Weakening demand for retail space is prompting shopping mall developers to stall projects, which could result in a shortfall of millions of sq. ft in the supply of retail space this year, according to real estate consultancy Cushman and Wakefield.
(DWINDLING APPETITE) Supply of mall space across India is expected to fall short by as much as 3.43 million sq. ft in 2008, Cushman and Wakefield said. The consultant, which had projected 20.67 million sq. ft of additional mall space to be ready in 2008, has revised the forecast 16.6% lower to 17.24 million sq. ft.
In the second quarter of 2008, locations such as the National Capital Region (NCR), comprising Delhi and the suburbs of Gurgaon and Noida, and Mumbai saw the highest decline in the supply of mall space from what had been projected earlier, Cushman and Wakefield said.
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