MMR i.e. the Mumbai Metropolitan Region is one of the major retail hubs in India and thus the brands are always keen to acquire space here. According to a report, builders are planning to develop malls in this region as the demand for retail space is increasing hugely.
The report by a leading real estate company says that approximately 13.6 mn sqft. of new mall space is likely to be developed in the entire MMR by 2022.
Out of this, the Mumbai city will have 82% and Navi Mumbai will have 17% space sharing respectively. The next retail hubs in MMR are Andheri, Bandra, Worli and Borivali as the malls here are likely to be developed between 1 lakh sqft. to 6 lakh sqft.
The average monthly rent in the Mumbai Metropolitan region is nearly Rs. 140 per sqft and the Mall vacancy demand has escalated from 12.60% in 2017 to 16% in 2018. The Mumbai’s high-street shopping experience is likely to get a makeover as the high street market areas like Andheri-Kurla Road, Pali Hills, Bandra West, Kala Ghoda and Powai are now attracting to mall culture and is clearly seen with the launch of various fine-dining restaurants.
However, the MMR is lagging behind the NCR market where the Mall vacancy stood at 18.2% in 2018 with an average monthly rent of approximately Rs.137/sqft.