With robust growth in realty, the Millennium City witnesses a perfect mix for augmentation of commercial-cum-retail complexes
Gurgaon has established itself as a hub of flourishing corpo rate workplaces and luxury residential projects in India. This promising Millennium City has been witnessing a rise in commercial activity, increasing income levels of residents as well as availability of leading lifestyle brands, thereby creating a perfect mix for augmentation of commercialcum-retail complexes. High streets across leading cities have remained preferred destinations for country’s leading retailers. In Gurgaon, these preferred focal areas are MG Road, Golf Course and Golf Course Extension Roads, surrounded by premium luxury residential properties.
This calls for having a more integrated model of commercial-cumretail complexes near residential properties as the mixed usage will ensure demand generation and footfalls for retailers from officegoers and residents, as well as provide the perfect work-life balance to office-goers. The Golf Course Road, Sohna Road, MG Road, etc., are key regions along with main NH-8 Gurgaon-Dwarka Express way boasting of prominent architectural wonders as commercial projects in the city.
Several retail-cum-office projects have come up along these passages being developed by real tors of all stature. Market sentiments indicate that this region has registered great demand for state-of-the-art commercial prop erties. Top developers like Emaar MGF, DLF, Unitech, Ansal Group etc., have come up with worldclass commercial-cum retail proj ects in the Millennium City. A number of posh and high-end resi dential projects are also being developed in these regions as well as the upcoming luxury hotspots like Golf Course Extension Road. These affluent neighbourhoods offer great avenues for retailers. The location offers excellent connectivity to and from Delhi, the IGI airport, as well as other parts of Gurgaon.That is why wider connectivity roads are being laid out and the much sought-after Dwarka-Gur gaon Expressway is being devel oped at par with interna tional standards. With a number of residen tial projects either launched or com pleted, there is a growing need for commercial-cum retail spaces to support the mod ern lifestyle of the residents. The MG Road, Golf Course and Golf Course Extension Roads, in particular, have emerged as premium locations offering a slew of present and future luxury residential housing options as well as quality commercialretail spaces.
Apart from ITITeS, organisations from other verticals such as consulting, telecom and BFSI, are also expected to increasingly absorb the available space, in the near future. The institutional sectors like Sector-32 and 44 will continue to remain preferred office locations due to location advantages and competitive rentals. Also micromarkets such as NH-8, DLF Cyber City, Golf Course Road and Sohna Road have witnessed 5-10 per cent appreciation in rental values, due to high occupancy rates in properties in these micro-markets, and the fact that these are currently the preferred locations of occupiers.
Good infrastructure coupled with inter-city and intra-city development, luxury residential projects, connectivity with Delhi, the presence of big corporate houses has given a boost to the Gurgaon’s commercial-cum-retail markets.
Source : The Times Of India