Over the next 5 years, 4.7 million sq ft of space is set to enter Gurgaon’s retail market, as per the latest research report by 360 Realtors. Around 53.2% of the new space will be concentrated on the Golf Course Extension Road, especially in Sec 65 and 66. Besides, there is a growing spotlight on the Dwarka Expressway and New Gurgaon region as well, as per the report. The new retail space will comprise traditional mall-style development alongside new-age mixed real estate, SCOs, etc.
Gurgaon is one of the fastest-growing retail markets in India backed by an expansive commercial sector, proliferating residential neighborhoods, and growth in malls & high street culture. It is also called the mall capital of India with close to 90 operational malls. No other city in India comes close. In the past 10 years, around 47 new falls have entered Gurgaon.
The city also has around 100+ supermarkets and hypermarkets and around 5000 F&B units, which include numerous gastropubs, fine dining restaurants, cafes, etc. Traditionally households in Gurgaon love to go out and spend on food, fashion, consumer durables, and other items, thereby helping the retail sector thrive.
“Though the retail industry suffered setbacks during the pandemic, market sentiments soon reached normalcy. The footfall has not recovered but has now crossed the pre-pandemic levels, with a buying spree visible in malls and high streets of Gurgaon,” said Ankit Kansal, MD, 360 Realtors.
“Mall operators and retailers are also keeping track of the pulse of the market and accordingly strengthening the supply sides. There is a growing pivot to new-age concept retail with an increased focus on driving engagement, offering more entertainment, and investing heavily in decors and aesthetics. The role of malls and shopping centers will go beyond just transactions in the coming times. Mall operators will have to think clearly on the lines of adding more value to the visitors,” added Kansal.
From adopting more sustainable practices to creating green zones to designing instagramble spaces, retail development is transforming in Gurgaon.
The report also highlighted the rise of SCO spaces in Gurgaon. Presently there are a total of 75.5 acres of SCOs under development in Gurgaon, growing at a CAGR of 32%. Plenty of SCOs and new-age mixed realty projects are underway in the GCR and the new Gurugram region.
While traditional regions of MG Road and GCR are reaching saturation, there is an increased spotlight on new emerging corridors of Extension Roads and the New Gurgaon area. Leasing rates in GCR are around INR 180- 250/ sq ft. Meanwhile, rates are much more affordable on the extension road, around INR 65-120/ sq ft.
The New Gurgaon region, which emanates from the terminal point of the extension road and stretches till sec-95, is also emerging as an affordable yet very vibrant retail market. There are plenty of great opportunities available in the region, including The Mark, Metro Street, Gallexie-91, etc.
“The leasing rates are presently in the range of around INR 55- 90/ sq ft in the New Gurgaon. However it will soon sharply rise, as the demand is picking up,” said Kansal.
Source : FE