Organised retail real estate stock may rise 28% to 82 million sq ft by 2023: Report

NEW DELHI: Organised retail real estate stock is expected to rise 28 per cent to 82 million square feet by 2023 across six major cities, according to CBRE.

In its report titled ‘India Retail Reboot 2021’, CBRE South Asia said India’s organised retail stock has reached 64.3 million sq ft as of H1 2021 and is expected to cross 82 million square feet by 2023.

Delhi and Bengaluru are leading the sectors’ growth with the expected addition of over 5 million square feet each to the overall organised retail stock.

Hyderabad is expected to add over 3 million square feet.

Anshuman Magazine, Chairman, India & South-East Asia, Middle East & Africa, CBRE, said, “The overall outlook for the Indian retail real estate market continues to be positive at the back of an accelerated vaccination drive, policy reforms, and increasing urbanisation”.

“Moreover, with more investors looking at REITs and fractional ownership for the commercial segment, the sector is embarked on a growth trajectory,” he added.