Here are some facts emerging on frentic pace at which new mall construction is taking place across the country, particularly in smaller tier II and tier III towns. According to summary of Knight Frank Research report as published by DNA Money:
- 361 new malls are under construction in diffent cities and towns; 227 of which are being constructed in top seven cities, while the balance 134 are being constructed in 50 small tier II and tier III towns.
- All the malls are expected to be completed by 2008.
- Total new space under construction: 117.4 mn. sq. ft.; 76 mn. sq. ft. or 65% of the total would be in top seven cities and the balance 117.4 sq. ft. or 35% of the total would be in 50 small tier II and tier III towns.
- NCR (National Capital Region) would account for 22% of the total new space, while Mumbai will contribute 15%. The balance 28% of the total would come up in rest of the seven top cities.
- Distribution of new space in smaller towns is going to be quite lopsided: North region would take lion’s share of 52% with West region accounting for 26% of the new space. Soth region and East region would account for 16% and 6% only.
Reacting to spreading of mall culture to smaller towns, Arvind K Singhal, Chairman of management consultancy Technopack, said:
“Till now, lack of planning has marred Indian cities – they just haven’t been able to fulfill the growing demands of a rising economy and population. Naturally malls are popping up all over to fulfill these demands.”