until 2021 and beyond. The new completion has been postponed and the leasing activity has been delayed,” said Kejriwal.
According to the report, the latest data indicates that 14 new malls spread across 5.9 million square feet will be operational by the end of 2021 in Indian cities, with at least 10 of them undergoing renovation work.
Among the cities that will see the largest number of new exhibits in 2021 is Mumbai, with a potential supply of at least six new malls, followed by Bengaluru, Lucknow, Hyderabad, Thiruvananthapuram, and Rourkela (Odisha).