The retail realty is a new segment for Indian real estate with residential and commercial properties being the only focus in past decades. Though shops and offices have always been there, the element of grandeur, supreme quality and world class standards were introduced just lately.
The retail sector in India is quite huge with millions employed but the concept of organized retailing is contemporary. The ideas of mall culture and mall management are welcomed but are still at their nascent stages, expected to evolve with time. Even though it is a newfound thing, realtors and retailers are extremely confident about retail realty being a great hit in coming times. Retail property has been scaling new heights in recent years after being neglected for so long. Retail realty in India has come a long way from the time when their need was not even felt to today when they are being developed at a fast pace owing to the growing demand.
But, more participation is needed by developers, retailers and investors to expand the retail realty industry. Multi storied, swanky shopping malls with top notch brands in the outskirts of cities have been the only face of retail property. This sidelined presence of malls needs a breakthrough by taking them inside the city limits amongst the real shoppers. Even though, the trend of shopping complexes has been flourishing, much more needs to be done to take it to international levels. The consumers need to be well informed of malls being an actual place to shop and not only for hanging out at the weekends. Once this is achieved, the demand is going to spiral up considerably encouraging the development of retail real estate in India. The expansion of retail property is certainly going to generate employment in the sector.
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