The high street shop condominiums are the future of retail in Noida.
Franchise India organized the NCR's biggest Retail thought leadership event "The Future of Noida Retail" at Wave City Centre, Noida, on 25th January 2019. The event witnessed top retailer brands and potential investors joining in and discussing the future of the retail industry in 2019.
Here are some of the views, shared by CJ Singh, Senior President of Wave Infratech Pvt Ltd, in the event.
Noida has always been an ideal destination for investment, not only for residential but also for commercial and retail investment. Noida being a smart city has an excellent network of roads and other civic infrastructure. This city in NCR has the best metro connectivity, having 4 lines criss-crossing. Also, a new airport has been announced at Jewar.
Recently, another bridge over the Yamuna has opened up which will further improve the connectivity in Delhi. The quality and affordable housing options available here makes Noida a lucrative business destination. There are a lot of catchment areas around Noida like Hathras, Harpur, Aligarh, Greater Noida and Delhi, inviting them to invade the region.
As far as the office space is concerned, there is a lot of action in this city. In office space, NCR contributes about 28% of the national consumption. The rentals in Noida are about 22% lesser than Gurgaon and Delhi. Some of the good corporates consider the 'walk to work' concept since a lot of their employees' are living here or are planning to build the house here.
Noida: The emerging retail hub
The presence of national and international brands in Noida makes it a hot business destination for retail. The Mall of India has the highest footfall in the country today, running the highest sales. The mall brings in people from Delhi, Greater Noida, and people from other catchment areas come here. All malls in Noida are doing a significant business.
As far as the entertainment is concerned, Noida has a 15-screen superplex, which is the only superplex in North India. NCR probably has the maximum number of operational malls.
High Street Shop Condominiums considered as the Future of Retail
The cluttered shopping environment today demands innovation for the malls to bring in the footfall and to drive the sales. And this innovation is high street shop condominiums.
The high street shop condominiums at Wave City Centre are a very unique concept. This has about 286 units spread over 4 blocks and each of these units is independent, having its own lift & staircase. Each unit has a complete glass facade, giving great visibility to the products and brands. Most of these units will have a 2-side entry, catering to customers walking in from both sides.
The 4 blocks in which these units are spread include Marigold Court, Peacock Court, Tiger Court and the Livork.
Livork is the block that also houses studio apartments which has a billion square feet of space ensuring a lot of footfall into this market.
Each of these units in Marigold Court, which the company sold sometimes back, has a proud owner and today, these owners are interacting with the brands in the market. The offer of possession has already been made and this market is likely to be in operational in another 2 or 3 months time. Peacock Court’s offer of possession is very likely to be there around March or April. Subsequently, the Tiger Court’s offer should happen in another 3 or 4 months time, followed by Livork in a year’s time.
These high street shop condominiums are the future of retail in Noida. Besides its unique design, this comes in convenient sizes ranging from about 2,000-4,000 sq ft. Each of this unit comes with an efficiency of about 90%. This comes with a 100% power backup. The areas inside all of these courtyards are landscaped. They are themed courts and have a lot of arrangement of security like security cameras, surveillance. These shopping units have unique specifications, each one comes up with air conditioning and even have their own toilet inside.
Now, the best part for the brands/tenants is that the camp charges will be below Rs 10, which is very nominal. Each of these blocks has around 30,000-35,000 sq ft of area. Food is going to play a very important part in the success of any mall or any shopping complex. These units are suitable for running the F&B business.
Gurugram has a lot of micro-breweries, which makes it the pub capital of India or the micro-brewery capital of India. So far, these licences were not available in Noida. But this year, the government of Uttar Pradesh announced that they will be providing micro-brewery licences.
So, we expect these micro-breweries to come up here. This place is very ideally suited for that kind of business.