Large-Format Malls To Dominate India’s Retail Development Pipeline As Developers Plan 51.1 Million Sq. Ft. Expansion By 2031: JLL
Mumbai: Indian real estate developers are set to add nearly 51.1 million sq. ft. of new shopping mall space over the next five years, propelling the total shopping mall stock to 143.2 million sq. ft. by the end of 2031 according to JLL report titled “ Indian Retail 2031: Towards a future-ready ecosystem .” This significant expansion comes in response to surging consumer demand, a strong influx of…
Mumbai: Indian real estate developers are set to expand shopping mall space by nearly 51.1 million square feet in the next five years, according to a JLL report titled "Indian Retail 2031: Towards a Future-Ready Ecosystem." This growth is driven by increasing consumer demand, the entry of international and domestic brands, and the demand for high-quality retail spaces.
In the first half of 2026, India recorded 6.3 million square feet of gross leasing volumes, with the retail stock reaching 92.1 million square feet in the top seven cities by June 2026. The vacancy rate stands at 11.2%. The retail sector is entering a new growth phase with large-format, experiential destinations accounting for 56% of upcoming supply.
These malls will be designed to cater to experiential and destination needs, with approximately 28.7 million square feet of large-format malls poised to become powerful commercial engines. The next five years will also see the emergence of next-generation neighborhood malls, comprising around 7.9 million square feet, which will redefine shopping complex and plaza stories in India.
Major listed developers currently own 14% of operational retail stock in Tier 1 markets and may expand their share to 21% by 2031.
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