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According to the most recent study report by 360 Realtors, 4.7 million square feet of space is expected to join Gurgaon’s retail industry over the next five years. Particularly in Sectors. 65 and 66, the Golf Course Extension Road will contain around 53.2% of the additional area.
In addition, the Dwarka Expressway and the New Gurgaon area are receiving more attention, the survey states. The new retail area will include modern-age mixed real estate, SCOs, and classic mall-style developments.
Thanks to the development of a large business sector, a growing number of residential areas, a growing number of malls, and a high street culture, Gurgaon is one of India’s fastest-growing retail destinations.
With around 90 active malls, it is sometimes referred to as India’s mall capital. There’s no other Indian city that compares. Approximately 47 fresh falls have entered Gurgaon in the last ten years.
Diverse Retail Offerings: Modern Developments In Dwarka Expressway And New Gurgaon
Together with around 5000 F&B establishments—many of which are gastropubs, fine dining restaurants, cafés, etc.—the city also boasts more than 100 supermarkets and hypermarkets. Gurgaon’s households have a custom of going out and spending money on food, clothing, consumer durables, and other goods, which supports the growth of the retail industry.
Despite the epidemic causing obstacles for the retail sector, market sentiment quickly returned to normal. Ankit Kansal, MD of 360 Realtors, stated that although the foot traffic has not returned, it has already surpassed pre-pandemic levels and a shopping frenzy is evident in Gurgaon’s malls and main roadways.
Retailers and mall owners are also monitoring the state of the market and fortifying their supply chains as a result. New-age concept retail is becoming more and more popular, with an emphasis on boosting customer involvement, providing more entertainment, and making significant investments in interior design and aesthetics.
Gurgaon: India’s Retail Hub With 90 Active Malls
In the future, malls and retail complexes will have purposes beyond simple transactions. Mall owners will need to consider how to provide their patrons with greater value,” Kansal continued.
Gurgaon’s retail development is changing, with initiatives including instagrammable areas, green zone creation, and the adoption of more sustainable techniques.
The growth of SCO spaces in Gurgaon was also mentioned in the study. In Gurgaon, there are now 75.5 acres of SCOs under development, with a 32% compound annual growth rate. The GCR and the newly developed Gurugram area are home to several SCOs and cutting-edge mixed-use real estate developments.
Future Trends: Evolution Of Gurgaon’s Retail Experience
There is a greater focus on the New Gurgaon area and the newly forming corridors of Extension Roads, whereas the traditional sectors of MG Road and GCR are becoming saturated. In GCR, rent prices range from INR 180 to 250 per square foot. On the expansion road, costs are considerably more reasonable, ranging from INR 65 to 120 per square foot.
The New Gurgaon area, which extends till Sec-95 from the extension road’s terminus point, is also becoming known for its bustling and reasonably priced retail scene. In the area, there are several fantastic options, such as Gallexie-91, Metro Street, and The Mark.
The rental prices in the New Gurgaon range from about INR 55 to 90 per square foot right now. However, given the increasing demand, it will soon grow substantially, according to Kansal.