Gurugram to have 4.7 mn sq ft of Grade-A retail space in next 5 years

The retail industry in Gurugram is flourishing as households in the city enjoy going out and spending on food, clothing, consumer durables, and other goods. The new retail area will include new-age mixed real estate, SCOs, etc. together with the traditional mall-style developments

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Gurugram’s retail market is expected to witness an addition of 4.7 million square feet of space over the next five years, according to a recent research report by 360 Realtors. Approximately 53.2% of the new space will be fixated on the Golf Course Extension Road, specifically in Sectors 65 and 66. The new retail area will include the new-age mixed real estate, SCOs, etc. together with the traditional mall-style developments.

The focus is shifting to newly emerging corridors of Extension Roads and the New Gurugram area as the traditional areas of MG Road and GCR are getting saturated. The leasing rates in GCR hover around Rs 180- 250/ sq ft. However, the rates are much more affordable, around Rs 65-120/ sq ft., on the Extension road. 

Gurugram is called the mall capital of India with nearly 90 operational malls. Over the last ten years, the city has seen the opening of about 47 new malls. The city also boasts more than 100 supermarkets and hypermarkets. Besides, there are around 5000 F&B units, which include an array of gastropubs, fine dining restaurants, cafes, etc.

The retail industry in Gurugram is flourishing as households in the city enjoy going out and spending on food, clothing, consumer durables, and other goods.

Ankit Kansal, MD, 360 Realtors said, “Mall operators and retailers are also keeping track of the pulse of the market and accordingly strengthening the supply sides. There is a growing pivot to new-age concept retail with an increased focus on driving engagement, offering more entertainment, and investing heavily in decors and aesthetics. The role of malls and shopping centres will go beyond just transactions in the coming times. Mall operators will have to think clearly on the lines of adding more value to the visitors.”