New Delhi [India] September 18 (ANI/NewsVoir): With a strategic location and good connectivity, the bazaars of New Delhi have carved a niche of their own. Nestled in the heart of the capital is one such market, Chandni Chowk - Asia's oldest and busiest bazaar and a bustling commercial centre.
Chandni Chowk is a testament to India`s three centuries-old legacies as a wholesale and retail hub. Located in the proximity of prominent landmarks such as the Old Delhi Railway Station, World Heritage site like the Red Fort Chandni Chowk is well-connected via Delhi Metro.
The gleam of jewels, the gradients of spices, tempting aroma of delicacies, the finest of fabrics, fragrances of perfumes, and the intricacy of streets are among the things that attract around four-six lakh shoppers daily. The vibrant and picturesque lanes in the area are a paradise for visitors seeking a wholesome entertainment experience.
However, increasing population and urbanization has made led to congestion and encroachment in the region in the past few years. This has necessitated a comprehensive makeover of Chandni Chowk in tune with modern-day requirements without diluting its historical significance.
In view of this, the redevelopment of Chandni Chowk is being undertaken where the road from Red Fort to Fatehpuri Masjid will be made pedestrian-only. As a result of this and as part of this redevelopment plan, all vehicles entering Chandni Chowk will be parked in a multi-level parking cum commercial being developed in PPP between Omaxe and North DMC on HC Sen Marg.
Omaxe Chowk is envisaged to be the next-generation wholesale, retail, and food court destination. It is a RERA-approved project and the first and the only organized retail hub to come up here. The project is being undertaken by Omaxe Heritage Pvt Ltd (100 per cent subsidiary of Omaxe Ltd) in collaboration with North Delhi Municipal Corporation (NDMC).
Spanning across 4.5 acres, this landmark development will be located diagonally opposite Sis Ganj Gurudwara and will have a built-up area of up to ten lakh-sq ft. Omaxe Chowk will have direct entry and exit from Chandni Chowk Metro station.
Omaxe Chowk will be a one-stop solution to the retail, shopping, and entertainment needs of consumers. State-of-the-art amenities, convenience, and curated experiences will be some of the hallmarks of Omaxe Chowk.
It is envisaged to be a golden destination for a complete wedding wishlist; a one-stop solution for apparel, jewellery, footwear, accessories, cosmetics, and gift shopping. It would also have an array of vegetarian and non-vegetarian restaurants including casual dining, QSR, and food court.
A JLL report foresees it to witness an influx of 40 lakhs shoppers every month and generate seven times more footfall than other malls in Delhi-NCR due to its strategic location and the unique distinction of being the only organized space in Chandni Chowk.
"Omaxe Chowk is the most prestigious project not just for Omaxe but for the country as a whole. There are indications of strong demand going forward considering the lack of organized supply in the vicinity in Chandni Chowk and the preference of businesses for organized space in an established marketplace where footfall is certain. Our endeavor is to create a destination that offers product variety and cost-effectiveness," said Mohit Goel, CEO, Omaxe Limited.
Omaxe Chowk is slated to emerge as an investment paradise in the NCR region because it will be the only organized space to come up in a prime location of Chandni Chowk that minimizes the chances of it being outpaced by other retail spaces in the vicinity.
Its strategic location, low cannibalization potential, wide and diverse loyal customer base that has been visiting Chandni Chowk for years, further accentuates its investment prospects.
As a part of the redevelopment plan, Omaxe Chowk is expected to not only be a shoppers' delight but also a foolproof solution to numerous problems such as congestion, safety concerns, parking, trading, and limited availability of land that has plagued Chandni Chowk in recent past.
It will be endowed with state-of-the-art amenities such as fire protection and round-the-clock security, a centrally air-conditioned mall with all basic facilities, toilets on each floor, cafes & food-court, five-level parking with a capacity to accommodate 2100 plus cars and 81 tourist bus and bays for loading/unloading of goods.
The highlight of the Omaxe Chowk is its aesthetic and coherent design exemplifying a fine blend of British, Indian, and Mughal architecture that beautifully encapsulates the true essence of Chandni Chowk. A triple-height entrance lobby with magnificent domes offers a glimpse of opulence to its visitors.
The ground floor is named Jewel Court where several types of jewellery will be available. The first floor called the bridal market where apparel and accessories for the wedding will be made available. The second floor hosts the largest food court of India with a capacity of 1600 people.
The retail outlets slated to come up in Omaxe Chowk have brighter prospects against conventional ones due to its high commercial appetite and low cannibalization potential.
Omaxe Chowk is expected to usher a revolutionary transformation in the aesthetics, retail, and real estate landscape of Chandni Chowk. It will also decongest the region and improve aesthetics.
This will have a cascading effect on boosting the local economy, increasing the tourist footfall, and thereby revenue and reinforcing the legacy of the famed Chandni Chowk.
This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)