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| Mr. Ramesh Nair |
by Mr. Ramesh Nair
India's commercial capital Mumbai’s retail real estate sector looks buoyant in 2012. We will see some of the city’s older malls being repositioned, refurbished and re tenanted.
Vacancy levels will increase in several poorly designed & unfavorably located malls.
Interestingly, the redevelopment of several old residential societies in the Mumbai city will give rise to an unexpected availability of more high street retail space. More store within store formats, drive through lanes & pick up zones will be implemented in 2012.
Island city Mumbai’s retail space landlords are taking a progressive view of the sector’s future. They have already begun to express greater willingness to opt for a revenue-sharing arrangement, rather than insisting on pure rental based deals. Despite the political reverberations, we expect FDI (Foreign Direct Investment) in multi-brand retail to be officially allowed in the second half.
About the author.
Mr. Ramesh Nair is Managing Director (West) in Jones Lang Laslle India
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