Space Rentals in Gurgaon
With increasing recognition of malls in Gurgaon as the umbrella
of big brands, the drive occupancy or consumer footfalls are
also increasing day by day. Ten years ago there was not even
a single mall in India: whereas today it is anticipated that
towards the end of 2010, India would be having more than four
hundred operational malls.
Big retailers are losing hold over mall owners, who are no
longer in awe or dire need of brand halos to drive occupancy
or consumer footfalls to their glass-boxed shopping heavens.
But despite of whatever notions prevalent, malls are gaining
popularity especially among the younger generation with large
disposable income. The last couple of years showed the trend
when mall developers accelerated their business in mall development
as retailing in India took a fresh turn and people with wider
outlook are becoming accustomed to adorning the best brand.
A few years ago the rent of malls in Gurgaon, had gone
down to Rs.80 per sq ft per month but today its sky-rocketing
with prices like 250 - 400 per sq ft per month. The real
estate residential prices are touching the sky after the
success of these malls and the prices have increased from
Rs.1200 per sq.ft to Rs.4000 per sq.ft. Big builders like
DLF and Unitech are also coming up with amazing projects
after witnessing such a positive response of public for
Even the small time builders are now interested in making
small malls and lending their most of the part on rent. Because
of the increased commercial demand the mall space rentals
in Gurgaon have increased by almost 60% in the past two years.
One very significant fast fact about malls in Gurgaon is that
return through rent on the investment in malls is highest
among all segments like residential and office space.
Compared to all the mall-cities around the world, mall rentals
in India are quite high. It is because of couple of reasons
like the existing regulatory policy and operations of too
many speculative investors in the industry. The retail space
in malls of Gurgaon is undoubtedly going astronomical. The rent rates in the malls of Gurgaon are touching are touching the sky, however the rates mentioned are excluding the common area maintenance.
But nothing has been able to influence the mall craze in
Gurgaon, which is evident from the statistical figure which
refers to over a dozen malls being already functional in the
area and another dozen malls is at the planning stage.A few of the well-known operational malls in Gurgaon are - MGF Plaza, Sahara Mall, Mega City mall, City Centre, Metropolitan Mall, Ambi Mall, Central on MG Road, Centrum plaza, Gold Souk and soon to be operational Vatika City Market. Out of these, Ambi Mall is the biggest mall in Gurgaon with more than 1 km. shopping on each floor.
Theme Malls or Specialty malls is the new trend adopted by
the promoters and developers of the mall culture so as to
create a niche among the clutter of malls. As per the business
strategy, developers are focusing on developing theme malls
thereby, increasing footfalls in the malls. To spread the risk, mall owners are forming alliance with Hotels chains and corporates to come up with Hotels and office space within the malls. A few other concept
malls are also coming up in Gurgaon in the coming days like
the 'Wedding Malls' which definitely will offer new opportunities
for mall space rentals in Gurgaon. DLF will also be coming up with one of India's biggest mall: The Mall of India, located on NH-8 in DLF City, phase 3.
Apart from the Malls, local retail market areas like DLF Galleria, Central Arcade, Sushant Vypar Kendra etc are also doing well.
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