On behalf of Azad Ahmad Lone, President, Business Development and Operations, Biigtech
Introduction – India’s real estate sector is undergoing a significant transformation as consumer expectations evolve beyond traditional retail and commercial formats. With rising urban aspirations, improved infrastructure, and a growing preference for lifestyle-driven spaces, developers are increasingly focusing on creating destinations that offer more than just shopping or transactions. Experience-led developments that combine retail, entertainment, dining, and social engagement are emerging as the new growth drivers for the industry.
1.How do you see the Indian real estate landscape evolving over the next 3–5 years, especially with the rise of experience-led destinations?
Over the next three to five years, Indian real estate, especially retail, will increasingly be shaped by experience rather than pure transaction. Consumers today don’t step out only to shop; they step out to spend time. That shift is already visible. As per CBRE, leasing of retail spaces across malls and high streets in Delhi-NCR rose 25% in the January–June period in 2025, driven by stronger demand and fresh supply. That conveys something important: well-designed, experience-led destinations are working. Going forward, projects that blend retail, entertainment, F&B, culture, and community engagement into one cohesive ecosystem will outperform. Developers will need to think less like landlords and more like curators of urban life.
2. What are the key factors developers must focus on today to ensure the long-term success of commercial retail spaces beyond just location and leasing?
Location will always be foundational, but today it’s only the starting point. Long-term success in retail depends on how thoughtfully a space is curated and how agile it remains over time. The tenant mix must be deliberate: balancing strong anchors with emerging brands, experiential formats, and F&B concepts that drive repeat visits. Developers also need to embrace technology, use data to understand footfall patterns, and invest in proactive asset management. Sustainability, seamless parking, community engagement, and year-round programming are no longer optional. In many ways, a retail destination must evolve continuously, almost like a living ecosystem that adapts to consumer behavior.
3. With changing work patterns, how is demand for office spaces transforming, and what does this mean for future commercial developments?
New work patterns have truly reshaped office demand; it’s less about counting heads at desks and more about meaningful workspace engagement. Hybrid work has fuelled interest in flexible, tech-enabled, amenity-rich offices, which support collaboration, creativity and wellbeing. Market data underscores this transformation: net office leasing across India’s top eight cities jumped about 25 %, crossing roughly 61 million sq ft in 2025, led by strong absorption in Chennai, Delhi-NCR, Bengaluru and Hyderabad. NCR witnessed a sharp 82% growth in net office leasing to 10.9 million sq ft in 2025, up from 6 million sq ft in the preceding year. This surge shows workplaces remain critical for culture and growth. Future commercial developments must be adaptive, mixed-use, and deeply connected to talent hubs and transit, and not just square footage.
4. Tier 2 and Tier 3 cities are gaining traction—how do you assess their potential for retail and commercial real estate growth compared to metros?
Tier 2 and Tier 3 cities are no longer fringe stories in India’s real estate narrative; they’re becoming serious growth markets. What’s interesting is that demand here is consumption-led. Rising disposable incomes, reverse migration of skilled professionals, better digital penetration, and significant infrastructure upgrades are creating a more confident consumer base. Unlike metros, where retail is often saturated and highly competitive, these cities offer whitespace opportunities, especially for organized retail and Grade A commercial formats. However, success here requires nuance. You can’t replicate a metro model blindly. Catchment study, spending behavior, local brand affinity, and right-sizing the development are critical. In many of these cities, being the first credible, organized retail or mixed-use destination creates long-term brand loyalty. The potential is strong, but it rewards developers who combine data with deep on-ground understanding.
5. What role does infrastructure and connectivity play in shaping the success of large commercial and mixed-use projects?
Infrastructure is often the decisive factor between a good project and a landmark destination. In commercial and mixed-use developments, connectivity doesn’t just improve access; it expands the catchment, strengthens tenant confidence, and enhances long-term capital appreciation. Metro corridors, expressways, airports, and transit-oriented developments directly influence leasing velocity and footfall sustainability. We’ve seen time and again that once a metro line becomes operational or a key road link opens, absorption accelerates and rental benchmarks firm up. But it’s not only about physical access. Social infrastructures like schools, hospitals, residential density, hospitality, and public spaces create an ecosystem that supports sustained commercial activity. Developers must align project delivery with infrastructure timelines and anticipate growth corridors early. When infrastructure and development move in sync, projects don’t just benefit from connectivity; they become central nodes in the city’s expansion story.
