Guwahati Records Highest Rental Appreciation in India’s High Streets
Guwahati, the largest city in the northeastern state of Assam, has emerged as a major retail hub in India. According to a research report by Knight Frank India, Guwahati witnessed an exponential rental appreciation of 38% year-on-year in 2023, which is the highest among 58 high streets across 29 Indian cities.
Surging Rental Rates and Retail Profile
The rental rates in Guwahati’s high streets have soared to INR 200-250 per square feet per month during this period. High streets like Guwahati-Shillong Road have experienced significant demand from brands vying for prime locations, which has driven the rental prices upwards and strengthened the city’s retail profile.
This remarkable growth in Guwahati’s retail sector is not limited to high streets alone. The city’s shopping centre density stands at just 76 square meters (816 square feet) per 1,000 people, compared to the highest density within Tier 2 cities, which is 175 square meters (1,884 square feet) per 1,000 people in Mangaluru. This situation presents a significant opportunity for shopping centre developers to meet the growing demand for organised retail space.
A Hub for Domestic and International Brands
Currently, there are 183 retail outlets in the operational shopping centres in Guwahati. Out of these, 106 outlets are of Indian origin, while the remaining 77 outlets belong to international brands. The rising high street rentals combined with the untapped potential for organised retail spaces have positioned Guwahati as a key destination for both domestic and international brands.
Abhishek Sharma, Senior Director – Retail Agency, Knight Frank India, stated, “Guwahati’s exceptional 38% YoY rental growth underscores the city’s rapid rise as a major retail hub. The dynamic growth in high street rentals, combined with the untapped potential in organised retail spaces, positions Guwahati as a key destination for both domestic and international brands. We anticipate continued growth as more retailers and developers recognize the city’s opportunities.”
Given these impressive statistics, the growth trajectory of Guwahati’s retail sector shows no signs of slowing down. The city’s unique blend of high street charm, increasing consumer demand, and favorable demographics make it an attractive market for retailers and developers looking to tap into the northeastern region’s potential.
Investments in the retail sector of Guwahati will not only contribute to the city’s economic growth but also create employment opportunities for the local population. As more brands set up shop in the city, it will enhance the shopping experience for residents and further establish Guwahati as a vibrant retail destination.
Amidst the retail boom, will Guwahati become the go-to retail hub not just in the northeastern region, but across the country in the coming years? Only time will tell, but the city is undoubtedly one to watch out for as its potential unfolds.
