Nestled in Haryana, Gurgaon is among the most lucrative investment options in Delhi NCR. A real estate market in this city has witnessed demand on both fronts- residential as well as commercial. Nicknamed as ‘Millennium City’, residential and commercial developments are increasing at a rapid rate. Within the next 2 years, the city estimates to deliver 12,000 plus luxury residences. Many major players in the real estate domain have invested and established complexes, residential apartments and mega malls here. There are many assured return projects in Gurgaon.
To cater to the growing real estate needs, many facilities are being developed and due to this demand, property rentals are also increasing. The rents for property are being enhanced, especially malls rentals which has increased 9% in first half of 2017. This is second sharpest increase in National Capital Region. In January-June period, monthly rentals were Rs 450-475 per sq ft. The only area in NCR with higher rates was Vasant Kunj – with its luxurious and happening places like DLF Promenade Mall and Ambience Mall.
The mall rentals have increased by 11% in Vasant Kunj, while Noida remained flat. In addition to this, malls in Saket District Centre have faced 3% increase in rentals. Gurgaon is home to malls such as DT Mega Mall, Ambience and Metropolitan. Rentals for Galleria high street market in Gurgaon remained same during first half of 2017.
Apart from this, in the first half of 2017, the city saw an addition of 150, 000 sq ft retail real estate in form of BaaniCity Center Mall on Golf Course Extension Road. According to reports, numerous new brands such as Cover Story, Kate Spade, Coach and Muji, Scotch and Soda are global brands opening their first stores in the city. To meet the demand of an hour, city witnessed almost 0.2 million sq feet of fresh supply with BaaniCity Center.
Thus the Mall Growth Charts are expected to continue in a positive upwards direction for the coming years and retail areas in Gurgaon are expected to command and increasing premium in the years to come, due to shortage in premium and well planned spaces in organized retail shopping Malls, High Street Retail as well as Mixed-Use Commercial Centers.