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The emergence of modern retail formats would lead to the development of appropriate retail space in India. This may be the reason that the very first retail formats were started by the organizations which were already into real estate, such as Raheja's Shoppers' Stop and Piramals' Piramyd Retail. Also in the last few years, real estate in this sector has seen positive changes in terms of high rents, property development and financing cost. The real estate developers have been busy in hiring international mall architects and consultants. The major players are developing strong ties with retailers and brands. Due to the boom in the industry, the trend of pre-booking of retail space has started.
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