Retail Segment Showing Growth in Demand in Dwarka

Located in Southwest Delhi, Dwarka has emerged as a sub city. This locality has seen massive real estate development in the last decade and its proximity to Dwarka Expressway is the other factor that has resulted in a hike in demand as well as values here. The metro connectivity also contributed to exuberant growth here and attracted consumers here.
After emerging as a premium residential locality, Dwarka is seeing growth in the retail sector as well. According to Ravi Kumar from KP Associates, “the retail sector such as shops on high streets, neighbourhood complexes are witnessing good business and noted a 30-40% increase in the number of transactions in the past six months.” The commercial sector too is mushrooming and there is a demand for luxury office space in the city which is expected to scale up in the near future, he added.
Sectors 4, 5, 10, 11 and 12 are the prime commercial areas of Dwarka. According to Vivek Kumar of Real Estate Infra, “the retail sector of Dwarka has seen tremendous increase in the occupancy rate in the past one year. Shops in the malls, on the high streets and in the neighbourhood shopping complexes which were lying vacant are being occupied by small and big retailers. The rental values too noted a 15-20% rise in the past few months.”
Other projects such as Raj Lakshmi Plaza, Malhan Plaza, Vardhman Bahnhof Plaza -2 and Manish Plaza etc are also witnessing a fair number of transactions, added Tarun Kumar of Vardhman Plaza. He attributed this growth to the increasing residential sector coupled with rise in occupancy.
Vardhman Crown Mall and Metro Mall are the recently opened shopping malls in Dwarka. According to Neeraj Aggarwal from Sri Balaji Associates, “malls are slowly becoming popular in the subcity. With change in time and developments consumers will opt for more serviced shopping options very soon.”
The current capital values of shops on an average range from Rs 10,000-20,000 per sq ft. However, the values vary depending upon location, infrastructure, area connectivity etc.
Dwarka is expected to emerge as a secondary business district in the near future. The upcoming diplomatic enclave in Sectors 26, 27, 28 and 29 which will in house embassies of at least 39 nations along with several 5 and 7 star hotels will uplift the commercial sector of the city by manifold and values will take an upswing, says Kapoor.
Source-Magicbricks

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