COVID has subsided, or so it looks, and the real estate boom that was seen in Hyderabad during the pandemic continues. In what will come as good news to many, Hyderabad will be having an additional eight malls by 2023.
The realtors have seen that a mall with multiplexes and retail space is an ever-green hit formula, and they are willing to put in their monies.
Hyderabad already has 12 malls, and now it will have a total of 20 malls by 2023. And just about all malls will have multiplexes and retail space.
Out of the eight malls, three are being constructed in Dilsukhnagar and the remaining in LB Nagar, Sagar Road, BHEL, AS Rao Nagar, and Attapur. On the whole, at least 4000 sq yards of land is required for a mall that will house retail stores, food courts, multiplexes, and other facilities.
Right now, the city has 12 malls that include GVK One, Hyderabad Central, GSM, Inorbit Mall, Forum Sujana Mall, Sharath City Mall, L&T Malls, and Manjeera Mall. However, due to COVID, the footfall in malls has fallen drastically, and the situation is rather grim.
However, those in business maintain that the business will pick up from this Dasara season as COVID has subsided and people are looking to go out and binge shop. The situation is optimistic across India as 4.5 million sq ft of new supply in malls is being planned for 2021 alone.