Top Retail Markets in Gurgaon to look out for
Gurgaon was once a rural outpost of Delhi. However, its fortune set to change in the 70s, when Maruti Suzuki set up its first plant. Since then, major industries, business houses, and MNCs have been moving to Gurgaon.
Today, Gurgaon is amongst the biggest commercial hubs in India. Also called the millennial city, it is a bustling BFSI and IT market. Almost 60-70% of the Fortune 500 companies have their base in Gurgaon.
As Gurgaon’s commercial status has risen sharply, so has its reputation as one of India’s best places to live. The city is a party to a slew of skyscrapers, posh residential societies, thriving commercial centers, and much more. This has also led to a steep growth in the retail communities.
The entire city is dotted with premium restaurants, F&Bs, fashion outlets, showrooms, entertainment zones, & much more, ensuring an exalted lifestyle for the residents. Gurgaon has around ~ 55-60 operational malls and a host of arcades & shopping centers. This is highest across metros in India.
Gurgaon has an organized retail space of 3775 sq ft. for every population of 10,000 people. This is higher than other metros.
Mentioned below are some of the major retail hubs of the millennial city
Golf Course Road: It is the most prized address in Gurgaon, with monthly retail rentals in the range of INR 200- 250/ sq ft. There are a couple of operational malls in the vicinity namely Gurgaon Central and Mega Mall. Besides, Golf Course Road houses some of the most popular restaurants, breweries, departmental stores, and retail outlets in Gurgaon. With an extensive pipeline of around 20 new commercial projects, this is a great market for retailers, investors, and developers. However, the expensive nature of the market makes it out of reach for many.
MG Road: It is undoubtedly the most popular retail hub in Gurgaon with over 15 operational malls. It is also well connected with other parts of NCR with a dedicated metro station. Due to its proximity to IGI airport (~ 12 km), the region is quite a popular place amongst the tourist population as well. The present rental rates are in the range of INR 120- 260/ sq ft. Though a well-developed fully functional micro-market, MG Road has plenty of potential for new retail ventures, F&B units, shopping centers, etc.
Golf Course Extension: While rental rates have skyrocketed in the Golf Course Road region, the extension road still offers a viable alternative, with leasing rates in the range of INR 65- 120/ sq ft. There is plenty of headspace for growth in the extension region which starts from sec-56 and stretches till sec—69. There is just one operational mall, which definitely falls short of the demand, as the region is one of the fastest-growing residential markets in Gurgaon.
New Gurgaon: The region, spread across sec- 73 to 90 is the sunrise region of Gurgaon. What was once Gurgaon to Delhi, New Gurgaon holds the same position for the millennial city. It is where the future of the city will be unearthed. There are a few operational malls in the region such as Omaxe, Raheja, Gallexie-91, etc. However, with the rising population, the demand is much higher. The retail market in the region is currently underdeveloped but is growing and transforming at an unprecedented pace. There is ample scope for hyper markets, F&Bs, QSRs, multiplexes, food courts, outdoor entertainment hubs, etc.
Author- Mr. Sanjeev Arora, Director- 360 Realtors
