India's retail mall sector set for major expansion through 2031

India's retail real estate sector is entering a robust growth phase, driven by large-format malls catering to evolving consumer preferences and urbanisation trends. Property consultancy JLL projects that developers will introduce 51.1 million square feet of new shopping mall inventory over the next five years, substantially expanding the country's retail infrastructure.

This development will bring India's cumulative mall stock to 143.2 million square feet by the end of the decade. The growth underscores strong investor confidence in India's retail fundamentals, supported by rising disposable incomes, organised retail penetration, and the emergence of tier-two and tier-three cities as consumption hubs.

Large-format malls are becoming the preferred format for both retailers and developers, offering better tenant mix, operational efficiency, and enhanced customer experience compared to smaller shopping centres. The expansion is expected to be geographically diverse, with major contributions from metropolitan areas and secondary cities experiencing rapid economic growth.

The retail expansion aligns with India's broader economic trajectory and the structural shift towards organised retail in the country. Analysts believe the sector will continue to attract both domestic and international capital, driving employment generation and contributing to urban retail modernisation across the region.