Somajiguda clinches second position in India’s most coveted high street rankings
This accomplishment highlights Hyderabad's influence in the retail real estate domain, as five of its bustling high streets secured places among the nation's top 30 high street markets
Hyderabad: Somajiguda has clinched the second position in India’s most coveted high street rankings, according to the recently released report titled “India Real Estate Vision 2047” by Knight Frank. This accomplishment highlights the city’s influence in the retail real estate domain, as five of its bustling high streets secured places among the nation’s top 30 high street markets. The list of top-performing high streets includes the vibrant Somajiguda, the tech-centric Gachibowli, the time-honoured Ameerpet, Banjara Hills, and the lively Jubilee Hills.
Notably, the latter two districts, Banjara Hills and Jubilee Hills, are undergoing a gradual transformation, shedding their exclusively residential reputation to embrace a multifaceted identity. On the other hand, Ameerpet’s inclusion in the high streets list highlights the neighbourhood’s ability to blend nostalgia with contemporary shopping experiences. The locality, known for its coaching centres and bustling markets, has managed to retain its old-world charm while embracing the demands of the modern shopper.
While Somajiguda has secured the second position, trailing only behind Bengaluru’s Mahatma Gandhi Road (MG Road), Linking Road in Mumbai, South Extension – I & II in Delhi, and Park and Camac Street in Kolkata emerge as the top five high streets in India.
Hyderabad‘s success in securing multiple high street positions can be attributed to various factors. Easy accessibility, ample parking facilities, top-notch amenities, enhanced store visibility, and a robust consumer spending capacity contribute to the allure of these areas.
Knight Frank’s report reveals that across the country’s top eight cities, 30 high streets have accounted for a total retail area of 13.2 million square feet, with 5.7 million square feet dedicated to modern retail spaces. Interestingly, the consumption per square foot on high streets surpasses that observed in shopping malls, signifying the changing preferences of consumers.
Looking ahead, the report envisions significant growth in India’s real estate sector, with projections indicating a potential output of USD 3.5 trillion by 2047. Office real estate is expected to contribute around USD 0.43 trillion to this total, and Private Equity investments are projected to reach USD 54.3 billion.
