Chennai, 13th September 2018: Top seven cities of India seen an addition of approximately 1.9 million Square Feet of fresh supply led by National Capital Region, Hyderabad, and Chennai (Source Courtesy: CBRE South Asia report).
The Indian retail property market has witnessed the continuous entry of several global brands, launching of retail developments and continued requirement for space in the first half of 2018.
In this review period, many ventures have been launched. For instance, 2,50,000 Square Feet sized 32nd Avenue in Gurgaon, L&T Next Galleria and L&T Hyderabad Next totaling 6,50,000 Square Feet in Hyderabad, 10,00,000 Square Feet sized VR Mall in Chennai etcetera.
The uptick in rental growth is not only seen across a few malls in Bangalore or National Capital Region but also in the Linking Road in Mumbai, Commercial Street in Bangalore, and other high street location like Jayanagar in Bangalore. As the supply is 5% down since the last year, it has tremendously helped rentals maintain the uptrend.
The Chairman of CBRE (India & Southeast Asia), Mr. Anshuman Magazine said that the general outlook for the Indian retail real estate market is still favorable in the rear of different policy reforms, the entrance of international players and growing urbanization. Together with REIT(s) in the offing, the focus on increasing investment grade developments is likely to redefine the retail segment in India.
International in addition to domestic retail players was active at the leasing space during the interval. Many local and global brands not only entered new markets but also bolstered their presence in existing markets and the trend is forecast to continue.
The joint managing director of retail-led mixed-use property developer, Phoenix Malls, Mr. Shishir Shrivastava stated that during the first half of this year they continue to receive new inquiries almost every other day for the brands across the malls even though Phoenix Mall’s leased occupancy is nearly 100%. Many global brands who are entering India and expanding their footprints in the country can expect to get accommodated by them.
Renowned international brands, for example, Starbucks, H&M, Marks & Spencer, Mango, Taco Bell, Miniso, Tom Tailor, etcetera are entering new markets across the whole country and expanding their operations. You can witness their presence in forms of glamorous outlets all over the nation.
Not only these renowned global brands but the native departmental store chains like Pantaloons, Max, Lifestyle, Central, Shoppers Stop etcetera are expanding their presence all over the country.
According to the real estate news India, rising consumer base and increasing spending potential even in Tier-II cities have generated an opportunity for many retailers that are making a beeline towards several Tier-II towns.
Anshuman Magazine is hoping for the best to come and expecting an addition of close to around 4-5 Million Square Feet of supply during the second half of this year across most major cities such as Hyderabad, Chennai, Mumbai, Bangalore, and the entire National Capital Region.
Author: Somdeepa Bhattacharjee
Somdeepa Bhattacharjee has a total experience of five years in the Content Editorial, Online Community and Internet Marketing domains. As a part of the content team of a3solutions.in, she develops research-oriented stories and News Articles on recent market trends. She has a proven strong analytical skill in her Articles which help readers to understand real time scenario of Realty Market. In her free time, Somdeepa engages in Blogging, Trekking, Reading Classics and Photography. She really fond of Entrepreneurship, Travelling and Foods.