PNS|Hyderabad
Somajiguda ranks second in high Street Market in India after MG Road, Bengaluru. Bengaluru has four high streets in the top ten. Gachibowli, Ameerpet, Banjara Hills and Jubilee Hills are at 16,17,18 and19 position. Besides shopping malls, high streets in India also comprise a significant share in India’s retail real estate landscape.
As per Knight Frank assessment, 30 high streets across the top 8 cities in India accounted for a total retail area of 13.2 mn sq ft of which 5.7 mn sq ft comprised modern retail area. The presence of retailers on high streets is as important as shopping malls. This assessment is derived from the fact that the per sq ft consumption on high streets at $ 4,099 per sq m per annum ($ 44,122 per sq ft per annum) exceeds that of the shopping mall at $1,273 per sq m per annum ( $13,703 per sq ft per annum).
In terms of performance, high streets with easy access to transport, parking facilities, store visibility and spending quotient etc. have performed better.
In its latest report – India Real Estate: Vision 2047, Knight Frank India, a leading real estate consultancy in the country, in association of NAREDCO has projected that India’s real estate sector is expected to expand to $ 5.8 trillion (trn) or $ 5,833 billion (bn) by 2047. This estimated real estate output value will contribute 15.5% to the total economic output in 2047 from an existing share of 7.3%.
The report India Real Estate: Vision 2047 will be unveiled by M Venkaiah Naidu, Former Vice-President, at NAREDCO’s Silver Jubilee Celebration event in Hyderabad.
By 2047, when India reaches 100 years of independence, the size of India’s economy is estimated to range between $ 33 trn to $ 40 trn.
For study purpose, Knight Frank taken the the mean estimated growth of Indian economy to value $ 36.4 trn by 2047.
Providing perspective on REITs, Knight Frank shared that the combined portfolio of Indian REITs encompasses 84.9 mn sq ft, with 75.9 mn sq ft dedicated to office assets and 9 mn sq ft to retail assets. Additionally, there is ongoing construction of approximately 21.3 mn sq ft within the REITs sector, projected to reach completion within 1-2 years.
