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Mumbai to add 70 lac sq ft of retail space this year
Posted On: 15-05-2008 09:25:29 AM

With 15 new malls coming up, retail space in Mumbai is set to double by the end of 2008. The city today has 65 lac sq ft of retail space, about 60 percent of it in the suburbs. The supply expected is 70 lac sq ft by the end of 2008 as per Jones Lang LaSalle Meghraj. Among the 15 new malls coming up, some of those from well-known groups are the Inorbit mall to be spread over 6.5 lac sq ft in Vashi, the Oberoi Mall spread over 5 lac sq ft in Goregaon and High Street Phoenix Phase III spread over 3.5 lac sq ft in Parel. The average rental value across prime malls in the first four months of 2008 was stable at Rs 350 per sq ft per month. Prime retail space of 3.67 lac sq ft was sold in this period, but vacancy level rose to 11.99 percent as compared to 10.94 percent last year. While successful malls have vacancies as low as 1 to 2 percent others have a vacancy of as high as 50 percent.

 
 
 

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