The Vatika Group, one of the prominent real estate developers in India, has recently joined forces with IREAA India Pvt Ltd as strategic leasing partners for their retail projects in New Gurgaon. This collaboration is expected to draw numerous renowned retail brands to the area, providing an exceptional shopping experience for all consumers in New Gurgaon.
Vatika has the largest footprint in retail in New Gurgaon. Its retail offerings in the region have garnered a 67% share compared to other developers. The real estate player has strategically positioned its retail projects in the area to ensure maximum footfalls. In addition, its projects boast competitive pricing and top-notch facilities, setting them apart from other micro markets in the region, according to the company.
The affordability of rates and rentals, combined with superior infrastructure and facilities, make New Gurgaon an attractive retail destination. Furthermore, with 18000-20000 dwelling units currently under development, New Gurgaon presents a promising opportunity for retailers. However, rates are on the rise, making this partnership with IREAA India an exciting prospect for retail brands looking to establish a presence in this thriving market.
New Gurgaon presents a plethora of opportunities with its diverse range of projects, catering to the evolving needs of different segments of the population, from affordable to high-end living. Hence, there is a growing requirement for retail options catering to the varying needs and preferences of the residents. Furthermore, the region’s favourable location and infrastructure have already attracted prominent brands such as Starbucks, McDonald’s, Bikanervala, Chaayos, Sodhi’s, Bata, and Body Shop, among others, which have established their stores in the area. Recognising the growing demand for retail, Vatika has strategically planned a range of retail offerings, including neighbourhood retail and high-street retail, with sizes ranging from 300 sq ft to large anchor stores. Some of these retail spaces are already operational, while others are currently under construction.
With nearly 500,000 residents already residing within a 5-km radius and an additional 4,000 residents moving to New Gurgaon every month, the demand for retail is steadily growing in the area, making it a prime location for retail businesses to thrive.
Commenting on the same, Ritu Gupta, Head Leasing, Vatika Ltd, said, “The partnership between VATIKA and IREAA is just the beginning of what we hope will be a long and successful relationship. We are confident that IREAA will bring their expertise in leasing our retail projects in New Gurgaon and residents here will experience great shopping opportunities.”
Tarun Jasuja, Associate Director, IREAA INDIA Pvt Ltd, said, “New Gurgaon is set to be a retail destination with a wide range of shops, boutiques, cafes and restaurants neighbouring 5 star hotel. We are confident that it will become a hub, where people can shop, dine, and socialise. Additionally, the retail projects are highly visible and easily accessible with ample parking.”
New Gurgaon benefits from easy accessibility to major roads such as the Dwarka Expressway, NH 48, Pataudi Road, and Kundli-Manesar-Palwal (KMP) Expressway, as well as the Southern Peripheral Road (SPR) that provides uninterrupted connectivity across prime localities in Gurgaon. Additionally, the upcoming operationalization of the Dwarka Expressway and Central Peripheral Road (CPR) in 2023 will further enhance the connectivity of New Gurgaon. Also, the area is conveniently located within a 20-minute drive to industrial townships like Dharuhera and Bhiwadi, and just a 5-minute drive to IMT Manesar.
The Vatika Group has established itself as one of the largest developers in New Gurgaon, with a significant presence in residential, commercial, and retail segments. With a successful track record of delivering 48 million square feet of projects, including 8 million square feet of commercial and retail space, Vatika Group has already built strong associations with over 150 corporates and retailers.
On the other hand, IREAA India Pvt Ltd, a leading real estate firm, specialises in commercial properties and brings extensive expertise in leasing, investment advisory, and property management to the partnership.
Source : FE