India’s shopping mall stock is projected to grow by 51.1 million sq. ft. over the next five years, reaching 143.2 million sq. ft. by the end of 2031, as developers respond to rising consumer demand and the expansion of international and domestic retail brands, according to a report by JLL.
Titled Indian Retail 2031: Towards a Future-Ready Ecosystem, the report points to a shift towards large-format malls that offer a mix of shopping, entertainment, dining and other lifestyle services. These developments are expected to account for 28.7 million sq. ft., or 56% of the upcoming mall supply.
India’s retail real estate market recorded gross leasing volumes of 6.3 million sq. ft. in the first half of 2026 (H1 2026). As of June 2026, the total shopping mall stock across the country’s top seven cities stood at 92.1 million sq. ft., with a vacancy rate of 11.2%.
Saket Amrit, Head of Retail Services, India, at JLL, said the planned expansion reflects changing consumer preferences and a growing emphasis on experiential retail. Nearly one-third of the space in upcoming large-format malls will be dedicated to entertainment, food and beverage (F&B), and services, moving beyond traditional shopping-led formats.
Large-format malls to prioritise experiences
Of the 51.1 million sq. ft. of upcoming mall supply, large-format developments will account for approximately 28.7 million sq. ft. These malls are expected to focus on design, technology and a broader mix of retail and leisure offerings to attract shoppers.
According to JLL, around 30-35% of their space will be allocated to entertainment, F&B and services, translating into nearly 9-10 million sq. ft. across these categories. The shift reflects the growing role of malls as lifestyle destinations rather than spaces dedicated primarily to shopping.
The next five years are also expected to see the development of next-generation neighbourhood malls. Although these projects will account for only 15% of the upcoming supply, their pipeline is estimated at 7.9 million sq. ft.
Developers are increasingly focusing on residential catchments, with neighbourhood malls seeking to offer a more organised shopping and leisure experience closer to home.
Top developers to increase market share
The report also points to greater consolidation in India’s organised retail real estate market. The country’s top three listed developers accounted for around 14% of operational retail stock in Tier I markets in H1 2026. Their share could rise to approximately 21% by the end of 2031, based on estimates drawn from publicly available developer data for April-June 2026.
The top 10 developers are projected to control 44% of the country’s total shopping mall stock by 2031. The rising share of large developers reflects the growing importance of organised, high-quality retail assets as demand for modern shopping destinations expands.
Delhi NCR and Hyderabad to lead new supply
Delhi NCR and Hyderabad are expected to account for more than half of the upcoming retail supply, according to JLL.
Delhi NCR had the largest operational mall stock among the top seven cities in H1 2026, at 29 million sq. ft. Mumbai followed with 15.1 million sq. ft., while Bengaluru recorded 14.4 million sq. ft.
By 2031, mall stock in Delhi NCR is projected to reach 48.6 million sq. ft. Bengaluru’s stock is expected to grow to 22 million sq. ft., while Mumbai’s is projected to reach 21.6 million sq. ft. These estimates are based on the current visibility of projects under construction and in the planning stages.
The report also estimates incremental demand for retail space in the pipeline under construction at 45.9 million sq. ft., highlighting the scale of anticipated demand for organised retail real estate.
With developers planning substantial additions to mall stock, the coming years are expected to bring a broader range of shopping and leisure destinations, alongside increased concentration of retail assets among major developers.
