India has witnessed more than 60 percent year-on-year decrease in supply of new retail space in 2012, due to slowdown in economy and delay in executing retail projects by the developers, according to a DTZ research report.
The three cities with a decline in supply of retail space for malls are Pune with 87 percent drop, Mumbai at 72 percent and Delhi NCR at 70 percent, Live Mint reported.
According to the report, however, the total availability of mall space, including the old and new space, at the seven major cities of India surged by 5 percent to 66 million square feet in 2012.
Several major cities including New Delhi and the National Capital Region (NCR) observed an increase in availability of space for opening up new malls, since many of the retailers closed down their low performing stores, the report stated.
DTZ , a UGL company, covers market trends on real estate and the company publishes over 100 reports each quarter on a wide range of markets worldwide.