Nearly 8 MSF (million square foot) of mall supply is expected to commence operations across the country. Over a third of the inventory is anticipated to be in superior category malls and nearly half is likely to be in Hyderabad, says real estate services firm Cushman & Wakefield in its Q1-2024 Retail Marketbeat Report.
In January-March quarter (Q1) of 2024, main street leasing touched close to 4.91 lakh square feet in Hyderabad. This leasing volume represents a 45 per cent growth compared to the previous quarter, while it aligns closely with the level recorded in Q1 of 2023, the report said. While main street locations have witnessed a slight uptick in rentals from previous quarters, prominent locations like Banjara Hills, Nallagandla and Kokapet and other prominent main street locations have seen a 15-25 per cent average growth in rentals over the last few quarters, driven by robust demand.
Encapsulating key highlights from the first quarter of the year, as well as the outlook for India’s retail sector in 2024, the report further reveals that the vacancy rate of Grade-A malls across many cities especially in Delhi-NCR, Pune and Chennai, witnessed a notable decline in the first quarter.
