Fit-out, in a layman’s terms, refers to an interior space that is made suitable for handling commercial operations like an office, store, outlet, etc. Fit-out leads provide business opportunities for architects, interior designers, project managers, and other stakeholders.
In terms of Fit-out leads in the Indian market, there is something for everyone. From small, to medium, and large Indian market has a lot of opportunities in each segment.
Fit-outs in India: Some quick facts
The retail Fit-out Industry in India stands at a whopping Rs 277 billion market cap annually. In India, the retail sector is a major highlight of the fit-out domain, contributing about 10% of the GDP and generating significant employment.
Going by the projections, the fit-out market in India is expected to grow at a CAGR of 16%, reaching a Rs 805 billion cap by 2030.
What are fit-out projects?
Fit-out project is a kind of commercial real estate project. It involves work like design, planning, flooring, electrical wiring, etc, that has to be done to make the space operational.
A typical example of a fit-out project can be a brand like Apple planning to open a new store in India. The work would start with leasing a space, now that the space leased is a fit-out project. Now, all the work associated with making the store operational comes under the ambit of fit-out projects.
Fit-out projects: Ocean of business opportunities
Fit-out projects, by their very nature, present business opportunities for lots of stakeholders. From interior designers, architects, HVAC services providers, electrical solutions providers, etc, there is an opportunity for everyone.
At Biginfo.in we have a database of over 12,000 projects, which brings in a host of opportunities for various stakeholders. Biginfo has helped thousands of businesses get projects in the fit-out sector with its valuable insights.
Type of fit-out leads
Various types of fit-out leads are seen in the market. These leads are:
Commercial fit-outs: These are usually big commercial spaces that are leased by firms to set up offices. Co-working solutions providers acquire such spaces and prepare them following the global standards. Apart from co-working solutions providers, big firms also acquire spaces a large scale.
A few latest news headlines from the commercial fit-out segments :
1.32 lakh sq ft office space leased by Simpliwork in Bengaluru
EFC Group acquires office space in Pune
30,000 sq ft office space purchased by AccuSpace in Gurugram
7.7-lakh-sq-ft office space leased by Citigroup in Pune
Retail fit-outs: Retail fit-out lead is the most popular type of fit-out lead. It involves new stores, a retail outlet of a franchise, or the launch of an offline store. Retail fit-outs are the driving force in the fit-out segments market growth.
A few latest news headlines from the retail fit-out segments :
Apple leases space in Mumbai to open its 4th store in India
Nykaa adds 50 new stores in FY25
Uniqlo to open new store in Bengaluru
Lenexis Foodworks plans to open 100 new stores
Hotel, restaurant fit-outs: These fit-outs, as per their name, are directed towards the hospitality sector. The hospitality sector is a major source of fit-out leads, with new projects and launches coming from big brands. It offers business opportunities to firms in Tier 2 and 3 cities that have touristic and religious significance.
A few latest news headlines from the hotel, restaurant fit-out segments :
IHCL signs new hotel in McLeodganj
Ramee Group to launch new resort in Munnar
OYO launches its holiday home brand DanCenter in India
Residential fit-outs: Residential fit-out leads are related to the real estate sector, specifically housing projects. These leads also cover redevelopment projects, slum rehabilitation projects, and affordable housing projects.
A few latest news headlines from the residential fit-out segments :
Ashiana Housing launches residential housing project in Jaipur
Assetz Property to launch residential projects worth Rs 7,500 crore
Rs 20,000 crore global tender floated for Dharavi slum redevelopment
Affordable housing project over 2 million sq ft space planned by Rustomjee Group
Another kind of fit-out includes educational fit-outs related to educational institutions, healthcare fit-outs, entertainment fit-outs, etc. Some headlines for this type of fit-out lead are as follows:
Tandem Healthcare to build a new hospital in Bengaluru
Imperial College London plans to develop a global hub in Bengaluru
DLF to launch 3 new shopping malls in NCR and Goa
PVR launches new megaplex in Bengaluru
Recent Trends in the Fit-out Sector
The recent trend in the fit-out sector is positive, especially after COVID-19. Post-pandemic, there has been a positive movement in the sector. Here are a few key highlights:
- The office space segment is driving the growth with firms looking to buy space in tier 2 and 3 cities apart from the tier 1 cities to support the hybrid work culture.
- Growth of tourism post-pandemic has also led to the rise of hospitality-related projects. Religious tourism has been the buzz with the opening of the Ayodhya Ram Mandir and the Mahakumbh mela.
- The real estate sector has been on the rise, and there has been demand in the mid-range housing projects and the luxury real estate projects. Gurugram and Mumbai have taken the lead in luxury real estate.
- Data centres have emerged as the new entry to the fit-out sector. Firms have been looking for space to set up a Data Centre. The NCR region is a popular choice among many firms.
- Malls, hospitals, and educational fit-out projects have been showing a steady flow, making their contribution to the overall growth of this sector.