Retail Real Estate in India Ready for an Explosive Growth
It is no longer a piece of breaking news that the real estate sector in India is growing at a rapid speed and so is the retail industry. The reason is the increase in the per capita income of middle-class people.
Forecasts say that the retail industry is expected to double by the year 2024 and is anticipated to reach USD 1400 billion from the present USD 790 billion. According to reports, the retail sector in India contains 15% of the total retail space and contributes 13% to the GDP of the country.
Sectors like hospitality, retail, and commercial space have also seen significant growth because of the substantial increase in India’s infrastructural demands and needs.
Other sectors like e-commerce, ITES, and IT have witnessed a high demand for office spaces in recent times.
What further attracts the players in this industry globally is the government scheme that has allowed 100% FDI in single-brand retail and 51% in multi-brand retail.
It is not only the Tier 1 cities that are seeing rapid growth in the retail industry but Tier-II cities like Mysore, Vizag, Lucknow, Kanpur, etc, are also witnessing tremendous growth when it comes to the real estate and the retail industry.
As the growth of the retail industry is turning out to be unstoppable, retail real estate is also nowhere behind. This sector has turned out to be one of the most vibrant industries in the Indian Real Estate.
The promising growth in the retail industry has made many big giants binge in this market both in India as well as abroad.
According to reports, institutional money of approximately USD 1.9 billion entered the Indian retail area between 2015 and 2019. This has also helped in uplifting the supply of malls in the country which is estimated to reach 65 million sq.ft by 2022.
The cities to gain the maximum benefit out of this are Mumbai, Pune, Bangalore, Hyderabad, and Chandigarh.
Retail Real Estate in India has huge potential and will continue to grow in the years to come.
Gopalan Enterprises, one of the leaders in this domain offers luxurious 2BHK and 3BHK apartments in Bangalore along with shared office spaces across the city. With 6 malls under its belt and various other residential and commercial projects in the pipeline, Gopalan Enterprises is a brand that is INSPIRED BY LIFE AND BUILT ON TRUST.