Organised Retail In Gurgaon

Organized retailing has become a key driver for real estate development in Gurgaon. The growth in organized retailing has not only driven the construction of malls but such construction has also acted as a catalyst for other real estate development in that area. Where there is such a development, the surrounding areas witness an increase in the property prices. A classic example is the MG Road where the mushrooming of a large number of retail malls has led to the ballooning of property value along this route. Malls in Gurgaon have the capacity to draw in at least a third of the Delhi shoppers, besides many from adjoining rural hinterland in the states of Haryana, Rajasthan and even Punjab. Gurgaon's proximity to Indira Gandhi International airport makes it the ideal destination for tourists as well. Gurgaon now is fast progressing beyond simply providing air-conditioned space for shoppers to make their purchases in. Specialty malls have now become destination points for shopping during specific occasions such as wedding and festivals. Real estate developers are coming up with specialized malls that cater to customers that visit these malls for a specific product. These malls provide a cluster of shops that sell products that compliment each other. This includes the Gold Souk in Sushant Lok I, and the Wedding Mall on Sohna Road, developed by Omaxe Developers. While the former offers customized gold retail from a host of jewelers from around the country and abroad, the latter offers the visitors a range of products and services that are needed while arranging a wedding. A major problem that retail real estate in Gurgaon face is that of parking. On an average each mall property in Gurgaon, during weekend receives about 2,750 to 3,000 cars and about 750-800 two wheelers. In comparison, the combined parking capacity of the operational malls stands around 600 to 800 cars and 450 to 500 two-wheelers. Bearing in mind that shoppers spend about four hours within a mall, the number of cars at a time ranges from 1,000 to 1,500. The HUDA plans to augment these services with specialized multi-level parking lots. For more details on Gurgaon Properties, log on to magicbricks.com