India has topped the Global Retail Development Index in 2017, overtaking China.

The retail real estate segment across key cities in India is growing exponentially. While global brands continue to evaluate and consider quality retail developments in the top cities, with growing globalization, smaller cities are also gaining prominence and witnessing traction. The overall market sentiment is positive.

Several hypermarkets too were in expansionary mode, including Big Bazaar, which opened new stores in Mumbai, Bangalore and Chennai. Clothing retailers such as Max and Pantaloons were also active during the period.

Demand for quality retail space will remain strong especially from fast fashion, department stores and sports and leisure. Rentals continue to vary across key high streets in major cities.

During the first six months of the year, 70 new homegrown brands appeared in India. They marked their presence in Mumbai, Delhi-NCR and Bangalore.

Seven new global brands entered the country and investments in the segment by private segment firms or wealth funds touched 200 million dollars. Additionally, several retail developments were completed across select cities resulting in about 1.5 million sq ft of fresh supply entering the market.

During the first half of the year, demand for quality retail space remained robust with a majority of this supply concentrated in Mumbai, Bangalore and Delhi-NCR.