Summary:

According to a JLL India analysis, smaller cities, notably Tier II and Tier III locations, are expected to receive 25 million square feet of additional retail space by 2029. Rising consumer demand, land availability, and a previous lack of high-quality retail options have all contributed to this growth. Mr. Samantak Das, Chief Economist at JLL, stated that North Indian Tier-II and Tier-III towns such as Ludhiana, Jaipur, and Lucknow will account for 44% of this supply, while southern India is predicted to contribute 30%.

Leading developers in Western India are initiating large-scale, high-quality retail developments in emerging cities such as Goa, Surat, and Ahmedabad. Mr. Rahul Arora, Head of Retail Services at JLL India, noted that real estate developers are increasing their investments in Tier II and Tier III cities. Twelve of these cities account for nearly 30% of institutionally owned retail properties, demonstrating lower land costs and rising consumer demand. Key cities include Amritsar, Ludhiana, Udaipur, Mysuru, and Indore.

Source: IBEF 

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