Saturday, September 23, 2023
Saturday, September 23, 2023
HomeINB EnglishCommercial spaces will be the subsequent hotspot of Delhi NCR

Commercial spaces will be the subsequent hotspot of Delhi NCR

- Advertisement -

The retail and commercial real estate market in India, specifically in NCR, is projected to see a roar in 2023, with some stimulating inclinations that will shape the future of the segment. The Delhi-NCR market is among the most favoured when it comes to seeing optimistic growth, both in terms of leasing on rentals and returns of retail, office spaces and high street.

The reason behind the robust growth of commercial real estate is the rising demand from start-ups and multinational companies (MNCs) who are observing to begin their offices and planning to get into warehousing. An emerging trend of establishing data centres in NCR resulted in an escalation in leasing activity in the commercial real estate market. As per an estimate, the commercial sector is all set to see an appreciation of 20-25 per cent, which would be higher than the accumulative appreciation in the past 3 – 4 years. As per the predictions of the market experts, retail income is set to breach the 15 per cent mark and office spaces are likely to witness a price appreciation of 15 to 18 per cent in 2023.

Noida, Greater Noida and Yamuna Expressway up to an extent would continue to see major commercial office demand from industries like; IT/ ITeS/ BFSI, large-scale manufacturing units of multiple categories and start-ups are fuelling the growth momentum. Recently concluded, UP GIS (Uttar Pradesh Global Investor Summit) 2023 has extended opportunities to investors across the globe and the share of Gautam Buddh Nagar and Ghaziabad is outstanding. The state government has shown a strong willingness to change policies to make them investor friendly to ensure ease of doing business. So the impact is coming not only from foreign investment but also domestic investment is also rising their stake in the Indian real estate market.

It is not only about the availability of land banks but the massive development of infrastructure has pushed the region into a gold mine for those who were looking for expansion. Noida International Airpot, High-Speed Metro from Jewar to New Delhi, freight corridors, Freight Corridor at Bodaki, are a few remarkable developments that make the region the most sought-after investment location for business and commercial activities. The rising network of expressways and highways, internal connectivity, and improving law and order has overall excelled the entire real estate market. Hence, the government’s assurance towards the growth of NCR within their respective states can also be seen in their uninterrupted effort in infrastructure expansion.      

Considering all the aspects mentioned above, it makes the region a strategic location for businesses and can drive up demand for commercial properties, providing further investment opportunities. The growing demand for commercial properties in Delhi-NCR has enlarged rental income. This provides a steady source of passive income for investors and can help to guarantee a good return on investment over the long term. A-grade office space and retail rentals in Noida and Greater Noida are expected to attain substantial traction due to salvaged demand.

With the growing demand for commercial properties in Noida and Greater Noida, commercial real estate investments can differentiate an investment portfolio and reduce overall risk making it a great time to invest.

Sandeep Sahni, Chairman, Ithum World says, “The positive demand and enormous growth in infrastructural quality had pushed retail space leasing and increased the transactions of commercial real estate post-pandemic and will surely increase by greater margins in the upcoming quarters.” We will be soon offering possession of Phase 1 in Ithum Galleria spread over of 2.86 acres  located in Greater Noida to the brands like Westside, Croma, Starbucks, Zudio, KFC, Chaayos etc.

The initiation of new investors, luxury, and international brands and further expansion of existing brands to new locations in Delhi-NCR are extremely good signs of a blooming period ahead. On the other hand, the retail occupancies have contributed majorly to the renaissance of the commercial real estate sector post-Covid both in the case of home-grown and multi-national businesses, food, cosmetics, beauty, and healthcare brands.” he added

Mr Himanshu Garg, Director, RG Group says,” Metropolitan cities and towns have seen a swift rise in population with a good income equity, which certainly produces a satiable plea for commercial and retail projects in the vicinity specially society shops and small & mid-size shopping arcades. Lot of national and local brands are securing deals and taking up spaces in newly launched commercial and retail projects as they want to tap into the untouched demographics and turn them into lifelong customers. There has also been a successive uptick in the accessibility of stylised retail and commercial spaces.

We are coming up with a shopping arcade in RG Luxury homes located in Greater Noida West which will have approximately 41912 square foot  having dedicated shops, kiosk area and space for other commercial activities  and for which we are receiving vast  enquires on daily basis. The major acceptance of price and scarcity of options in good retail and commercial spaces had also pushed demand in the market specifically close or in the densely populated regions which has reinforced and subsidised to the consistent peak in the demand of retail space.”

Suresh Garg,Vice President, Credai Western UP says,” Real estate in Delhi-NCR is always considered to be the axis of desirability as far as the demand is concerned. Demand for residential and commercial had gone up rapidly. Real estate assets and investment auxiliaries will be created for the solitary purpose of investing and creating money, and this development will govern the market. In fact, commercial real estate, which generates income in the form of rentals, ROIs, and income-producing properties, has now become a sought-after investment option.

The rising number of businesses in Delhi-NCR has resulted in amplified demand for commercial properties offering an incomparable chance for investors to capitalise on commercial real estate and benefit from the growing demand. The opportunities for new businesses are opening shops in the regions which have increased the demand for commercial properties and its impact is visible in terms of increased prices, making it a great investment time. Proactive government policies, especially in encouraging the real estate sector in Delhi-NCR, with several progressive policies are reassuring investment in commercial properties. 

By and large, the state government is eyeing the source of revenue generation by pushing investment in the region, offering a favourable eco-system and creating job opportunities in the region. At the same time, it is a big opportunity for retail and commercial investors also to be an early bird to invest, earn and gain maximum appreciation with time. 

It is supported by a recent survey conducted by R&R By Rise which shows the mood of the buyers and points to good times for the real estate segment in Delhi-NCR. According to the report, apart from investment in the housing segment, the millennial population is seeking opportunities in commercial real estate and income-producing properties which generates income in the form of rentals and ROIs.  

Koo bird