The vibrant bazaars have been an intrinsic part of India’s cultural diversity and heritage. From Chandni Chowk in New Delhi, New Market in Kolkata, Crawford Market in Mumbai, Laad Bazaar in Hyderabad to Anjuna Flea Market in Goa; each iconic bazaar has a unique history of its own. Tourists throng these bazaars as visiting these places is a sensory delight and an epitome of India’s diversity. India is the home to the world’s fourth largest retail that contributes 10% to its GDP and 8% to employment generation. However, approximately 88% of the market is unorganized.
Over the years, the rapid pace of urban development in the past few decades has brought several vagaries-congestion, pollution, traffic snarls, and much more. Such issues have degraded the aesthetics and commuters’ experiences. Hence most of them are headed towards a complete makeover. The objective of redevelopment is to upgrade the amenities for commuters in tune with modernization. But their historical essence will be duly preserved. As a matter of fact, redevelopment will reaffirm their historical significance.
Elevation – Omaxe Chowk
Amid the health, hygiene and wellness concerns, organized retail will have an edge over its counterpart owing to its ability to adhere to standard precautionary measures. Moreover, the revival of economic activity and the demand for essential goods will drive demand in retail. The Indian economy is now on a fast lane to recovery. A report by Anarock and Retailers Association of India stated that the average bill value for essentials has shot up to 1.5 times from INR 650 per basket in early March to over INR 900 per basket now.
Among Asias oldest and the largest wholesale and retail markets in Chandni Chowk is situated in New Delhi. Located in the heart of the city, it enjoys excellent connectivity to prominent landmarks such as Red Fort, New Delhi Railway Station and Chandni Chowk Metro Station. This market is a one-stop destination for shopaholics-from jewellery, apparels, footwear to street food. It witnesses an influx of about 5-6 lakh tourists daily.
Slated to come up in the heart of New Delhi, Omaxe Chowk is the next-generation project that will give a facelift to Chandni Chowk. The project is being executed by Omaxe Heritage Pvt. Ltd. (100% subsidiary of Omaxe Ltd.) in collaboration with North Delhi Municipal Corporation (NDMC). It will herald the modernization of Chandni Chowk without diluting its historical significance and architecture.
The project will follow a trajectory of the redevelopment as in cases of Bhendi Bazaar, Mumbai, Atta Market, Noida, Kathputli Colony Redevelopment by Raheja Developers, Meherchand Market in New Delhi. Besides offering convenience and a hassle-free experience to consumers, all these flagship projects will enhance the aesthetic appeal of the region, boost tourism, push real estate prices and enhance investment prospects.
“The emerging trend of redevelopment of old Indian markets will catapult the share of organised retail from the current 15-18% as shoppers’ preferences are evolving and moving towards safer, secure and hygienic retail spaces thereby prompting businesses and retailers to either expand or shift their business to newer and modern spaces in order to cater to this demand and carve an ever-lasting legacy of their brand. Urban rejuvenation is gaining currency and the trend of commercial redevelopments will form the cornerstone of renaissance in retail real estate,” said Mr. Mohit Goel, CEO, Omaxe Ltd.
“Omaxe Chowk, a multi-level parking cum commercial project in Chandni Chowk, is an integral part of the Chandni Chowk redevelopment project. It is being developed in PPP with North DMC and will not just bring together the old world charm with modern amenities but also become the gateway to Chandni Chowk by providing direct entry from metro station, parking for 2100+ cars and 5-min walk from major markets, places of worship and monuments,” he added.
Spanning across 4.5 acres, Omaxe Chowk amalgamates Indian, Mughal and British architecture, thus reaffirming the historical significance of Chandni Chowk. The first-of-a-kind project in a prime location in New Delhi bolsters its investment prospects. The COVID-19 has invariably given a fillip to real estate investment as a relatively safe and stable asset class. Moreover, commercial real estate has emerged as a resilient segment promising an assured and lucrative return on investment. Hence, investment in Omaxe Chowk entails bright prospects.
The project is being executed in a fast-track mode. Omaxe is collaborating with JSPL for supplying and erecting the building with a modular steel structure. Additionally, it is also deploying other time-saving measures such as adopting the Diaphragm wall (D-wall) construction module, HDPE membrane for foundation waterproofing, to name a few. These measures, coupled with deploying additional manpower, will reduce construction time by at least 40%.
Strategic location, state-of-the-art amenities and curated experiences will be the hallmarks of Omaxe Chowk. Besides taking care of retail needs, it will decongest the region, reduce environmental pollution, improve aesthetics and revive the lost glory of Chandni Chowk. Being an epitome of planned development, it will serve as a benchmark for redevelopment projects across India.