Gurgaon’s answer to Khan Market booms in slow year
Galleria market in upscale DLF phase 4 has retained its position as the third-most expensive retail location in the country after New Delhi’s Khan Market and Connaught Place respectively.gurgaon Updated: Nov 24, 2016 13:12 IST
Galleria market in upscale DLF phase 4 has retained its position as the third-most expensive retail location in the country after New Delhi’s Khan Market and Connaught Place respectively. Out of these three, only Galleria market has managed year on year rental growth of 6.7% despite the real estate slowdown in NCR, said a report by real estate consultancy Cushman and Wakefield.
Experts say the nature of the Galleria market, which has been developed as a mixed-land use organised cluster despite being surrounded by malls, has helped it buck the downward trend. “It is a more inviting and informal market with a very strong mix of shops, particularly that in the food and beverage segment, which draw a large regular clientele,” said Ashutosh Limaye, head, research, Jones Lang LaSalle.
The growth of a strong residential population in the immediate neighbourhood coupled with improvements in roads and traffic situation in the last couple of years has also helped the market attract more footfall, thus ensuring steep rentals.
The market has 250 shops and around 500 commercial offices in an adjoining tower. The average rent in the market, the report said, remained at Rs800 per square foot (psf) in 2016 while it was Rs750 psf last year.
Vivek Kaul, head, retail services, India, CB Richard Ellis, said that the success of Galleria can be attributed to the fact that it is a community-oriented development. “Markets such as Galleria in Gurgaon, Khan Market in Delhi and similar high streets offer better access, more variety, and a personalised environment in the immediate neighbourhood, which is somehow missing in shopping malls,” said Kaul, adding that similar markets could be the future of retailing.
With such retail high streets giving better returns and attracting higher footfall, top retailers are looking to strengthen their presence here.
Neeraj Yadav, the newly elected president of the Galleria Condominium Association, said the market would do even better next year as issues such as lack of parking space, poor maintenance, and security are being resolved. “We will be working on improving the quality of infrastructure and facilities for customers so that the market continues to attract more customers,” he added.
Galleria market has shops that include pharmacies, boutiques, restaurants, apparel stores, stationery and book shops, beauty parlours, grocery stores, ATMs etc. The central fountain and open areas that offer a space to hang out are also a draw for shoppers.
“We come here to buy eatables or to eat at the restaurants. The place is easy going, there is no rush and we can focus on shopping. We can spend quality time here,” said Deepika Jaiswal, a shopper.
First Published: Nov 23, 2016 23:27 IST