Vatika, one of India's top realty developers disclosed plans to build five million square feet of retail space in New Gurugram. With an investment of Rs 680 crore, the retail projects will serve approximately 5 lakh residents living in New Gurugram. The projects are expected to be operational by 2023.
The launch of the retail projects will make Vatika the largest retail player in New Gurgaon, with 67 percent of the market share in the retail segment. Vatika's contribution to the saleable area totals 5 million sq. ft., compared to 2.6 million sq. ft. for other developers.
"New Gurgaon is the thriving micro market of Millennium City. In the last few years, the habitation in New Gurgaon has increased considerably with the delivery of approx. 100,000 dwelling units. New Gurgaon offers a wide range of housing options from affordable apartments to high-end homes. Therefore, retail outlets catering to different segments are in high demand in New Gurgaon. We have devised a unique retail strategy for New Gurugram that would appeal to various segments, ranging from high street retail to neighborhood retail, with sizes ranging from 300 sq. ft. to large anchor stores," said Gaurav Bhalla, Managing Director, Vatika Group.
Vatika is one of the largest developers in NCR and has maximum space in New Gurugram in all segments, be it residential, commercial or retail. The Group has delivered 47 mn sq. ft., out of which 7.5 mn sq. ft. is commercial and retail. 150+ corporates and retailers are already associated with Vatika. The company's retail developments are strategically located for maximum footfall.
In terms of social infrastructure, roads, and real estate, New Gurugram has grown exponentially. Nearly 5 lakh people live in and around a 5-kilometer radius, and approx 4,000 people move to New Gurugram every month. Furthermore, what makes retail in New Gurugram more appealing is that while the rates and rentals are still affordable, the infrastructure and facilities are far superior to those in other micro markets.
Corporations such as American Express, TCS, ISH, and Vatika have offices/operations nearby, making New Gurugram an appealing residential location and attracting more retail clients.