Over the past 2-3 years, the real estate sector in India has undergone a massive transformation and we have witnessed upswing in the sector due to the introduction of various policies by the Central government and the arrival of new trends. Though the implementation of RERA put a burden on builders, but brought transparency in the sector. Also, post-demonetization the way business is conducted in the country has undergone a sea-change, and the commercial segment of the real estate sector has witnessed the sustained effect of structural reforms undertaken over the past few years. No wonder, this segment is still in high demand.
According to a recent survey, for instance, nearly 63 per cent of the investors interviewed opted for office assets as their top investment preference. Investors are scouting for investment-ready assets in core office locations in Mumbai, Delhi-NCR, Bengaluru and Hyderabad, which together accounted for about 77 per cent of the total leasing in 2018.
In fact, a significant role is being played by commercial real estate now for setting the pace for retail revolution in the country. Not just the metro cities but the tier II and tier III cities are also progressing upwards and witnessing the far stretched impacts of this retail revolution. Now, if we talk particularly about Tricity – which includes Chandigarh (UT), Panchkula (Haryana) and Mohali (Punjab) – it is giving tough competition to metro cities when it comes to the growth of the real estate sector, especially the commercial segment. The demand for commercial spaces has gone up in the region and the segment is witnessing growth like never before.
Numerous new trends have emerged in the commercial real estate segment and the region is welcoming them with open arms. Some of the new trends include the concept of co-working, SOHOs and hotel rooms. Grade-A office spaces for start-ups, co-working places and e-commerce have multiplied over the past few years.
The idea of co-working spaces got generated in the Indian market a few years ago and is strengthening its roots since then. Co-working has created structural changes in the commercial office market of Tricity and its demand is increasing on a regular basis. If we talk about SOHOs, the home office has become a standard choice for work surroundings because Internet-based technologies allow person to work from home using email, Web, and remote access software to communicate with global employers. SOHOs are becoming primary choice for start-ups in the region.
The latest and the most unique trend that has emerged in Tricity is extending pre-leased hotel rooms by tying up with renowned global hotels, which offers incredible benefits to the buyers including global acceptance, more liquidity and zero maintenance.
As these trends are very dynamic. The old ones keep on getting modified and new things are being introduced on a regular basis.