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Delhi NCR records 65 per cent growth in retail leasing in first half of 2023: Report
New Delhi: Delhi-NCR recorded a 65 per cent increase in retail leasing in January-June 2023, real estate consulting firm CBRE South Asia said in a report Thursday.
According to the report, the national capital region recorded increased retail leasing across investment-grade malls, high streets and standalone developments.
Total leasing during this period stood at 0.70 million square feet compared to 0.42 million square feet in the corresponding period last year.
On a pan-India basis, retail leasing witnessed a 24 per cent yearly growth in the first half of 2023, and a 15 per cent increase compared to the July-December 2022 period, said the 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,” the consultant said in a release.
India is poised for strong economic growth and sustained recovery despite global headwinds and looming uncertainty, said Anshuman Magazine, Chairman and CEO - India, South-East Asia, Middle East and Africa, CBRE.
“Retailers have expressed positive leasing sentiments, indicating their strong interest in establishing new setups, expanding operations, and upgrading existing stores," Magazine said.
"Going forward, the anticipated growth in mall supply coupled with encouraging consumer spending trends, especially during the festive season, is expected to further augment the sentiment for expansion among both international and domestic retailers who are well positioned in the market,” Magazine said.
Going ahead, the consultant said retailers will continue to explore tier II, III and IV markets.