Newer Retail Forms to Swarm Gurgaon RE

By: Sanjeev Arora, Director, 360 Realtors

Gurgaon is the fastest-growing retail market in India. It is a perfect ground for various retail brands to flourish. A growing population, large volume of business enterprises, enhanced livability, and cosmopolitan cultural appeal make Gurgaon the market to look out for. More than 23,000 business enterprises are located in Gurgaon, which means it receives a large volume of workforce from various parts of India, making it a truly cosmopolitan place. This also gives a push to numerous retail ventures including but not limited to F&Bs, fashion & apparel, consumer durables, lifestyle, and much more.

There are close to ~ 90 operational malls in Gurgaon, doubling over the past 10 years. No other city in India comes close to the Millennial city when it comes to the volume of malls, shopping arcades, and other big-ticket retail investments.

Well Established Neighborhoods

Since coming to prominence, Gurgaon has witnessed proliferation in well-developed neighborhoods, commercial complexes, food & entertainment hubs, retail zones, etc. In the past couple of decades, the millennial city has seen a slew of neighborhoods and/or business hubs such as sec-29, DLF phases (1- 4), Galleria market, Supermart, Vyapar Kendra, Cyber Hub, Sushant Lok, etc. Such neighborhoods and commercial catchments naturally draw retailers, hypermarkets, F&Bs, Malls, etc. into the vicinity thereby driving the overall segment.

In the foreseeable future, the city will continue to see an expansion in such neighborhoods. While many existing locations in Gurgaon are nearing saturation, the millennial city will continue to see expansion across Sohna Road, Sohna, and the new Gurgaon region (sec 73- 95), which are ts emerging frontiers of growth & development.

Advertisement

Improved Infrastructure

Gurgaon’s improved infrastructure and connectivity are the backbone of its growing retail industry. The city is well connected to Delhi, Faridabad, and Noida via road and metro network which makes it an ideal weekend destination for retail, hanging out, dining, etc.

It is also well connected to the IGI airport, which is at a distance of around 25- 30 mins. Connectivity to the airport and a well-evolved hospitality sector (Gurgaon has over 1200 hotels) make Gurgaon a thriving business and leisure tourism hub. While it is an ideal ground for conducting MICE activities, visitors to Delhi also prefer to come to the Millennial city for shopping, eating out, etc.

A prolific tourism sector feeds into demand for modern retail such as malls, hypermarkets, fine dining, PBCLs, food courts, gaming zones, etc.

Pivot to Concept Retail

Advertisement

The Gurgaon retail industry will continue to grow aggressively steered by the rise in infrastructure investments, expansive commercial activities, proliferating neighborhoods, and an upbeat tourism inflow.

While Gurgaon’s position as the mall capital of India will remain unfazed, the city will also see an increased pivot to newer concepts of mixed retail and SCOs. As per the study by 360 Realtors, Gurgaon will witness more than 4.5 million sq ft of Grade-A retail over the next 5 years. A sizable portion of the growth will be visible in Golf Course Extension. Sec 65-67 are seeing big launches from reputed developers. As the Golf Course Road is saturating, the extension road is seeing a spurt in housing and commercial investments, which is also fostering growth in the retail market.

Meanwhile, many households are also shifting to the New Gurgaon/ Sohna region (sec 73 to 95) stretch, leading to racking-up of investments in the retail sector. Retail in the region is still in its initial phase but there is a tremendous amount of potential for malls, SCOs, food zones, multiplexes, etc. Already big projects such as The Mark, Gallexie-91, Metro Street. The Hive, etc. are coming in the region. More will also join soon.

*** Views expressed in this article are author’s personal and do not reflect the opinion ‘Realty & More’.

Advertisement

Advertisements