NEW DELHI: DMart has signed a 29-year 11 months lease agreement with Migsun Group for 35,000 sq ft of retail space at Migsun Mi Gente Mall in Raj Nagar Extension, Ghaziabad at a monthly rental value of Rs 21 lakh.
Earlier, DMart had purchased 47,000 sq ft of space at Migsun’s Rohini Central Sector 22 Rohiini Project for Rs 108 crore.
In 2023, Migsun Group had acquired 9-acre land parcels for Rs 265 crore to develop a high-street retail project.
DMart had purchased 1.2-acre plot in Chandivali, Mumbai for over Rs 117 crore in 2024.
In 2024, over 6.5 million sq ft of organized retail space were leased across major cities, surpassing the supply of new stock significantly. This has led to a reduction in vacancy levels in malls to 7.8%, causing rental values to increase, according to Anarock report.
Vacancy rates have dropped from 15.5% in 2021 to 7.8% in 2024. Vacancy in prominent malls continues to decline, with superior malls operating to nearly 100% capacity.
