Organised retail space in Mumbai is expected to grow by around 130%, from 8.72 million sq ft at present to 20 million sq ft by 2012, according to a report by independent property consultant Knight Frank India. The report, India Organised Retail Market 2010, forecasts that during 2010-12, around 55 million sqft of retail space will be ready in Mumbai, NCR, Bangalore, Kolkata, Chennai, Hyderabad and Pune. Besides, between 2010 and 2012, the organised retail real estate stock will grow from the existing 41 million sqft to 95 million sqft.
In Mumbai, 6.4 mn sqft of retail space will be available by the end of 2010 and about 4.7 mn sqft will be completed over the next two years.
Rituraj Verma, national director, retail agency, Knight Frank India, said: ?This is the first report that ties consumption with availability of retail space. Interpreting it in the right way will enable both developers and retailers to move towards profitable growth.?
?Opportunities are huge in the micro markets of the island city (Nariman Point to Dadar) and the western suburbs (from Bandra to Bhayander) and developers must focus on projects in these stretches of the city as there is an undersupply of organised retail space,? said Samantak Das, national head (research), Knight Frank India.
?Our research has undertaken an extensive survey of all major operational and upcoming malls and two prominent high streets in each of these seven cities. For Chennai market, approximately 7.49 million sqft of organised retail space is expected to come up during the next three years,? said Das.