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Asipac joint research study with JLLm, Colliers, Images Publishing

In an interesting first-time development, Asipac is going to lead the effort to do a comprehensive research study on the currently operating and upcoming malls in India's Top 100 cities, in association with Jones Lang Lasalle Meghraj, Colliers International, Shopping Centre News and Images Publishing Group.  The study is supported by the Shopping Centres Association of India.

This collaborative effort of leading consultants in the retail and real estate sector was born out of a demand by top Indian retailers about the need for such a study, to help them (the retailers) plan business expansions in a more organized fashion.  The all-India study will be an expansion of Asipac's study on the Demand and Supply of Mall Space in Bangalore and Hyderabad, which found that as many as 61 new malls with a combined GLA of 29+ million square feet were under development in these two cities alone. Extrapolating these figures, Asipac estimates that more than 750 new malls are under development nationwide, with a combined GLA of more than 250 million square feet.

This means that India is headed for a huge oversupply of mall space and a colossal waste of billions of rupees.  Asipac hopes that the study will serve as a warning signal to real estate developers and their stakeholders (banks and investors) and that better sense will prevail, leading to cancellation, postponement or downsizing of unnecessary projects, which may not be viable.

Based on the findings of the study, the Images Publishing Group will publish The India Mall Supply Report 2010, which is expected to be released at the India Retail Forum in September this year.      

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