Spotlight On NCR’s Commercial Real Estate

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    The commercial real estate sector in Delhi-NCR, notably along the Noida Expressway corridor and in and around East Delhi, is on an upswing. The growth offers major retail investments to retailers and investors for diverse types of retail projects. With various large-scale infrastructure developments in these regions, the sector reflects a potent revolution driven by increasing urbanization, rising consumer demands, and economic expansion.

    As underlined in the recent report by JLL India, Delhi-NCR will add over 45 million sq. ft. of retail real estate through 88 new developments. The majority of this upcoming retail supply is lease-based, which will allow developers to have greater control over the quality of tenant mix and everyday management of the property, leading to higher rentals. Out of the total expected retail space addition, Delhi-NCR is anticipated to accumulate the highest 43% share in the supply in the next five years, with Noida Expressway and East Delhi emerging as the key areas.

    Meanwhile, another prominent report of Knight Frank India on India Real Estate- Office and Residential Market (H1 2024) spotlights the office market activity in India, hitting a record of 34.7 million sq. ft. in H1 2024. The report revealed Delhi-NCR as one of the leading commercial markets with 5.7 million sq. ft.

    These reports indicate that the Noida Expressway and East Delhi commercial market are gaining prominence and are becoming ideal for commercial investments. The region, boasting the establishment of premium malls, is impacted by ongoing infrastructural developments, improved connectivity, changing consumer desires, and attracting the attention of investors and developers.

    Yukti Nagpal, Director, Gulshan Group, says, “The Noida Expressway corridor has become a pivotal hub for commercial spaces in Delhi-NCR, significantly boosting the sector. The influx of premium retail brands and global companies into these spaces has been a driving force behind the area’s commercial growth. “

    “Additionally, infrastructure upgrades have further attracted retailers and investors, creating a vibrant business environment. Our commercial project, Gulshan One 29, is strategically located near the Noida-Greater Noida Expressway and offers a unique blend of work, leisure, dining, and shopping experiences. As investment activities continue to rise, we are excited to welcome more global brands to our mall, enhancing our sector presence and offering a comprehensive experience to all.”

    Salil Kumar, Director- Marketing and Business Management, CRC Group, says, “As a key growth corridor, Noida Expressway is attracting major retail investments. Investors are highly drawn towards this location, seeing the potential for high return on investments and long-term growth due to the nearby infrastructure development and improved connectivity it offers.

    “The presence of many IT parks, residential areas, and global companies near and around the corridor boosts the area’s vibrancy, leading to major malls in the region experiencing substantial expansions. Offering these benefits to all businesses and retailers, our CRC The Flagship stands tall as an iconic, state-of-the-art commercial project in proximity to the expressway. From world-class experience in shopping and food with brands from around India to fully sustainable and thoughtfully designed office spaces, CRC The Flagship offers a rich experience of food, entertainment, and work under one roof”, said

    Further, East Delhi emerges as an ideal location for retail investments, with malls like East Delhi Mall (EDM) taking the lead. In addition to this successful existing mall, the region is seeing the establishment of new retail projects, boosting the retail and driving economic growth.

    Gaurav Gulati – Managing Director CCPL – The owning company of EDM, states, “The strategic location of East Delhi, together with growing income of the catchment population, the mall is poised to be a neighbourhood destination and a desired place for shoppers and retailers. As East Delhi sees an upsurge in the interest of retailers and businesses, EDM Mall offers a diverse retail experience, with many top and current brands being introduced in addition to the already established ones.

    “Due to increased investment in the region, we envision to expand our retail space and add more to our offerings. As national and international brands enter the vibrant market of East Delhi, the region is set to offer more choices to the consumers, driving the area’s economic growth.”

    Dr. Amish Bhutani, Managing Director, Group 108, says, “The Delhi-NCR’s commercial market offers a positive outlook with the area around the Noida Expressway offering a higher potential. The region is fueled by the demand for office spaces and retail outlets, boosting commercial growth. Further, significant infrastructure developments like the upcoming Noida International Airport have increased the presence of global companies, retail offerings, and various ancillary units, leading to large size commercial developments. Catering to the needs of retailers and businesses, our commercial project, One FNG, stands as an architectural marvel adjacent to the Noida Expressway.

    “Featuring versatile office spaces along with contemporary retail, One FNG offers an environment where work and leisure come in perfect harmony. As the region welcomes more retailers and businesses, One FNG prioritizes the dream of every occupant.”

    As both Noida Expressway and East Delhi have established themselves as prime locations for commercial growth, their future looks promising. With ample potential for continued investments, the areas are anticipated to become even more prominent, solidifying their status in the commercial realty world.

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