Bhumika Group launches Rs 700 crore mixed-use property in Faridabad, The Icon

North India’s leading realty developer Bhumika Group has announced the launch of its mixed-use development, “The Icon”, in Faridabad, backed by a Rs 700 crore investment and an estimated sales realisation of approximately Rs 1,500 crore. The project will feature 88 premium low-density residential units in 3 BHK + Study along with staff accommodation configurations, and a large 30,000+ sq. ft. clubhouse and dedicated recreation spaces for the residents including a swimming pool, spa, meditation room, sports facilities, walking track, dedicated dining spaces, concierge spaces, etc., which will be one of a kind in Faridabad. The high-end residential will be complemented with high-end luxury retail, entertainment options such as a gaming zone, and multiple premium restaurants with alfresco dining options, and also a premium hospitality component. The total construction timeline is 4 years and 3 months. All 88 residential units have been introduced in the initial launch. Phase 2 will introduce a Premium Hotel Tower featuring internationally styled suites designed for business travellers and long-stay guests, strengthening the project’s positioning as a complete lifestyle destination. Residential units are priced at Rs 15,500 per sq. ft., while retail stores are being leased at a rate of Rs 200–250 per sq. ft. on the ground floor, with some leading brands such as Apple, Samsung, Vivo, etc. already locked in. Uddhav Poddar, CMD, Bhumika Group, said, “The Icon reflects our long-term vision of developing spaces that go beyond construction and create meaningful urban ecosystems. Our focus has always been on building thoughtfully planned developments that balance design, functionality, and future-readiness. With this project, we have placed strong emphasis on architectural detailing, lifestyle-driven amenities, sustainability features, and integrated commercial and hospitality elements.” Siddharth Katyal, CEO, Bhumika Realty, said, “Faridabad is entering a defining growth phase, driven by large-scale infrastructure upgrades, improved expressway connectivity, and the emergence of integrated townships. We are witnessing a clear shift in buyer sentiment, where homebuyers and investors are actively looking beyond traditional micro-markets and recognising the long-term potential of well-planned developments. Over the next few years, Faridabad has the potential to deliver steady appreciation, strong rental demand, and more organised, township-led development, and The Icon is designed to align perfectly with this next phase of growth.” Designed for families, professionals, and investors across Delhi–NCR, the project caters to end-users looking for a modern mixed-use destination that combines exceptional connectivity with long-term value creation. The development brings together low-density luxury living, modern architecture, high-end specifications, upgraded security, sustainability features, integrated retail, and hospitality-led footfall, creating a future-ready urban ecosystem with strong long-term appreciation potential. About Bhumika Group: Bhumika Realty, part of the Bhumika Group, is an NCR-based real estate developer with a diverse and growing portfolio. The company is best known for Urban Square Mall, the largest mall in Rajasthan, which houses over 18 leading brands including Melange, Kappa, CODE, Forca, Ginger, Bossini, Fame Forever, and the Lemon Tree Hotel in Udaipur. Expanding its footprint, the group has also forayed into the metro mall segment with a project at the NHPC Metro Station. Beyond real estate, Bhumika Group has diversified into high-growth sectors such as Kaushalya Logistics, an end-to-end supply chain and logistics solutions provider operating across India, and ventures in the e-commerce space. Backed by strong business fundamentals and a multi-sector presence, the company is valued at around Rs 3,000 crore.

As Gurugram Claims 63% of Q4 Leasing, Experience-Led Retail Takes Center Stage

Authored By: Siddharth Singh, Head- Leasing, Felix Plaza Retail in NCR is entering a new phase, one where time spent is becoming more valuable than square footage leased. While India continues to rank among the fastest-growing retail markets globally, with organised retail penetration steadily rising and NCR leading Grade A supply additions, the underlying shift is more nuanced. In Q4 2025, retail leasing in Delhi NCR stood at 1.03 msf, an increase of 100% QOQ and 4.5x on a YOY basis, as per the data released by Cushman and Wakefield. Gurugram led the overall retail leasing during Q4-25 with a 63% share. Mainstreets accounted for 55% of annual leasing, while malls witnessed 45% of total space take-up. F&B led the space take-up in 2025 with a 22% share, followed by fashion (21%) and department store (14%) segments. Leasing by the F&B, entertainment and consumer durables segments has almost doubled in 2025 as compared to last year. In Gurugram, leasing momentum is increasingly being driven by experiential formats: chef-led dining concepts, wellness studios, boutique fitness, and immersive flagship stores, rather than traditional anchor-led models alone. The modern consumer, particularly in affluent micro-markets, is not merely shopping; they are seeking social currency, community interaction, and curated discovery. Moreover, Gurugram’s next phase of retail growth is unfolding beyond its legacy hubs. While MG Road and CyberHub continue to anchor the city’s established retail map, leasing conversations are shifting toward decentralised micro-markets such as Golf Course Extension Road, SPR Road, the Dwarka Expressway belt and sectors in New Gurgaon. Developers and retailers say the logic is straightforward: retail is following rooftops– but more importantly, it is following aspiration density. As luxury residential clusters and Grade A office developments expand outward, they are creating what industry insiders describe as “experience gravity zones” where premium housing, corporate footfall and rising disposable incomes combine to generate consistent evening and weekend demand. Within this decentralised shift, Sector 82A is emerging as a strategic location rather than just another plotted grid on the Gurugram map. Located at the intersection of the Dwarka Expressway and the NH-8 corridor, and embedded within New Gurgaon’s high-density luxury residential belt, the sector benefits from a catchment that is both affluent and untapped. Thousands of premium housing units are either occupied or nearing completion in the surrounding Sectors 80–95, yet organised retail supply in the immediate vicinity remains limited, creating a clear demand-supply gap. The connectivity multiplier further strengthens the proposition: the operational momentum of the Dwarka Expressway, seamless access to Delhi and IGI Airport, and proximity to emerging office pockets lend infrastructure-backed confidence to retail investments. For developers and brands, the opportunity lies in the early-mover premium, establishing a high-quality, experience-led retail destination in a maturing residential hub before the market reaches saturation and competitive clutter. Besides, mixed-use development is increasingly being viewed not as an architectural ambition but as structural risk management. Developers believe integrating office, residential, retail and hospitality components within a single ecosystem creates what can be described as a “live-work-play loop”. Office occupiers generate weekday lunch and post-work footfall; residents sustain evening and weekend consumption; curated retail and hospitality formats activate the ground plane throughout the day. This cross-utilisation of catchments smoothens revenue volatility and reduces vacancy cycles, offering what industry stakeholders call built-in footfall insurance. Alongside mixed-use integration, the traditional enclosed mall is gradually giving way to open, street-facing formats designed around walkability and public engagement. Developers are prioritising breathable plazas with natural light, cross-ventilation, outdoor seating and activated public realms over inward-looking corridors. Post-pandemic consumers continue to value perceived safety and open-air environments, where natural ventilation translates into subconscious comfort. At the same time, curated streetscapes and “Instagrammable” facades are becoming organic marketing tools, driving footfall beyond paid promotions. Industry observers describe this as the rise of a modern piazza culture where retail functions less as a transactional corridor and more as social theatre. Taken together, these shifts signal a structural reset rather than a cyclical upswing. Retail in NCR, and particularly in Gurugram, is no longer being planned around anchor boxes and parking ratios alone; it is being designed around dwell time, community engagement and lifestyle alignment. As micro-markets such as Sector 82A mature alongside infrastructure upgrades and premium residential expansion, the opportunity lies in creating destinations that integrate hospitality, open public realms and mixed-use ecosystems into a single, cohesive narrative.

Globally acclaimed, Time Out Market Makes India Debut at Worldmark, New Delhi

Bharti Real Estate, the real estate arm of Bharti Enterprises and owner of the Worldmark brand, announced that India’s first Time Out Market will open at 5 Worldmark in Aerocity. Currently the active Time Out Markets are at Lisbon, New York (Dumbo & Union Square), Boston, Chicago, Montreal, Dubai, Cape Town, Porto, Barcelona, Bahrain, and Osaka. The landmark opening of Time Out Market will bring the world-famous food and culture destination to the country. It will bring together the top chefs, restaurants, bars, and cultural events in the city under one roof. The brand is to launch in the second half of 2026, bringing a well-known cultural and gastronomic draw to India’s hospitality and retail scene. Time Out Market Delhi will have 11 kitchens, 2 full-service bars, a private events room, a stage for live performances, and seating for about 500 people. It will cover about 24,500 square feet. Craft, legitimacy, and cultural relevance guide curation at Time Out Market Delhi. This brings together chefs and ideas that really shape the city’s food story. Visitors will see a lively mix of the city’s best chefs and cultural figures, from award-winning chefs and well-known institutions to exciting new voices and local favourites. This is a rare chance for restaurateurs to be part of a globally recognised platform that celebrates the best of the city. Time Out Market Delhi will be live in the new phase of Worldmark development, which covers about 17 million square feet and is being marketed as the finest Global Business District in the country. There will be a destination retail in the neighbourhood, coupled with high-end hotels, modern offices, and carefully planned hospitality and retail experiences. Worldmark is located right next to Indira Gandhi International Airport. It is one of the busiest ecosystems in the world and is meant to draw millions of foreign tourists and local visitors, especially urban professionals. India Sotheby’s International Realty helped with the lease deal for Time Out Market Delhi. “Time Out Market’s opening in India at 5 Worldmark in Aerocity, New Delhi, adds to Worldmark’s reputation as the country’s most comprehensive business and lifestyle destination.” “Time Out Market’s internationally known concept would be beneficial for the city’s international visitors, business people, and urban community. This association shows that we are committed to our long-term aim of making Worldmark as India’s best business district to work, meet, eat, and do business.” stated S K Sayal, MD and CEO of Bharti Real Estate. Chris Ohlund, CEO of Time Out Group plc, added: “We expanded our growing Time Out Market portfolio by opening three new sites each in 2024 and 2025, with an additional five currently under development. Since the first Time Out Market launched in 2014, we have created  rooted in our iconic Time Out brand a leading global food and cultural market.” About Bharti Real Estate Bharti Real Estate, the real estate arm of Bharti Enterprises, is a leading developer of Grade-A commercial destinations in India, known for creating integrated, future-ready business ecosystems. Its landmark Worldmark portfolio has played a defining role in shaping Aerocity, New Delhi, into a globally aligned mixed-use district. Spread across a master-planned development of approximately 17 million sq. ft., Worldmark at Aerocity is being delivered in multiple phases. Worldmark 1.0 is fully developed, leased and operational, hosting leading multinational corporations, global financial institutions and Fortune 500 companies. Worldmark 2.0, currently under advanced development, spans approximately 7 million sq. ft., comprising around 4 million sq. ft. of premium office space where  OC is received and close to 3 million sq. ft. of retail, one of India’s largest destination retail developments, targeted for operationalization in 2027. The next phase, Worldmark 3.0, is underway with concept planning pre-execution. This phase will add close to 5 million sq. ft., with office spaces being delivered in a phased manner and retail expected to be operational by late 2027. The remaining development is planned as Worldmark 4.0, which will further expand the district’s footprint, collectively reinforcing Worldmark’s vision of a globally benchmarked business district that seamlessly integrates workplace, retail, leisure and sustainability. Strategically located next to Indira Gandhi International Airport and supported by strong multimodal connectivity, Worldmark reflects Bharti Real Estate’s vision of building world-class urban destinations where business, culture and community seamlessly converge. About Time Out Group Time Out Group is a global brand that inspires and enables people to experience the best of the city. Time Out launched in London in 1968 to help people discover the best of the city – today it is the only global brand dedicated to city life. Expert journalists curate and create content about the best things to Do, See and Eat across over 350 cities in over 50 countries and across a unique multi-platform model spanning both digital and physical channels. Time Out Market is the world’s first editorially curated food and cultural market, bringing a city’s best chefs, restaurateurs and unique cultural experiences together under one roof. The portfolio includes open Markets in over 10 cities such as Lisbon, New York and Dubai, several new locations with expected opening dates in 2026 and beyond, in addition to a pipeline of further locations in advanced discussions. Time Out Group PLC, listed on AIM, is headquartered in London (UK).

India’s GCC count set to surpass 2,400 by 2030 as commercial real estate hits record highs

 India’s Global Capability Centres are poised to exceed 2,400 by 2030, employing more than 2.8 million professionals, as the country’s commercial real estate sector records its strongest performance despite global economic headwinds, according to a new industry report. The findings, published in the FICCI-ANAROCK report “Workplaces 2025: India Commercial Real Estate Reimagined,” reveal that GCCs now account for more than 40 per cent of total gross office leasing across India’s top seven cities, cementing their position as structural anchors of the country’s property market. As of end-2024, India housed over 1,700 GCCs employing more than 1.9 million professionals. The sector’s market size has more than doubled from USD 30 billion in 2019 to approximately USD 64 billion in 2024, with projections indicating growth to USD 105–110 billion by 2030 at a compound annual growth rate of 10 per cent. The expansion is being driven by sustained demand from IT-ITeS, banking and financial services, healthcare and life sciences, and engineering research and development sectors, alongside India’s cost efficiency and deep talent pools. Raj Menda, Chairman of the FICCI Committee on Urban Development and Real Estate and Chairman of the Supervisory Board, RMZ Corporation, said: “India’s commercial real estate sector is at a pivotal inflection point. Record office demand underscores a decisive shift toward high-quality, flexible, and technology-led assets. Global Capability Centres have emerged as a structural anchor of this growth, fundamentally reshaping office demand and accelerating the development of premium, future-ready workplaces across both established and emerging cities.” Bengaluru continues to dominate India’s GCC landscape, hosting more than 875 centres—representing 29 per cent of the national total. The city captured over one-third of India’s GCC leasing in 2025, followed by Pune at 15 per cent, with Delhi-NCR and Hyderabad each accounting for 14 per cent. Notably, GCC operations are expanding beyond established metros into Tier 2 cities. Jaipur, Kochi, Indore, Surat, and Coimbatore are emerging as the next wave of GCC destinations, reflecting broader geographical diversification of India’s knowledge economy. Office leasing across the top seven cities reached approximately 80.5 million square feet in 2025, with GCCs accounting for 32.5 million square feet. Grade A office stock in these markets touched nearly 800 million square feet, led by Bengaluru and the National Capital Region, which together comprise nearly half of total supply. The report also highlights the structural transformation underway in India’s Real Estate Investment Trust segment. With five listed REITs commanding a market capitalisation of nearly USD 18 billion, the sector has democratised property investment for retail participants. However, REITs currently represent just 20 per cent of institutional real estate—significantly below mature markets such as the United States, Singapore, and Japan. Of approximately 520 million square feet of REIT-worthy office stock, only 165 million square feet is presently listed, indicating substantial headroom for institutionalisation. The report projects REIT penetration could rise to 25–30 per cent by 2030, driven by diversification into data centres, logistics parks, and retail assets. Menda added: “Sustaining this momentum will require consistent policy support, long-term institutional capital, and continued collaboration between industry and government.” Foreign direct investment inflows rose to a provisional USD 81.04 billion in FY 2024-25, marking a 14 per cent increase from the previous year and underscoring India’s continued appeal as a preferred investment destination. With favourable government policies, proactive state-level GCC frameworks, and office demand increasingly diversified across co-working, BFSI, consultancy, and manufacturing sectors, the outlook for India’s commercial real estate market remains decidedly positive.

India’s Retail Leasing Rises Sharply in 2025 Driven by Higher Supply and Store Expansion

India’s retail leasing rose sharply in 2025, reaching between 8.9 million and 12.5 million sq. ft, the highest level in three years. This marked a year-on-year increase of over 50% compared to 2024, supported by higher retail completions and continued store expansion by brands across major cities. Supply Sees Sharp Increase Fresh retail supply during the year ranged between 4.3 million and 6.3 million sq. ft. Hyderabad accounted for more than half of the new additions, followed by Mumbai and Delhi NCR. Delhi NCR, Hyderabad and Mumbai together saw the opening of 15 new shopping malls in 2025. By the end of the year, mall stock across the top seven cities stood close to 92 million sq. ft. In the second half of 2025, around 2.1 million sq. ft of new space became operational, while leasing absorption reached nearly 5.6 million sq. ft. Hyderabad, Delhi NCR and Bengaluru Lead Leasing Leasing activity was led by Hyderabad, Delhi NCR and Bengaluru. One estimate showed Delhi NCR and Bengaluru accounting for 24% each of total leasing, followed by Hyderabad at 23%. Another placed Hyderabad at the top with a 34% share, followed by Delhi NCR at 20% and Chennai at 16%. Mumbai contributed about 17%, while Chennai, Kolkata and Pune recorded lower shares due to limited new supply. Malls and High Streets Account for Most Leasing Shopping malls accounted for about 45% of total leasing, while high streets captured around 48%. In Delhi NCR and Hyderabad, malls were the preferred format, while high-street locations dominated leasing in Bengaluru. Ankit Sharma, SVP-Leasing, Elan Group said, “With India crossing nearly 9 million square feet of leasing in 2025 and a 45 percent rise in the July to September quarter alone to 2.41 million square feet, the strength of the retail leasing market is clearly reflected in the numbers and demand has remained strong across both malls and high streets. Malls are benefiting from well-planned retail formats, fresh supply and growing interest in larger, while established high streets continue to attract brands due to their steady footfall, visibility and close proximity to residential catchments. Brands are building their presence across both formats, indicating a stable and mature phase of expansion for the retail real estate market. This balanced performance shows that the growth of physical retail is becoming more structured and evenly spread.” Fashion, F&B and Jewellery Drive Demand Fashion and apparel remained the largest category, accounting for 34% to 48% of total leasing. Store launches included sustainable labels, streetwear, ethnic wear, athleisure, luxury and D2C brands. Food and beverage (F&B) was the second-largest contributor, with a 12% to 20% share. Brands preferred large-format outlets in malls and prominent high-street locations. Jewellery followed with an 8% share, supported by expansion from lab-grown diamond brands. Girish Kamble, CEO- West, Tribeca Developers “India’s retail sector continues to demonstrate strong momentum, driven by robust leasing activity and sustained expansion from both domestic and global brands. What’s especially encouraging is the growing demand for modern, branded, and experiential retail environments – formats that elevate convenience, curation, and consumer engagement. We believe the market is now firmly ready for branded retail and premium commercial destinations, particularly in the luxury segment. This aligns strongly with our own development philosophy at Tribeca, where we are creating next-generation commercial spaces designed for global brands, aspirational consumers, and the future of urban retail. The shift is clear: India is ready – and rising – to embrace world-class retail real estate.” D2C Brands Increase Offline Presence D2C brands contributed about 0.9 million sq. ft of total leasing and recorded 48% year-on-year growth. Another estimate showed D2C brands accounting for 27% of total leasing in 2025. Institutional-Grade Mall Stock Institutionally owned or premium single-owner malls account for about 44% of total mall stock across the top seven cities. Technology and Entertainment Zones Retailers used tools such as virtual try-ons, generative styling platforms and predictive inventory models. Entertainment zones in malls used formats such as edutainment, virtual reality and RFID-based loyalty systems. These zones enabled the use of large interior spaces and supported higher rentals for adjoining F&B outlets, along with longer lease tenures. Retail Space Under Construction More than 47 million sq. ft of retail space is under construction and is expected to be operational by 2030. Nearly 20 million sq. ft of this upcoming supply is classified as premium-grade.

Century Real Estate announces new Rs 3,000+ crore GDV, mixed-use development in Bengaluru

Century Real Estate, one of Bengaluru’s leading real estate developers, has announced its latest mixed-use development in East Bengaluru, strategically located off the Outer Ring Road (ORR) in Marathahalli. Envisioned as a next-generation mixed-use community, the development spreads across 14 acres and an estimated Gross Development Value (GDV) of ₹3,000+ crore, marking a major milestone in Century’s expanding portfolio of future-ready urban ecosystems. Marathahalli today represents the confluence of Bengaluru’s three most dynamic growth corridors – Whitefield, Sarjapur Road, and Indiranagar, making it one of the city’s most coveted real estate micro-markets. It sits at the epicentre of Bengaluru’s tech and innovation belt, housing over 1,000 IT and allied firms and employing more than 1.5 million professionals within a 30-minute radius. With seamless access via the Outer Ring Road, proximity to leading tech parks such as RMZ Ecospace, Embassy Tech Village, and Cessna Business Park, and the upcoming Phase 2A Metro connectivity, Marathahalli has emerged as one of the few locations that offer both lifestyle convenience and strong capital appreciation The project will blend 1.7 million sq ft of premium residential development consisting of 750 apartments and 0.5 million sq ft of commercial and retail spaces, creating a dynamic, self-sustained environment where Bengaluru’s professionals and families can live, work, and unwind within the same integrated neighbourhood. Positioned on the bustling ORR corridor, one of India’s most prominent tech and business belts, the development benefits from unmatched proximity to employment hubs, social infrastructure, and upcoming metro connectivity. Rooted in Century Real Estate’s vision of building intelligent, sustainable, and community-centric spaces, the project will feature contemporary architecture, design innovations, and open landscapes designed by International Design Partners Belt Collins that foster both convenience and quality of life. The project has been conceptualised to create a vibrant, walkable district with seamless access between residential, retail, and commercial zones, promoting a balanced lifestyle that reflects the evolving aspirations of Bengaluru’s urban professionals. Speaking on the announcement, Maninder Chhabra, Director – Sales, Marketing & CRM, Century Real Estate, said, “Marathahalli stands at the intersection of convenience and opportunity. This is a place where Bengaluru’s professional, cultural, and innovation hubs converge. We are witnessing unprecedented demand in this micro-market. This is propelled by its strategic location at the convergence of major IT corridors, exceptional connectivity via ORR and upcoming metro, and easy access to employment hubs and social infrastructure. Our upcoming development in the region is designed as a mixed-use ecosystem that mirrors the city’s progressive urban outlook, bringing together homes, workplaces, retail, and recreation in one connected destination. With a GDV of over ₹3,000 crore, this development underscores our commitment to creating future-ready communities that combine livability, accessibility, and long-term value.” Through this marquee development, Century Real Estate reinforces its role as a key catalyst in shaping Bengaluru’s next phase of urban evolution, creating integrated, sustainable, and design-forward communities that enhance how the city lives, works, and grows. About Century Real Estate Holdings Private Limited: Founded by Dr. P Dayananda Pai and P Satish Pai in 1973, Century Real Estate is an integrated, full-service real estate development company. With a rich legacy of 50+ years, Century Real Estate is regarded as one of the oldest and most respected real estate companies in South India. At the helm of affairs since 2003 is P Ravindra Pai, the Managing Director. The company has a land bank of over 3000 acres and a development portfolio of over 25 million sq.ft., comprising premium residential and commercial assets like hotels, office buildings, residences, educational institutions, and integrated townships. The company owns among the most prime lands and real-estate in the region. Century Real Estate has seen remarkable growth in recent years, with many of its new projects getting sold out within a few months of launch – a testament to the demand for the company’s high-quality and new-age offerings. It has also won numerous awards for its new-age product design, differentiated marketing campaigns, customer experience, and its people-culture initiatives.

REITs market projected to reach Rs 19.7 tn by 2030, powered by retail, warehousing: Knight Frank India

Knight Frank India, in collaboration with the Confederation of Indian Industry (CII), today unveiled its latest report, Commercial Real Estate: Potential is Built, Opportunity is Now, at the CII Conference on Evolving Landscape of Indian Real Estate – CRE: Unlocking Investments, Opportunities & Economic Growth. The report positions India’s commercial real estate (CRE) sector at a defining juncture, where its built potential is set to translate into tangible growth. Among its key highlights, India’s REIT market is projected to reach INR 19.7 tn by 2030 (from INR 10.4 tn in 2025), driven by high occupancy, favourable taxation, and broader sectoral inclusion. Private equity participation, rising from USD 500 mn in 2011 to multi-billion-dollar highs by 2019, has enhanced transparency, deepened institutional confidence, and paved the way for REIT expansion across India’s thriving CRE landscape. As urbanisation, technology, and progressive policy reforms continue to reshape the sector, India’s CRE stands poised to unlock the next wave of opportunity across asset classes. Retail consumption across the organised formats is estimated at a value of INR 8.8 Tn for FY 2025. Led by shopping centres (INR 4.9 tn), high streets (INR 3.8 tn), and other new-age formats such as airport and transit retail. This expansion reflects a clear shift toward experience-driven, consumer-centric destinations where shopping intersects with lifestyle and leisure. Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, “India’s CRE transformation is being led by businesses that are more global, technology-driven and experience-focused than ever before. Consolidation in office demand, resilient retail growth and the rapid expansion of digital infrastructure have fundamentally reshaped occupier behaviour. Today, companies want efficient, green, future-ready spaces, and capital markets are rewarding that shift. As India heads toward a USD 7 tn economy, CRE will play an essential role in powering productivity, attracting investment and building next-generation urban centres.” REITs: Deepening Market Participation India’s REITs have a potential to diversify beyond traditional asset classes like office, retail, and warehousing, to industrial parks, data centres, and hospitality. Listed REITs have delivered stable average annual dividend yield of about 5.5%, making them attractive income-generating vehicles. By 2030, India’s REIT market (including office, retail and warehousing sectors) is projected to reach INR 19.7 tn. India currently has five listed REITs covering about 177 mn sq ft of commercial and retail space spanning operational, under-construction, and upcoming assets worth approximately INR 2.3 tn with over 290,000 unitholders. Office REITs India’s office REITs account for just 15.3% of the total office stock across the top eight cities[1], signalling strong potential for institutional growth. Demand from Global Capability Centres (GCCs) and India-facing businesses continues to strengthen, supported by a steady leasing pipeline and occupier preference for premium, sustainable workspaces. The value of REIT-able office assets is expected to rise from INR 8.2 tn in 2025 to INR 16.0 tn by 2030, nearly doubling in five years. With substantial prime office assets yet to enter REIT structures, broader participation from developers and investors will define the next growth phase for India’s office REIT market. Retail REITs Retail REITs are emerging as a new frontier for India’s real estate market amid a strong revival in organized retail. With only 7.3 mn sq ft of Grade A stock currently under REITs, out of a total of 66 mn sq ft of Grade A stock, there is significant headroom for institutional expansion. The value of REIT-able retail assets is projected to grow from INR 1.5 tn in 2025 to INR 2.4 tn by 2030, driven by rising consumer demand and the shift toward formal retail formats. As malls, lifestyle hubs, and mixed-use developments proliferate, retail REITs offer a structured, transparent way for investors to participate in India’s consumption-led growth story. Warehousing and Industrial REITs Warehousing has emerged as one of the most promising future avenues for REITs in India. Fuelled by e-commerce and third-party logistics (3PL) growth, leasing activity reached 32.1 mn sq ft in H1 2025. The top eight warehousing markets collectively hold 220.9 mn sq ft of Grade A stock, offering vast institutional potential. As technology-enabled, high-quality logistics facilities gain traction among occupiers, industrial and warehousing REITs or InvITs are expected to be launched in the next few years. Value of REIT/InvIT can potentially grow from INR 0.7 tn to INR 1.3 tn by 2030. Neel Raheja, Chair, CII National Committee on Real Estate & Housing, and Group President, K Raheja Corp, said, “The partnership between CII and Knight Frank underscores a shared commitment to advancing India’s built environment. As commercial real estate matures, it will play a pivotal role in shaping investment flows, employment, and urban transformation. The sector’s progress mirrors India’s broader economic journey—where potential is abundant, and the time to seize opportunity is now.” Office: Navigating Supply Constraints and Unlocking Growth India is world’s fourth largest office market (valued at INR 16.4 tn (USD 186 bn) and now it has crossed the 1 bn sq ft milestone in 2025. Over two decades, office stock expanded at a CAGR of 8.6%, underscoring structural resilience and sustained investor appetite. Between 2008 and 2024, gross leasing activity grew 5% CAGR, while new completions rose just 1%, tightening the supply-to-demand ratio from 1.40 in 2008 to 0.49 in 2025. The report notes that several top developers have shifted focus to residential projects for higher margins and quicker returns, deepening supply constraints. To achieve the next milestone of 2 bn sq ft, India’s office sector must blend expansion with optimisation through policy incentives, public-private partnerships/JVs and institutional capital. Integrating green certifications early in the planning process is increasingly seen as best practice, enhancing ESG alignment and unlocking additional FSI. Notably, 31% of existing office stock offers retrofitting potential, while 12% of SEZ assets can be adaptively reused, creating scope for sustainable growth. Retail: Experience, Scale, and Renewed Investor Confidence Across organised formats, retail consumption is estimated at a value of INR 8.8 tn for FY 2025, driven by the expansion of shopping centres, high streets, and emerging formats such as airport and transit retail. Since

Gaurs Group to invest 1400 cr in premium residential project: Sarthak Gaur

Strengthening its presence in the Yamuna Expressway region, Gaurs Group has acquired a strategically located 12-acre land parcel in Sector 22-D to develop a premium residential project. The Group will invest approximately Rs. 1400 crore in this development. The new project will offer high-rise ultra-luxury residences with integrated amenities designed to meet the aspirations of discerning homebuyers. Gaurs Group has been a first-mover and one of the most prominent developers in the Yamuna Expressway belt. The Group’s landmark 250-acre township on the expressway is, Gaur Yamuna City, that was conceptualized in 2014 —long before the upcoming Noida International Airport at Jewar was even announced. Today, the township stands delivered and is home to more than 10,000 residents. The township boasts of a CBSE affiliated Gaurs International School, a Sports Park, an upcoming mall, a 9 acres Lake Park, a police post, and multiple shopping complexes. Gaurs Group has also built World’s tallest 108 ft statue of Lord Shri Krishna within this township. “Our association with Yamuna Expressway goes beyond business—it is a commitment built on vision and belief. We were among the first to invest in the region, even when the airport was just a dream. With the imminent operationalization of the airport, this region is set for exponential growth. Yamuna Expressway is the city of the future, and we are proud to be shaping it,” says Manoj Gaur, CMD, Gaurs Group. The Group has got possession of the plot and has applied for map sanctions and other necessary approvals. The project will undergo RERA registration process after receiving all the approvals and any sales will commence post receiving the RERA registration number of the project. “Sector 22-D is one of the most promising sectors along the Yamuna Expressway and is fast emerging as a future-ready destination for premium housing. Our upcoming project will not only be a symbol of fine living, blending lifestyle, wellness, and connectivity but it will also emerge as the region’s icon. With this investment, we are strengthening our footprints on Yamuna Expressway; this new project will have a potential topline of about Rs 2000 cr. We are also exploring the acquisition of more land parcels along the Expressway,” says Sarthak Gaur, Director, Gaurs Group. Beyond residential developments, Yamuna Expressway is also witnessing a surge in industrial, institutional, hospitality, and commercial activity. Several industries are already operational, while construction is underway for corporate offices, retail hubs, and recreational zones. With the airport operations expected to commence soon, the region is poised to emerge as a corporate and lifestyle hub in the coming years. About Gaurs Group With nearly 30 years of pioneering real estate growth, Gaurs Group (formerly known as Gaursons) has established itself as a leader in India’s realty-scape. Over the years, Gaurs Group has developed more than 65 million sq. ft. of area, delivered 75,000 units, and 70 projects, including three townships, earning the trust of over 3 lakh satisfied customers. One of the significant milestones has been the delivery of 15,000 units in just one year (2015), which is a national record. The Group also exhibited a remarkable performance in 2019 when it sold 10000 units in a single calendar year with a sale value of Rs 4000 crores. In recent years, Gaurs has successfully launched 4 luxury projects out of which 3 were completely sold out within 24 to 72 hours of their launch. Gaurs Group’s portfolio spans luxury residential, commercial, and retail developments. The Group has also successfully diversified into the Retail, Education, Sports and Solar Energy sectors.

How Indian Malls are Transforming into Experience-Driven Destinations

Author: Ankit Sharma, SVP Leasing, Elan Group India’s mall culture is undergoing a profound transformation. Once defined by pure retail functionality, shopping malls today are emerging as multifaceted lifestyle destinations—designed to offer not just shopping, but experiences, engagement and community. This shift is being driven by changing consumer behavior, rising urban aspirations and a renewed emphasis on placemaking in real estate development. In the current landscape of 2025, malls are no longer singular commercial enclosures. They are fast becoming urban epicenters that combine dining, entertainment, co-working, wellness, events, and leisure—all within one dynamic environment. This evolution is particularly visible in top-tier cities like Gurgaon, where affluent consumer bases and sophisticated urban planning are paving the way for a new generation of luxury malls. From Retail Boxes to Lifestyle Districts Modern consumers—especially millennials and Gen Z—don’t just visit malls to shop. They come to connect, engage and unwind. What used to be a two-hour shopping trip is now an all-day experience. Visitors are looking for multi-sensory journeys: from fine dining and entertainment to art installations and live music performances. Developers have taken note, and the design ethos of malls is shifting accordingly. Nearly 40% of new mall space is being reserved for food & beverage, wellness, and entertainment categories. This indicates a conscious pivot from transactional retail to emotional engagement. Elements such as open-air plazas, green zones, amphitheatres, interactive zones for children, and even boutique co-working lounges are being integrated to extend dwell time and enhance value. The Rise of “Experience-First” Spaces Experience has become the defining currency of modern malls. From trampoline parks and gaming zones to fitness arenas and themed cultural events, malls are being reimagined as everyday destinations that cater to the entire family. Importantly, these changes aren’t exclusive to metros. Tier 2 and Tier 3 cities are embracing this model with equal enthusiasm, accounting for nearly 50% of expected mall-based retail growth by 2025. In Gurgaon, the upcoming wave of retail infrastructure is already reflecting this trend. Developers are focusing on crafting luxury destinations where every square foot is curated for immersive experience—from high-street facades to tech-integrated visitor journeys. While avoiding overt brand promotion, it’s clear that the city is setting a benchmark for next-generation mall development. Technology as a Core Enabler The new-age mall is “phygital,” meaning it is more than just physical. The customer journey is being improved by technologies like AR/VR, AI-led analytics and IoT-driven convenience. Mobile-based loyalty programs, AR-enabled trial rooms, smart parking and QR storefronts are all rapidly integrating into the mainstream retail environment. Nearly 70% of Indian consumers, according to research, now favor tech-enhanced experiences over traditional formats. This is an important signal for developers: in order to remain relevant in the changing marketplace, investing in tech-forward infrastructure isn’t a luxury but rather a necessity. Tenant Mix: From Retail-Centric to Recreation-Led The conventional tenant structure is also evolving, with multiplexes and department stores serving as anchors. These days, boutique fitness facilities, fine dining establishments, or immersive décor are just as likely to be anchor tenants. Malls can now host pop-up events, exhibitions and seasonal showcases to boost foot traffic and brand discovery thanks to flexible leasing models and modular spaces. This combination of flexibility and taste is becoming commonplace in Gurgaon’s upscale shopping districts. Developers are combining luxury retail with wellness, gastronomy, and cultural engagement in a multi-layered strategy in response to the growing demand for holistic lifestyle experiences. Placemaking and the Role of Developers Developers are facing a new type of responsibility as a result of mall evolution. They are now placemakers, apart from being just builders. Their responsibilities now include creating public spaces that promote wellbeing, cultural ties and a sense of belonging. Today’s malls serve as venues for community engagement through everything from yoga classes and kid-friendly festivals to sustainability initiatives and local artist exhibitions. Long-term brand loyalty is also being fueled by this change. Malls that produce memorable—and shareable—experiences tend to attract repeat customers. Online and offline engagement is increasing for developers who incorporate Instagrammable areas, open green lounges, and event-ready zones. Outlook: The Future of Luxury Malls in India By 2026, it is anticipated that India will have added more than 23 million square feet of mall space, with luxury developments accounting for a sizable amount of this growth. Though aspirational cities throughout India are also quickly catching up, cities like Gurgaon, Delhi, and Mumbai continue to lead the way. Sustainability is also emerging as a key indicator. Malls that put an emphasis on energy efficiency, green building certifications, and intelligent water and waste management are drawing in long-term institutional investors as well as environmentally conscious consumers. Essentially, the mall is evolving into a place to live, celebrate, work, and connect rather than just being a place to shop. Luxury malls, particularly in rapidly expanding areas like Gurgaon, are positioned to define the next phase of the urban experience as India’s real estate ecosystem adapts to this change. The future of retail will be led by developers who comprehend this shift and create multifaceted, technologically advanced, community-focused spaces.  

Shopping Centres Next 2025: Recode the Mall — Purpose, People, Possibility Redefine India’s Retail Future

Held over two days at the Grand Hyatt (July 23–24), the event welcomed 500+ professionals, 200+ brands, 100+ speakers, and more than 10 powerful sessions—all exploring the central theme: “What’s Next for India’s Malls?” Goa: The retail real estate industry came together in Goa for one of its most forward-looking events—Shopping Centres Next (SCN) 2025. Hosted by the IMAGES Group, SCN has cemented its reputation as India’s leading platform for stakeholders across the shopping centre ecosystem. Held over two days at the Grand Hyatt (July 23–24), the event welcomed 500+ professionals, 200+ brands, 100+ speakers, and more than 10 powerful sessions—all exploring the central theme: “What’s Next for India’s Malls?” Discussions were driven by key trends, including the rise of Tier 2/3 markets, institutionalisation of retail assets, AI-powered retail planning, and the evolving role of malls in the digital era. This edition spotlighted a critical shift: malls are no longer just shopping hubs—they are evolving into immersive, cultural, and community-centric environments. The agenda reflected this transformation, with deep dives into changing consumer behaviour, technological advancements, innovative design, sustainable practices, and new economic models shaping the future of retail real estate. In his welcome address, Vineet Chadha, COO – Retail, IMAGES Group, set the tone for the event by highlighting the urgency of reinvention. “SCN 2025 is about shaping shopping centres into iconic lifestyle and social destinations. Thank you to DLF Malls and all our partners for supporting this vision. Together in Goa, we celebrate the power of experience, engagement, and imagination to redefine the future of India’s cities and retail.” The event’s inaugural session—“Recode the Mall: Purpose, People, Possibility”—brought together some of India’s most forward-thinking leaders in mall development and investment. Discussions focused on how malls can move beyond footfalls and rentals to become immersive, multifunctional destinations that resonate with today’s and tomorrow’s consumers. Pushpa Bector, Sr. Executive Director & Business Head, DLF Retail, emphasised a consumer-first approach to mall creation, “Mall development today is both an art and a science. At DLF, we begin every project with a deep understanding of consumer catchments, brand preferences, and behavioural data. From connectivity to sustainability, every element is engineered for experience. Mixed-use formats are the future, and the customer remains at the heart of every decision.” Abhishek Bansal, Executive Director, Pacific Group, added, “Designing and managing malls around ‘experience per square foot’ has been a proven formula for us. It’s not just about retail; it’s about creating emotionally resonant environments built on the right brand mix, insights, and culture.” Rajneesh Mahajan, CEO, Inorbit Malls, reflected on the blurring boundaries between asset classes and the growing role of design and service. “As mall developers, we now focus on three key pillars—strategic positioning, operational excellence, and design aesthetics. Today, a mall must offer more than functionality; it must inspire and connect. With infrastructure and lifestyle converging, customer experience becomes the key differentiator.” Other sessions, including “Beyond Brick & Mortar: The Future of Shopping Centres” and “Shared Goals, Shared Growth: The New Mall–Retail Equation,” showcased how retail real estate must align with digital evolution and collaborative growth models. The latter session, in particular, explored how the outdated landlord–tenant mindset is being replaced with performance-based, empathy-driven partnerships between malls and brands. The session “Connected Commerce: From Browsers to Buyers in a Seamless Retail World” explored how malls are evolving beyond traditional physical formats to become integral players in the omnichannel retail ecosystem. The discussion focused on how malls can adopt integrated strategies to bridge the digital–physical divide and drive seamless consumer experiences. “While the industry continues to discuss omnichannel strategies, true implementation remains complex and evolving,” said Rehan Huck, VP & Head – Leasing, DLF Shopping Malls. “There are valid concerns from developers around reporting accuracy, POS integration, and ensuring physical stores don’t become mere fulfilment hubs. However, we believe that bridging the digital–physical divide is inevitable and accelerating faster than expected. At DLF, we’ve invested heavily in robust loyalty and tech systems that seamlessly connect multiple malls and consumer touchpoints. While there’s still grey space to navigate, integrated strategies are showing promise, and long-term coexistence is both possible and necessary.” “Today, malls aren’t just about driving footfall—they’re about attracting relevant footfall,” said Sameer Verma, General Manager, Lulu Mall Lucknow.“The focus is on identifying and engaging the right customers through targeted strategies. At Lulu, our loyalty programme ‘Lulu Happiness,’ with 2.6 million users, gives us deep insights into consumer behaviour—what they buy, when, and from whom. This data allows us to run highly focused campaigns and category promotions. By integrating technology and collaborating with brands on shared insights, we’re bridging the digital–physical divide and creating measurable, meaningful engagement that benefits both retailers and consumers.” The session “From Empty Units to Engaged Spaces – Reactivating Underperforming Zones in Shopping Centres” addressed the ongoing challenge of vacant or low-performing areas within malls. It explored actionable solutions for transforming these underutilised spaces into vibrant, revenue-generating zones. Discussions centred around innovative approaches such as short-term activations, adaptive reuse, and creative tenant mix strategies—all aimed at boosting footfall, driving engagement, and enhancing the overall customer experience. SCN 2025 also provided attendees a platform to explore cutting-edge innovations—from AI-powered space planning and sustainable construction models to urban integration strategies and phygital engagement tools. Across all sessions, one idea echoed strongly: malls must embed themselves into the cultural and social fabric of the cities they inhabit. With representation from top mall operators, real estate investors, retail CEOs, architects, urban planners, and technology providers, SCN 2025 has set the stage for a collaborative, future-forward vision of India’s shopping centre evolution.