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India’s Large Malls Set to Drive Retail Expansion Through 2031
A report says India may build many more shopping malls by 2031.
About 51.1 million square feet of new mall space could be added.
This would raise the country’s total mall space to 143.2 million square feet.
Developers expect shoppers and brands to create strong demand for these malls.
More than half of the new space may be in very large malls.
Delhi NCR and Hyderabad are expected to receive much of this new supply.
These malls will include entertainment, restaurants, and services, not just shops.
Smaller neighborhood malls will also grow, but they will make up a smaller share of the new space.
Indian developers are expected to add 51.1 million sq. ft. of mall space by 2031, taking total stock to 143.2 million sq. ft.
India’s retail stock stood at 92.1 million sq. ft. across seven major cities, with 11.2% vacancy as of June 2026.
Large-format malls are expected to account for 56% of upcoming supply, with more than half planned for Delhi NCR and Hyderabad.
Nearly one-third of future supply will be allocated to entertainment, food and beverage, and services.
The top 10 developers could control 44% of shopping mall stock by 2031, while the top three listed developers’ share may rise to 21% in Tier 1 markets.
- Who
- Indian real estate developers, with projections from Jones Lang LaSalle.
- What
- A projected 51.1 million sq. ft. expansion of India’s shopping mall stock by 2031.
- Where
- India, particularly Delhi NCR, Hyderabad, and the other six major cities included in the report.
- When
- The projections cover the period through the end of 2031; current stock and leasing data are reported for June and the first half of 2026.
- Why
- The expansion is attributed to rising consumer demand, international brand arrivals, and domestic brand expansion.
Key facts
- Projected new mall space
- 51.1 million sq. ft. by 2031
- Projected total mall stock
- 143.2 million sq. ft. by the end of 2031
- Current retail stock
- 92.1 million sq. ft. across India’s top seven cities as of June 2026
- Current vacancy rate
- 11.2% as of June 2026
- First-half 2026 leasing
- 6.3 million sq. ft. in gross leasing volume
- Large-format mall share
- Approximately 56% of upcoming supply
- Neighbourhood mall share
- Approximately 15%, or 7.9 million sq. ft., of upcoming supply
Quotes
Saket Amrit
Head of Retail Services, India, at JLL
“The shift toward large-format, experiential destinations signals a fundamental transformation in how consumers engage and how consumption patterns are evolving with changing generational preferences”
thehansindia.com
Sources
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