Mall mania has gripped Kolkata, and the frenzy seems to be reaching a crescendo as the city readies itself for 46 malls by 2010. Thereafter, prices might level out and finally drop after 2010 when new construction comes into the market.
The upcoming establishments are bringing brands like Globus, Spencer's, Fun Republic and Adlabs to Kolkata.
A few standalone mega stores and speciality malls are also in the offing.
These include one being promoted by the Avani Group that will host to high street fashion houses like Marks and Spencers.
Kolkata's projected requirement for retail space including malls and stand alone stores is expected to shoot up from 8,50,000 squarefeet in 2006 to 10 million sq feet in 2010.
What is notable is the eagerness of developers to take the mall concept beyond the city itself and into the suburbs.
"The boom is not limited to Kolkata only. It is also catching up in the suburbs of the city. There are already two malls coming up on Jessore road and one in Madhyamgram in the north. Howrah in the west, too, will soon have its own mall. The latest trend shows a leaning towards developing speciality malls, but the only speciality mall that has a prospective future would be home malls that deal in home furnishings," feels Banerjee.
Mumbai-based K Raheja group is reportedly scouting for land in Kolkata to build another In Orbit in the city.
However, the shortage of large plots of land within the city might compel the promoters to consider land on the fringes of the city, say experts.
Land buyers and brokers in the city feel more and more available land will shift to use by the retail sector.
Consumer response to new shopping malls is positive and retailers are ready to pay for space.
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