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‘We expect vacancy levels to go up in all the malls’

city New Delhi India
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NEW DELHI: The Indian real estate market is in a tough place, particularly the retail segment. Even as malls prepare to re-open next week, one isn’t sure if footfalls would be back.

That is bad news for retailers, many of whom are likely to go bankrupt. Ramesh Nair, CEO and country head of real estate services firm JLL India suggests what mall owners can do to lessen the pain.

Excerpts from an interview: What is the outlook for Inda’s retail real-estate market? It is an asset class which is the hardest hit.

We expect vacancy levels to go up in all the malls. In the top seven cities, most good malls have vacancy levels below the 5-6% mark.

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