According to Crisil Research new report, a huge oversupply in Indian retail real estate sector is forcing developers to turn their shopping mall projects into houses.
Highlights of Crisil Research Report..!
# Nearly 9.6 Crore sq. ft of retail space is expected to be added by 2013 in the top 10 cities in India, while demand will be only for 3.4 Crore sq. ft.
# This will create a significant demandsupply mismatch, arresting the rise in rentals. Bangalorebased , RMZ Corporation has recently converted its 11 lakh sq. ft shopping mall plan into residential cum- otel project. The firm had earlier tried to reduce the size of the shopping mall to 5 Lakh sq. ft and add a new office space component.
# Several Indian real estate developers are seeking to convert their shopping malls into mixed use/residential projects.
# Some micro markets in Bangalore will see an over supply of 168%, Hyderabad , on the other hand, from a present shortfall of 66% is headed for an oversupply that could go as high as 322% in 2014. The Mumbai Metropolitan Region will see an oversupply of 58% with Pune at 128%.
# Because of the expected oversupply , a number of big shopping mall projects, like Atul Ruia’s Pheonix Market City mall, Sobha Developers’ Global mall, RMZ Corporation’s Galleria in Bangalore, Parsvanath’s Metro mall in Delhi and Lanco’s mall projects, are either being redesigned or shelved. Delhi-based builder Parsvnath has shelved five retail projects due to fund crunch.
# Pheonix Mills, Omaxe, Entertainment World Developers , Salarpuria, IVRCL & Goel Ganga Group are reconsidering their mall projects in Hyderabad, Bangalore and Pune.
# Sobha Developers has included a residential component in its maiden shopping mall project , which it is jointly developing with Davnam Constructions. The mall was earlier expected to have an ice skating rink, amusement park, hotel and a commercial tower as well.
Highlights of Crisil Research Report..!
# Nearly 9.6 Crore sq. ft of retail space is expected to be added by 2013 in the top 10 cities in India, while demand will be only for 3.4 Crore sq. ft.
# This will create a significant demandsupply mismatch, arresting the rise in rentals. Bangalorebased , RMZ Corporation has recently converted its 11 lakh sq. ft shopping mall plan into residential cum- otel project. The firm had earlier tried to reduce the size of the shopping mall to 5 Lakh sq. ft and add a new office space component.
# Several Indian real estate developers are seeking to convert their shopping malls into mixed use/residential projects.
# Some micro markets in Bangalore will see an over supply of 168%, Hyderabad , on the other hand, from a present shortfall of 66% is headed for an oversupply that could go as high as 322% in 2014. The Mumbai Metropolitan Region will see an oversupply of 58% with Pune at 128%.
# Because of the expected oversupply , a number of big shopping mall projects, like Atul Ruia’s Pheonix Market City mall, Sobha Developers’ Global mall, RMZ Corporation’s Galleria in Bangalore, Parsvanath’s Metro mall in Delhi and Lanco’s mall projects, are either being redesigned or shelved. Delhi-based builder Parsvnath has shelved five retail projects due to fund crunch.
# Pheonix Mills, Omaxe, Entertainment World Developers , Salarpuria, IVRCL & Goel Ganga Group are reconsidering their mall projects in Hyderabad, Bangalore and Pune.
# Sobha Developers has included a residential component in its maiden shopping mall project , which it is jointly developing with Davnam Constructions. The mall was earlier expected to have an ice skating rink, amusement park, hotel and a commercial tower as well.
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