Highways are the fast lanes of prosperity and this is once again proved by the surge in real estate along Dwaraka Expressway
Gurgaon’s retail is set for a momentous shift. Around 4.7 million sq ft of retail space is set to enter the market over the next 5 years, as per the research by 360 Realtors. The city, which is also called the mall capital of India, has close to 90 operational malls, almost doubling over the past 12 years.
However, the millennial city has an insatiable appetite for new malls, high streets, shopping centres, etc. The expanding population, higher concentration of corporate houses, cosmopolitan lifestyle, and higher portion of migrant workforce, make Gurgaon a fertile ground for retail businesses and malls to thrive.
There is a visible spotlight on emerging micro-markets on the Dwarka Expressway, which many industry pundits believe is the future of Gurgaon. The region, which stretches from sec-73 to 95, connects Kherki Dhaula in Gurgaon to Dwarka in Delhi. Across the expressway numerous new neighbourhoods and commercial catchments are unfolding, thereby giving a facelift to the region.
Factors that drive organic demand
The 16-lane expressway is fraught with factors that drive organic demand for the property market. It is conveniently linked with the IGI airport (45 mins). Major employment hubs in Gurgaon such as Cyber Hub (25 mins) and Golf Course Road (30 mins) are at an approachable distance. Likewise, it is also coherently linked to the under-construction INR 25,000 crore international convention centre in Dwarka, the second diplomatic enclave, and new business clusters and hotels in the sub-city. Through a grid of road network, it is seamlessly connected to other major parts of the millennial city such as Huda city centre, Hero Honda Chowk, Old Gurgaon, etc. This makes the stretch a viable commercial and office zone with new spaces in the pipeline. The leasing rates are also lower in contrast to other popular commercial destinations in Gurgaon such as Cyber Hub, GCR, GCER, MG Road, etc. As commercial significance is growing, housing demand is getting a natural thrust.
Surge in Liveability
The livability around the Dwarka expressway has remarkably improved over the past decade. As the region is coherently linked with Delhi and Gurgaon, a greater number of households are shifting to the region. Gradually Dwarka Expressway is becoming a self-sustainable business district in itself, piquing the interest of established organizations as well as startups. There are close to ~ 30 top-quality schools in the region. Work will soon be begun on a 750-bed multispecialty hospital. Likewise, there are plenty of banks, ATMs, gyms, retail outlets, etc, thereby giving a big push to overall livability. Its proximity to the Delhi Mumbai Industrial Corridor (DMIC) and Delhi Mumbai expressway is further bringing the spotlight on the region with growth in new industries, warehouses, and business houses in the vicinity. This in turn is driving holistic growth.
The rise of Concept & Experience-based retail
The focus would not just be on creating spaces that can facilitate transactions but also on nurturing meaningful interactions with the visitors. New-age consumers do not just want transactions and discounts, rather they are looking to make long-lasting experiences. This is giving way to the concept of real estate in the Dwarka expressway region. There is a growing emphasis on mixed real estate including SCOs. The benefits of SCOs are that they incorporate a wide range of concepts under one roof. One can find hypermarkets, food courts, office spaces, startup zones, and gaming zones alongside banks, healthcare centres, fitness centres, flea markets, etc under a single space.
New projects such as Gallexie-91 and Metro Street-83 are doing a remarkable job, as they are believed to redefine the future of retail in the region. Others are also in the pipeline.
(The writer is National Head of 360 Realtor’s Franchise vertical; views are personal)
