An Indian Real Estate Consultancy Firm says that the share of shared workspaces across the country will rise from 3% to 4.2% in the next 12 months, with a 15% to 20% growth rate.
It says that in the second half of 2020, the commercial market in India grew very quickly. A total of 22.2 million square feet of space was sold in the top eight Indian cities. The new completions were 17.2 million square feet. The National Capital Region (NCR) saw a 24% rise in office leasing in the same period as last. The cities of Gurugram and Noida, which each had a share of 45 per cent and 43 per cent, were the most popular places to live in the region. This shows that commercial activities are on a steady rise.
In India, commercial real estate is expected to recover more quickly because of several factors. Residential real estate projects near offices and business centres are also expected to see a steady rise in demand and value. Developers are adding more commercial space to their portfolios because there is more demand. Future-ready office spaces are being added to meet the needs of businesses after a pandemic.
It is well known that many people who live in cities left when the COVID-19 pandemic started in 2020 in search of more space and affordable real estate since then. As work from home models became more common for white-collar jobs after the first wave, there was a shift in demand back into the big cities, especially now that most offices have reopened.
With some of the most expensive commercial and residential projects, the metro cities are home to many people, from millennials to people who have a lot of money. They all live or want to live the made-to-measure lifestyle. The business hubs like Cyber City, Gurgaon, and Bandra Kurla Complex, Mumbai, show that there has been a lot of development in the social and physical infrastructure around commercial areas. This has led to a lot of demand for homes in these areas.
The traffic situation worsens, and the NCR region’s commercial real estate market grows. Whether plots, plotted development, or ready-to-move apartments, the residential properties have become even more appealing to people who want to live near their jobs.
Gurugram has become a multi-dimensional place and a popular place to invest in commercial and residential real estate during the last few years. Regarding what people in India want, it’s like a 21st-century wonderland that they want to be a part of it. Gurgaon has changed a lot since the turn of the millennium. It went from a rural landscape to the best example of urban living in India. While being close to Delhi is essential, Gurgaon’s “into the future” infrastructure makes it a “Millennial City.”
DLF and Signature Global are excellent examples of a real estate project that worked well. It’s been called one of the best places to live in Gurgaon, and homebuyers keep coming back to it year after year. There have been a lot of changes in Gurugram over the last two decades. Residential Projects has become the city’s nerve centre because it is very close to Delhi via NH-48 and MG Road.
The area is right in the middle of Gurugram, and it’s very close to other parts of Residential Projects in the City. Some of the city’s best commercial areas, like Udyog Vihar and Cyber City. Residential projects in Gurugram are affluent neighbourhood with one of the best metro connections. It is close to many metro stations and can be reached by walking or taking a short bus ride. Furthermore, the development of commercial and office space in the area makes it the best investment place.
The area also has a solid social infrastructure that is growing and changing quickly with a wide range of wellness, entertainment, and leisure options in the form of Cyber Hub and City Clubs, as well as easy access to the best schools, hospitals, banks, and retail stores in the area.
An analysis by a well-known property analytics company last year found that plots in this part of the city have risen in value by 229 per cent from 2008 to 2020. It is much more than the rate of gold’s rise over the same period.
With Gurugram becoming a hub for commercial activities, the Real Estate is set to see a surge in residential development. This will make it a top residential district with wide streets and the best modern amenities, which will draw both homebuyers and developers.
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