Real Estate Gurgaon

Malls in north India are offering space to offices as supply grows faster than demand for retail space.

Some malls are either not finding buyers or are being occupied by inappropriate business units.

"This is because of the over-supply of retail space. When a mall offers space to an office, it is a sign of sickness," said Pranay Vakil, chairman, Knight Frank India, a real estate consultant.

A recent Knight Frank report says, "The large amount of existing retail space and the quantum of mall space lined up in Gurgaon has been a reason for concern and debate for some time now."

The report cites examples of retail-specific projects being converted into mixed-use development with "a combination of retail and office or hotel floors".

Orchid Plaza, Central Plaza , Orchid Agora and Time Towers are some examples of the "new movement" in real estae Gurgaon .

Source: //inhome.rediff.com