Vatika, one of India's top realty developers, recently disclosed plans to build five million square feet retail space in New Gurugram. With an investment of Rs. 680 crores, the retail projects will serve approx. 5 lakh residents living in New Gurgaon. 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% 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.
Speaking about the retail projects, Mr. Gaurav Bhalla, Managing Director, Vatika Group, said, “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. 100000 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 neighbourhood retail, with sizes ranging from 300 sq. ft. to large anchor stores.”
Vatika is one of the largest developers in NCR and has maximum space in New Gurgaon 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-kilometre radius, and approx 4000 people move to New Gurgaon every month. Furthermore, what makes retail in New Gurgaon 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.
Moreover, New Gurgaon enjoys easy access to the Dwarka Expressway, NH 48, Pataudi Road and Kundli-Manesar-Palwal (KMP) Expressway. The Southern Peripheral Road (SPR) also provides uninterrupted connectivity across prime localities of Gurgaon. Once the Dwarka Expressway and Central Peripheral Road (CPR) are operational, connectivity will be considerably better. Furthermore, the Gurgaon section of the Dwarka Expressway and the CPR will be completed in 2023.
New Gurgaon is a 20-minutes’ drive to industrial townships like Dharuhera and Bhiwadi and 5 min drive to IMT Manesar. It is also well-connected to IGI Airport by NH 48 through the signal-free drive. With the Dwarka Expressway approaching completion, commute times to Delhi and the airport would be reduced even further. Furthermore, New Gurgaon will be connected by multiple metro routes, including DMRC and RRTS in the coming years. Rapid Rail Transit System (Delhi – Gurugram – SNB – Alwar Corridor) will pass through New Gurgaon with proposed stations at Kherki Daula, and work for the same has already commenced. This will provide direct and fast connectivity to commuters. ISBT is proposed in Sector 36, adjoining NH 48.
The best names in education, healthcare, and retail have set up their facilities in New Gurgaon. More than 15 prestigious schools are operational, including MatriKiran School, DPS, St. Xavier's, Suncity, and RPS. More than 15 branches of various banks are functional (HDFC, ICICI, IDFC, SBI, PNB, Kotak Mahindra, Axis). Brands like Starbucks, McDonalds, Bikanervala, Chaayos, Sodhi's, Bata, Body Shop have opened their stores in New Gurgaon. Hospitals such as Apollo Cradle, AIIMS Jhajjar are also in close proximity. Additionally, premium hotels like Hyatt Regency, Holiday Inn, Karma Lakelands also have their presence in the region.
Additionally, corporations such as American Express, TCS, ISH, and Vatika have offices/operations nearby, making New Gurgaon an appealing residential location and attracting more retail clients.