Key Points
India's high street space is set to expand substantially with some big developers including DLF, M3M, Omaxe, Group 108, and Dhillon Group looking to develop about three million square feet of retail projects with open spaces in the next 2-3 years...
There is a significant demand for high street retail space across Indian cities as the supply remains constrained with most developers focused on building large shopping malls, industry insiders said.. India has only 13.2 million sq ft of high street space available for retailers, while malls occupy seven times that space at 93 million sq ft, according to data by Cushman & Wakefield..
At the same time, potential consumption at a high street is almost three times more than in a mall, the consultancy firm said.. "India lacks modern organised high streets despite old markets doing quite well," said Karan Dhillon, owner of Dhillon Group..
This will be developed as high street market on the lines of DLF Galleria, which commands rental at par with the grade A malls in the region, company officials said.. M3M recently announced a luxury high street retail and 'Pentsuites' - or, serviced studio apartments - as part of a commercial project in Noida..
"The recent surge in demand for high-street projects can be linked to the renewed interest in a hybrid model that integrates offices, retail spaces, recreational facilities, and food zones into a unified structure," said Mohit Goel, managing director of Omaxe Group..
