Mumbai, September 28, 2026: Mumbai’s shopping mall stock is projected to expand from 15.1 million sq ft in the first half of 2026 to 21.6 million sq ft by 2031, as developers step up investments in large-format and experience-led retail destinations, according to a report by JLL titled Indian Retail 2031: Towards a future-ready ecosystem.

Mumbai currently has the second-highest operational mall stock among the major markets covered in the report, after Delhi-NCR, which had 29 million sq ft as of H1 2026. Bengaluru followed Mumbai with 14.4 million sq ft.

India’s Mall Stock Set To Expand

The report projects that India will add nearly 51.1 million sq ft of new shopping mall space over the next five years, taking the country’s total mall stock to around 143.2 million sq ft by 2031. The expansion is being driven by rising consumer demand, the entry and expansion of international brands and growing requirements from domestic retailers for high-quality retail space.

JLL said more than half of the upcoming retail supply is expected in Delhi-NCR and Hyderabad. While Delhi-NCR is projected to retain the largest mall stock by 2031 at 48.6 million sq ft, Mumbai is expected to reach 21.6 million sq ft, with Bengaluru projected at 22 million sq ft.

Large-Format Malls Drive Growth

The report also points towards a change in the nature of mall development, with large-format, experiential destinations expected to account for nearly 56% of the upcoming supply. This translates into approximately 28.7 million sq ft of new large-format malls across the country.

These developments are expected to move beyond conventional shopping and increasingly combine retail with entertainment, food and beverage and services. Around 30-35% of the space in large-format malls is expected to be allocated to these categories, amounting to nearly 9-10 million sq ft.

“India's retail real estate sector is entering a new growth phase with significant scale, with 51.1 million sq. ft. of new mall space set to redefine the shopping experience by 2031. The shift toward large-format, experiential destinations, which will account for 56% of upcoming supply, signals a fundamental transformation in how consumers engage and how consumption patterns are evolving with changing generational preferences,” said Saket Amrit, Head of Retail Services, India, JLL.

He added that nearly one-third of these developments would be dedicated to entertainment, F&B and services, reflecting a shift towards lifestyle destinations combining technology, design and experience.

Retail Leasing And Vacancy

India recorded gross retail leasing of 6.3 million sq ft during H1 2026. As of June 2026, the retail stock across the top seven cities stood at 92.1 million sq ft, with a vacancy rate of 11.2%.

Meanwhile, the next five years are also expected to see the emergence of next-generation neighbourhood malls. These are projected to account for around 15% of upcoming mall supply, translating to approximately 7.9 million sq ft.

The report estimates incremental demand for new retail pipeline currently under construction at 45.9 million sq ft, indicating continued demand for organised retail space across India's major markets.

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Mumbai’s Mall Stock To Rise To 21.6 Million Sq Ft By 2031: JLL

Mumbai’s shopping mall stock is projected to rise from 15.1 million sq ft in H1 2026 to 21.6 million sq ft by 2031, according to JLL. India is expected to add 51.1 million sq ft of mall space over five years, with large-format experiential destinations accounting for 56% of upcoming supply.