Relisting some of the most talked about mall launches of the year.
New Delhi: India’s retail sector showed strong growth and resilience in 2024. According to a report by CBRE, the first nine months of the year saw an estimated 4.5 million sq. ft. of retail space absorbed. Mid-range and value fashion brands mainly contributed to this growth, while luxury and direct-to-consumer (D2C) brands also saw continued success.
The retail supply forecast 2024 was around 5–6 million sq. ft. in tier-I cities, with Grade A mall supply expected to reach approximately 1–1.5 million sq. ft. Retailers focused on integrating community spaces and smart technologies, offering shoppers more engaging experiences.
2024’s Top Mall Launches
Several new malls have opened across India, adding to the retail landscape. These developments reflect the growing demand for shopping, entertainment, and dining options.
HiLITE Mall – Thrissur
Developer: HiLITE Group
Launch: December 2024
Size: 7.4 lakh sq. ft. (4 lakh sq. ft. leasable area)
HiLITE Group’s newest mall in Thrissur is strategically located between NH 47 and SH 22, serving as a significant addition to Kerala’s commercial hub. This marks the group’s expansion beyond Kozhikode, where it operates HiLITE Mall and Focus Mall.
PRM Centre Point Mall – Malda
Developer: PRM Begraj Group
Launch: December 2024
Size: 2.2 lakh sq. ft.
Located on NH 12 in West Bengal’s Malda district, this mall will serve as a regional shopping centre, catering to nearby areas like Raiganj, Balurghat, and towns in Jharkhand and Bihar. PRM Begraj Group is a prominent real estate player in Northeast India.
Lulu Mall – Kottayam
Developer: Lulu Group
Launch: December 2024
Size: 2.5 lakh sq. ft.
Lulu Group’s latest neighbourhood mall brings top national and international brands to Kottayam. Key anchor stores include Lulu Hypermarket, Lulu Fashion Store, Lulu Connect, and Funtura, marking Lulu’s 10th presence in India.
M5 Ecity Mall – Bengaluru
Developer: Mahendra Homes Pvt. Ltd.
Launch Date: October 2024
Size: 6.8 lakh sq. ft.
The first integrated shopping centre in Electronic City Phase II, this mall features five levels of retail space with over 150 brands spanning fashion, lifestyle, beauty, and electronics.
Lulu Mall – Kozhikode
Developer: Lulu Group
Launch Date: October 2024
Size: Spread across three floors
This new mall features a 1.5 lakh sq. ft. Lulu Hypermarket and over 50 premium brands, a multi-cuisine food court, and family entertainment options. Lulu Group continues to modernise retail in Kerala.
Langval Mall – Thanjavur
Developer: Langval Group
Launch Date: August 2024
Size: 2.5 lakh sq. ft.
Thanjavur’s first modern mall brings organised retail to the historic city. Located near the New Bus Stand Road, the mall combines contemporary shopping with local charm.
Mall of Dehradun
Developer: Pacific Development Corporation Ltd.
Launch Date: June 2024
Size: 7 lakh sq. ft.
The largest mall in Uttarakhand, located on Haridwar Road, marks Pacific Group’s continued expansion in North India. It offers a comprehensive retail and lifestyle experience for shoppers.
Omaxe Chowk – Old Delhi
Developer: Omaxe Group
Launch Date: March 2024
Size: 1.11 million sq. ft. (4.5 acres)
Located in the heart of Chandni Chowk, Omaxe Chowk features India’s largest food court, Dawatpur, and a dedicated 70,000 sq. ft. jewellery hub. It is set to redefine Old Delhi’s shopping and dining experience.
Prism Mall – Hyderabad
Developer: Mandate & Beyond Advisory Pvt. Ltd.
Launch Date: Early 2024
Size: Not specified
Situated at Gachibowli Main Road, this mall features key brands like Inox Multiplex, Zudio, and HomeTown, catering to Hyderabad’s growing retail demand.
The demand for retail space, especially from new sectors, will likely affect rental prices, depending on the developer and the mall’s location. Retail rental values in key tier 1 and tier 2 cities increased. Bengaluru, Delhi-NCR, and Mumbai accounted for 60% of retail space absorption between January and September 2024. Projections suggest retail leasing will remain strong, with expected absorption between 6–6.5 million sq. ft. by the end of the year.
With increased focus on technology and community-driven spaces, malls are evolving into destinations that offer more than just shopping.
The analysis is based on the data compiled basis IndiaRetailing reports, company information via press releases and social media and other information shared by retail experts and officials.
