Noida Expressway is becoming the most preferable destination for retail space supply boost, underscoring rapid strides in the areas of infrastructural developments, connectivity, and population density. The underlying demand for diverse types of projects such as Shop-cum-Offices, mixed-use commercials, and high-street projects is upshooting in the corridor as end-users are viewing them as a nucleus of entertainment, recreation, and workspace, all rolled into one.
India’s commercial real estate is undergoing a palmy period with its market size valued at USD 40.71 billion (2024) and is anticipated to upsize at a CAGR of 21.10% and reach USD 106.05 billion by 2029, according to Mordor Intelligence’s study. Experts believe that the golden phase for commercial real estate in India has kickstarted with the Noida Expressway and Yamuna Expressway becoming the eminent investment avenues for retail and commercial property expansions.
Connectivity, by far, is the most studied and central aspect of a corridor creating buzz and attracting investors. In the case of the Noida Expressway, a sole factor is not responsible. It not only offers seamless connectivity between Noida and Greater Noida but also to Yamuna Expressway which directly links it to many important cities of Uttar Pradesh and most importantly, to the upcoming Jewar Airport or Noida International Airport. Its proximity to Jewar Airport has transformed the entire belt, turning it into a hub for office expansions, data center set-ups, and an uptick in retail space leasing deals.
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The industry forecasts for office, as well as retail space leases, reveal fascinating statistics. As per a joint study by FICCI & Colliers International, over 50% of office demand is most likely to crop up from domestic companies in 2024. While Grade-A office spaces will be at the top of the game alluring plentiful investors, flex working spaces will also attract 15-20% of the overall leasing. The JLL report also captures similar interests in the case of retail. As per the latest insights in the JLL report, the new supply of retail real estate space is positioned to rise by 45% from the current 91 mn sq ft across seven major cities by 2028, undergirding the developers’ keenness to diversify their retail footprint. Delhi-NCR is expected to add 34% to its retail stock supply.
In addition to confidence-boosting figures, the local environment also plays a dominant role in pulling crowds and attracting investors to a particular region. Noida Expressway is supported by a well-planned urban development, with wide roads, ample parking, and modern amenities, making it highly attractive for retail businesses. IT parks and business hubs have also witnessed a massive proliferation along the expressway, ensuring higher footfalls and investment alacrity.
Undergirding a vociferous demand for diverse retail offerings, Government initiatives, such as supportive policies and the Smart City project, have also created a level-playing field for new and seasoned retail developers to launch their projects and boosting the expressway’s appeal by providing state-of-the-art infrastructure and quality living. Noida Expressway also offers opportunities for significant future appreciation potential, all thanks to the corridor’s liveability, ongoing infrastructural developments, and supreme connectivity. These combined factors create a favorable environment for retail investments, ensuring a steady flow of customers and promising high returns on investment, making Noida Expressway the best choice for retail investors.
(By Dushyant Singh, Director, Orion One 32)
Disclaimer: Views and facts expressed above are those of the author. They do not necessarily reflect the views of financialexpress.com.