Southern Indian Metros of Hyderabad, Chennai and Bengaluru have emerged as the country’s top retail locations and posted the highest growth in high street rentals over the past year, says a survey.
The Cushman and Wakefield India Retail survey showed Hyderabad’s posh Banjara Hills as the highest gainer while Chennai’s Nugambakkam and Khader Nawas Khan Road have grown 106 per cent and Koramangala 80 Foot Road in Bengaluru by 92 per cent.
“South Indian cities have seen a lot of growth in the IT segment, which in turn has a lot of disposabe income. Hence there is growth in retail that requires space. Demand is very robust that’s causing the prices to soar,” said Anurag Mathur, Deputy Managing Director, Cushman and Wakefield.
With experts forecasting that retail is here to stay and top retailers going all out to get a foothold in India, Southern Indian cities, with their cosmopolitan populations are bound to grow even more, the survey said.