Rentals of retail space in these seven cities showed a mixed trend, according to CBRE's 'India Retail Market View' report for H1 2014 on the status of organized retail real estate spaces in the country's leading cities.
These seven cities are Delhi-NCR, Mumbai, Chennai, Kolkata, Bangalore, Hyderabad and Pune.
"H1 2014 witnessed more than 80 per cent drop in organized retail real estate supply over H1 2013. At nearly 0.3 million sq ft, new mall supply addition remained sluggish during the first half of 2014, dropping by more than 80 per cent over the same period last year," CBRE said.
CBRE South Asia Chairman and Managing Director Anshuman Magazine said: "The second half of 2014 is likely to witness a shift in development completions from the established retail hubs of Delhi and Mumbai, towards those of Bangalore, Hyderabad and Kolkata".
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"Rental trends displayed mixed sentiments across cities during H1 2014. While certain traditional high street markets saw a rise in rental values, other shopping hubs of the country saw a rental decline."
The consultant found out that mall clusters in certain prime markets saw an increase in rents as global brands preferred such prime shopping locations. However, mall rentals of certain suburban districts of leading cities remained stable.
CBRE also mentioned about a key trend observed during the period which was an increased activity in India's online retail space.