Rapid urbanization, increased disposable income, & change in the middle class's lifestyle have to lead to a significant revolution in the Indian Retail sector. As the government is also easing the FDI norms in the retail industry, many overseas retailers are now expanding their legs in India. And it hasn't been restricted to metro cities anymore. Tier-II cities like Jaipur, Lucknow, Ahmedabad, Chandigarh, etc., gradually see many organized retail progress in a big way. The primary two categories that fall in the retail sector are Shopping Malls & High Streets.
What defines High street in India?The retail industry's growth is a true reflection of the social & economic status of the country, and India has witnessed immersive growth with many developers that have come up with their exclusive trend-setting shopping malls & high streets. The trend extends to brands that are moving from 5-star hotels to malls to high-streets retail. India's retail market has transformed from 'Haats' to 'Weekly Bazaars' to the posh High Streets like Connaught Place (CP), Khan Market in Delhi, or the Mahatma Gandhi (MG) Road in Pune. The study & JLL Report states that high streets can be classified into two categories: Destination and Transit-Oriented.
What are the reasons for ever-growing High-Street destinations in India?Apart from attitudinal shifts, rising income, 100% FDI is the critical factor leading to High Street's growth in India. The location places a significant reason in deciding its success. As the open spaces are diminishing in the cities, High Streets are treated as a place to meet, greet & having a fun time with friends. High streets become the preferred choice for many brands as it comes with lower maintenance costs and good visibility, flexibility in outlet sizes & access to the roads. It being an unbound market, visitors or shoppers also feels at ease that a high street shopping experience offers. They get personal attention & discounted price which led them to revisit the shop.
High Street vs. Shopping Malls-High streets are preferred over the malls as they are considered to yield better returns. And that is why many retailers are choosing to invest in the former. Consumers are also choosing the high street as they are time & cost-effective, which they otherwise lack in the parking area. They get better brand experience along with store experience in a high street setup. As per the report by CBRE, more than 60% of restaurants in Delhi-NCR are located on high streets compared to 29% in malls. With so much popularity of this shopping format, real estate developers create flexible & customizable spaces making F&B an integral part of overall high street development strategies.
While there was huge hue & cry about this shopping format in India, it is confirmed that high-streets have stood the test of time & have created their USP by continually evolving, sometimes by catering to niche segments & managed to retain their reputation by as one of the essential retailing destination.
The future of this luxury retail is bright in India. The retail sector in India is expected to clock a wholesome growth rate of 12%. This could touch $1 trillion by 2020, with high street contributing a meaningful part towards it. Technology will play an instrumental role in reshaping the segment and further improving India's conditions of high streets.
(Source- Financial Express).
Commercial Projects in Rajnagar Extension-The demand is set high in metro & Tier-I & Tier-II cities. Ghaziabad, in NCR, has become a hub of high street retail as many developers are developing their projects here. One such region is Rajnagar Extension. This growing demand is due to the excellent connectivity and world-class infrastructure of the region. Besides the metro rail network, the Eastern Peripheral Expressway connects the area well with highways. A well-planned suburb, a peaceful & metropolitan lifestyle including a perfect location makes Rajnagar Extension one of the central suburban homebuyers' favoured alternatives. Rajnagar Extension is exceptionally well connected with Metro Stations, Hindon Elevated Road, Delhi-Meerut Expressway, Meerut, Delhi, Noida, Greater Noida, etc. & the crucial parts of Ghaziabad. A recommended flyover and road from Hindon airbase will facilitate high-speed connectivity to Delhi via Wazirabad. Also, one of the vital developments taking place as per the latest policy development, the affirmed Delhi-Haridwar highway would even cross through Raj Nagar Extension, moreover emphasizing connectivity of the area.
As many developers are rigorously building new commercial shopping malls high-streets, one of them is Ajnara India. Ajnara India is coming up with the luxury high street, Ajnara Fragrance Walk, which is one of the most talked-about projects in the town. An amalgam of food, shopping, retail, entertainment for the people, it provides everything a shopping mall is about, making it the best investment opportunity for the people as well as to enjoy in the future.
- Very Close to the operational Hindon Airport (5 Mins)
- ISBT & Metro Station close in the proximity
- Easy connectivity to NH 24 and Eastern Peripheral
- 10 Mins drive from Delhi via Elevated Road to Raj Nagar Extension
- 15 Mins from Eastern Peripheral Road, connecting Kundli Ghaziabad and Palwal
- Well associated with Noida, Ghaziabad, East Delhi & Meerut
- Upcoming Rapid Rail from Delhi to Meerut via Raj Nagar Extension
- Close to Upcoming International Cricket Stadium
In the coming years, the high street landscape will bound to change with mixed-use retail development & shall serve as a complete food, shopping & entertainment destinations in Delhi/NCR.