Gurgaon mall leases present second highest spike in NCR for first half of 2017: CBRE

Gurgaon: Leases for malls in Gurgaon rose 9% within the first half of 2017 from a 12 months earlier, the second sharpest enhance within the Nationwide Capital Area (NCR), a contemporary report confirmed.

Month-to-month leases within the January-June interval have been Rs 450-475 per sq ft in varied malls within the Haryana metropolis, in line with the report by business actual property providers agency CBRE.

The one space in NCR that reported larger charges was Vasant Kunj — with its occurring locations like Atmosphere Mall and DLF Promenade Mall — the place leases rose 11%. Whereas Noida remained flat for the interval, malls in Saket District Centre, dwelling to Choose Citywalk and DLF Place, noticed a 3% enhance, the agency mentioned.

Gurgaon boasts of malls comparable to Atmosphere, DT Mega Mall and Metropolitan. Within the first half of 2017, town noticed an addition of 150,000 sq ft retail actual property within the type of BaaniCity Heart mall within the Golf Course Extension Highway.

“The primary half of 2017 witnessed quite a few model entries with Kate Spade, Cowl Story, Scotch & Soda, Coach and Muji being the important thing world manufacturers that opened their first shops within the metropolis (NCR),” the report mentioned. “By way of provide, town witnessed the addition of just about 0.2 million sq ft of contemporary provide with the completion of BaaniCity Heart on the Golf Course Extension Highway.”

Leases for the Galleria excessive road market remained flat throughout the first six months 2017 in contrast with the identical interval final 12 months, the CBRE report mentioned.