India retail and logistics sectors projected for significant space expansion

India is poised for substantial growth in its retail and logistics real estate markets. According to a JLL report, developers plan to add 51.1 million square feet of shopping mall space by 2031, bringing the total stock in the top seven cities to 143.2 million square feet. Large-format malls are expected to comprise 56% of this new supply, with Delhi NCR and Hyderabad projected to account for more than half of the planned additions.

Simultaneously, the quick commerce sector is driving demand for urban logistics. A CBRE report indicates that India will require approximately 75 million square feet of logistics space by 2030 to support rapid delivery services. This includes 42 million square feet for urban dark stores and 33 million square feet for large mother hubs located on city outskirts. The number of dark stores is expected to rise from current levels to over 12,000 by 2030, as operators expand from major metros into cities like Jaipur, Lucknow, and Surat to manage costs.