Indias Major Developers to Unleash Three Million Sq Ft of Retail Space in the Next 2-3 Years

Indias Major Developers to Unleash Three Million Sq Ft of Retail Space in the Next 2-3 Years

India's high street space is expected to grow significantly, with major developers like DLF, M3M, Omaxe, Group 108, and Dhillon Group working on around three million square feet of retail projects in the next 2-3 years. There's a high demand for high street retail space in Indian cities, as the supply is limited, with most developers concentrating on large shopping malls.

M3M recently shared plans for a new commercial project in Noida, including luxury high street retail and serviced studio apartments called "Pentsuites." The project will cover a three-acre land area, with about 900,000 square feet of space – 550,000 square feet for retail and 350,000 square feet for studio apartments.

Challenges in High Street Retail Development

Currently, India has only 132 million sq ft of high street space, compared to malls occupying 93 million sq ft. Despite the success of old markets, there's a lack of modern organized high streets. Developers like Dhillon Group and DLF are addressing this gap by planning and developing high street retail spaces.

The recent surge in demand for high street projects is attributed to a hybrid model that combines offices, retail spaces, recreational facilities, and food zones. Mohit Goel, MD of Omaxe Group, emphasized the positive feedback from tenants and investors due to the convenience and diverse amenities offered by high streets.

Omaxe's Strategic Development in High Street Retail

Omaxe is actively developing over two million sq ft of retail space, mostly in high street formats. High streets in India command better rentals than malls, with locations like Delhi's Khan Market achieving record-high rents.

The demand for high street locations has risen, especially among fashion and F&B brands.

The open nature of high streets and fewer restrictions during Covid-led lockdowns made them preferable to retailers compared to malls. High streets were among the first retail hubs to resume operations after lockdown restrictions were eased post the first Covid wave.

A unique feature of high-street projects is the integration of retail spaces at lower levels and office spaces at upper floors, seamlessly blending into the local environment. Investors find high-street projects appealing due to their adaptability, making them a solid business proposition.

For example, Group 108's One FNG project in Noida offers 3.8 million sq ft of office space and 300,000 sq ft of retail space, showcasing the growing trend and demand for integrated high street developments.

Overall, there is an evolving landscape of commercial real estate in India, with a shift towards high street developments and a recognition of the unique advantages they offer in terms of flexibility, amenities, and resilience. we're seeing a rise in mixed-use developments on main streets. These are places where shops are on the bottom part, and offices are on the upper floors. They're designed to fit in well with the local surroundings. 


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