The total leasing during the first half of 2023 stood at 0.70 million square feet as compared to 0.42 million square feet in the same period a year ago, said the CBRE report
The retail leasing in Delhi-NCR (national capital region) has increased by 65% in January-June 2023, the real estate consulting firm CBRE South Asia said in a report on Thursday. The NCR has recorded a rise in retail leasing across investment-grade malls, high streets and standalone developments, said the report. The total leasing during the first half of 2023 stood at 0.70 million square feet as compared to 0.42 million square feet in the same period a year ago, said the CBRE report. “Apple launched its first two new stores in Mumbai & Delhi-NCR, and UK-based coffee and sandwich chain Pret A Manger also opened stores in Mumbai and Delhi-NCR. Canadian coffee brand Tim Hortons which debuted in India last year strengthened its presence in Delhi-NCR and Punjab and entered the Mumbai market this year. European luxury brand Balenciaga is set to open its first brick-and-mortar store in Delhi-NCR through its partnership with Reliance Brands," CBRE said in the report. “Retailers have expressed positive leasing sentiments, indicating their strong interest in establishing new setups, expanding operations, and upgrading existing stores," said Anshuman Magazine, chairman and CEO - India, South-East Asia, Middle East and Africa, CBRE. Across India, retail leasing saw a 24% yearly growth in the first half of 2023, and a 15% rise compared to the July-December 2022 period, the report added. Gurugram: Average monthly rent for premium apartments up 28% in H1 A separate report by Savills India on Thursday said in Gurugram the average monthly rental for premium housing grew by 28% year-on-year during the January-June period of this year. In Gurugram, “GCER (Golf Course Extension Road & SPR (southern peripheral road) and Golf Course Road saw the highest rise in rentals with 33 per cent and 31 per cent YOY growth, respectively," the real estate consultant said. As per the report, the average quoted rentals are for 3BHK and 4BHK apartments on Golf Course Road and 3-BHK apartments in other micro markets. Golf Course Road commands a monthly average rental of 195,941, while the average rent at Golf Course Extension Road and Southern Peripheral Road is 101,000 a month, according to the Savills data for H1 2023. The average rent in New Gurugram is 47,100 and in Dwarka Expressway is 40,071 per month, the report added. Gurugram and Noida attract a constant influx of migratory working professionals who prefer renting over buying, said Shveta Jain, Savills India MD-residential services.