Gurgaon’s Galleria is 3rd costliest market in India: Report
Galleria Market in DLF City Phase 4 has the costliest property rental rates in the country after Khan Market and Connaught Place in Delhi, a recent report by real estate firm Cushman and Wakefield has revealed.gurgaon Updated: Dec 19, 2015 17:34 IST
Galleria Market in DLF City Phase 4 has the costliest property rental rates in the country after Khan Market and Connaught Place in Delhi, a recent report by real estate firm Cushman and Wakefield has revealed.
In its annual report titled ‘Main Streets Across the World’, the firm mentions that markets in Delhi-NCR have seen a constant rise in rentals over the years due to entry of new brands and expansion of existing ones. The report also goes on to say that the average rental rate in Galleria is `750 per sqft a month.
“DLF Galleria saw one of the highest increases in year-on-year rentals at over 15% on account of better tenant mix and better quality of retail space. The market has been attracting high footfall due to its location and amenities. This has led to many brands preferring to be located in this market,” the report stated.
Visitors share the same view on one of Gurgaon’s oldest open-air marketplaces. According to them, Galleria has a good mix of all kinds of brands unlike the malls across the city. For them, the market is a preferred meet-up destination with variety of restaurants and shops in the same complex.
“It is located at a safe place, amid residential areas, and there is enough open space for people to hang out. The ambience is good and it’s an easily accessible,” Namita Relan, a student and resident of Sushant Lok 1, said.
Store managers in Galleria also said the increasing crowd has boosted their business. With nearly 100 stores on the ground and first floors of the market, Galleria is different from other malls as it is spread out in a large open area and not constrained in a closed vertical structure.
Name it and one can find it at Galleria -- pharmacies, boutiques, restaurants, apparel, sports, electronics, footwear, stationery, books, beauty parlours, spa, groceries, kitchen and interiors, gifts and pet stores.
“While the overall footfall has seen a slight dip in the past year, it hasn’t affected business much. The high rentals are worth the customers we get,” Sanjay Kumar, senior salesman at Chawla Jewellers in Galleria, said.
For many visitors, the central fountain and neighbourhood feel of the market sets Galleria apart from other commercial locations in Gurgaon and Delhi.
According to members of the Galleria Condominium Association, appreciating the value of returning benefactors to the market, Galleria’s house-keeping staff ensures that the market is spick and span even on Tuesdays -- when the market is shut.
First Published: Dec 19, 2015 00:51 IST