POTENTIAL CONSUMPTION 3 TIMES HIGHER THAN IN A MALL.
Large developers expected to add about 3M sq ft of retail space in the next 2-3 years
New Delhi: India’s high street space is set to expand substantially with big developers like DLF, M3M, Omaxe, Reach group, Dhillon planning retail projects with open spaces, which will add about 3 million sq ft of retail space in the next 2-3 years. While majority of the developers are focused on developing large malls, there is always a demand for high street retail, where supply is constrained.
India has just 13.2 million sq ft of high street space available across the country for retailers, compared to malls that occupy seven times the combined high street space of 93 million sq ft.
At the same time, potential consumption at a high street is almost three times more than in a mall.
“India lacks modern organised high street despite old markets doing quite well. As a developer, we realised it and planned high street retail in Chandigarh adding 1.5 million sq ft more. Some of the brands we have include Uniqlo, Starbucks, Decathlon and McDonald, among others,” said Karan Dhillon, owner of Dhillon Group.
DLF, India’s largest listed real estate company, has recently launched commercial plotted development in Gurugram spread in 8.69 acres.
This will be developed as high street market on the lines of DLF Galleria, which commands rental at par with the grade A Mall in the
region. Realty developer M3M also recently announced a luxury high street retail and pentsuites as part of a commercial project in Noida.
The project will be developed on a 3-acre land parcel with saleable space of about 900,000 square feet -550,000 square feet in retail and 350,000 square feet for studio apartments.
“The recent surge in demand for high-street projects can be linked to the renewed interest in a hybrid model that integrates offices, reta- il spaces, recreational facilities, and food zones into a unified structure. High streets have garnered positive feedback from tenants and investors due to their convenience and diverse amenities, attracting shoppers,” said Mo- hit Goel, MD, Omaxe Group.
Omaxe is developing over 2 mil- lion sq ft of retail space in different cities, majority of which is high street.
Source- The Economic Times
