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March 2021 will See Crowd in Malls like Pre COVID Times

March 2021 will See Crowd in Malls like Pre COVID Times

Year 2020 came with the entry of deadly virus, Corona Virus that not only impacted India but the whole world. Post which many countries implemented series of lockdowns that had hit markets hard to the level that millions of people became unemployed.

Realty market was also the one that got slated by the virus. Many leading real estate developers had to put off the construction work due to lockdown restrictions and slump in the market. But there are few renowned realtors in the industry that remained unaffected by the slap of deadly virus. One such North India’s no. 1 real estate company is M3M Gurgaon.

If you are seeking reliable and robust Commercial property in Gurgaon, then you must check M3M Gurgaon projects. M3M Gurgaon is one of the established real estate developers that offer top notch property in Gurgaon. Be it residential or commercial, M3M India is renowned for building masterpieces. Some of the world class M3M Gurgaon projects include M3M Corner walk, M3M IFC, M3M Urbana Premium, M3M Prive, M3M 65TH Avenue, M3M Broadway, M3M My Den and more.

Unfortunately, the expected occupancy in malls has not yet reached the levels it used to be before pandemic. As per the real estate consulting firm Anarock, the occupancy at malls and commercial complex have not reached pre covid levels despite reduced rentals and top retailers buying marquee properties across the country. As per the latest data issued by Anarock, vacancies at malls in metro cities like Mumbai, Chennai, Bengaluru have raised from 50 to 530 basis points, compared to previous year.

But some positive news is that “Lot of top malls in metros and top cities corrected their portfolio by shrinking spaces as well as easing out low performing brands and reassigning it for top performing category leading brands like Levi’s which offer significantly higher revenue density and footfalls,” as said by Sanjeev Mohanty, managing director, South Asia, Middle East and North Africa, Levi Strauss & Co that has doubled and even trebled its store size in many cases while also relocating to better positions in the mall. “This also led to higher and better realisation for mall developers since they shifted to strategic revenue share deals now as compared to high fixed rentals pre-Covid,” he added.

 

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Axiom Landbase

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