HYDERABAD: Hyderabad is all set to get eight new malls in the next two years as realtors see a bright future for a business in multiplexes along with retail space in the coming days.Though construction of the new malls was supposed to commence earlier, the first and second waves of Covid-19 delayed the process.
According to realtors, the city which already has 12 malls will have a total of 20 malls once the new ones are opened by 2023. Almost all the malls will be having both retail space and multiplexes for movie screenings.
Out of eight malls, three are being constructed in Dilsukhnagar and the remaining in LB Nagar, Sagar Road, BHEL, AS Rao Nagar and Attapur. It requires a minimum of 4,000 sq. yards for building a mall that can accommodate retail stores, food courts, multiplex and other required facilities.
At present, there are 12 malls in the city including GVK One, Hyderabad Central, GSM, Inorbit Mall, Sharath City Capital, L&T malls, Manjeera and Forum Sujana. On the other hand, mall leasing activity has been sluggish in Hyderabad since Covid-19 as the footfalls have dropped and the business has been impacted adversely.
As per the report by Anarock Property Consultants, approximately 4.5 million sq. ft. of new supply in malls is planned for 2021. This new supply will be spread across Tier I and Tier II cities in the country, with Tier I cities accounting for around 90 per cent of the space. Approximately, 85 per cent of the upcoming malls are likely to be added in Tier I cities.
Kalishetti Naidu, a retail space expert says that choices of shoppers are different and people always prefer to shop in malls. “Retail space is vibrant and we hope the upcoming Dasara festival will improve business prospects,” he adds.
At present, there are 12 malls in the city including GVK One, Hyderabad Central, GSM, Inorbit Mall, Sharath City Capital, L&T malls, Manjeera and Forum Sujana. Mall leasing activity has been sluggish in Hyderabad since the outbreak of Covid-19 as the footfalls have dropped and the business has been impacted adversely. Though construction of the new malls was supposed to commence earlier, Covid-19 delayed the process