ALAM BLOGG

real estate sector Tremendous growth is being seen. This boom is in both residential and commercial segments. Record sales of houses are taking place. On the other hand, in the first half of the year 2023, a 24 percent increase was registered in the leasing of retail space. Bengaluru, Delhi-NCR and Ahmedabad accounted for 65 per cent of the new leasing.

148% increase in supply of retail space

In a data-based report, real estate advisory firm CBRE South Asia said that in the first half of the year, the supply of retail space increased by 148 per cent compared to the previous year. This is because the completion rate of shopping malls has increased by eight percent on a half-yearly basis. Data compiled from eight major markets in the country shows that eight lakh sq ft of space was leased during January-June 2023 in Bengaluru. After this, 7 lakh sq ft in Delhi-NCR and 4 lakh sq ft each in Chennai and Ahmedabad were put on rent for retail activities. According to the report, retail leasing rates increased by 24 per cent in the first half as against 15 per cent growth in the year-ago period. The total area leased during this period stood at 2.87 million sq ft, with Bengaluru, Delhi-NCR and Ahmedabad together accounting for 65 per cent.

Highest demand from fashion and lifestyle segment

The contribution of the fashion and apparel sector was the highest at 38 per cent, while the share of food and drink outlets was 18 per cent, behind the increase in the rate of taking commercial establishments on rent. Anshuman Magazine, chairman, CBRE South Asia, said retail rental growth reflects a promising outlook for the coming quarters. This momentum is expected to be sustained in view of strong supplies and upcoming festive season, he added.

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