Despite the disappointing economic picture, investor appetite for
good quality real estate remains firm and this is likely to continue to
underpin capital values in prime locations of Gurgaon like Golf Course
Road, main Gurgaon Sohna Road, NH-8, etc.
These sectors are also reaping benefits from the recently-announced
government measures to open up the country to more foreign
direct investment.
Navin Raheja, CMD of Raheja Developers, says: “The impact of the subdued
economic sentiment and the rising inflation rate on the realty market
and the attractiveness of a city’s business environment can largely be
gauged by evaluating the health of commercial realty in that city. The
sentiment towards
commercial real estate investment in Gurgaon remains favourable. The mood of investors is positive as there is a sense of
stability due to the recent measures like the opening of foreign direct
investments in retail. The retail sector is forecast to grow because of
this announcement.”
Office space absorption Gurgaon recorded around 2.2 million sq ft of office space absorption in
the third quarter of financial year 2012. This is much above the average
quarterly absorption of the NCR market, which ranges between 1 million
sq ft to 1.5 million sq ft.
Some of the prominent transactions that took place in the third quarter
of financial year 2012 were by McKinsey, Ericsson, Income Tax
Department, Samsung Electronics, Daffodil Software, Wipro, and KPMG.
These constitute nearly
1.1 million sq ft of the total office space
absorption.
Considering the level of pre-commitments and the fact that transaction
activity is typically conservative in the final quarter of the financial
year, demand is
expected to improve in the latter half of the year.
The
hottest locations like Golf Course Road, Golf Course Extension Road,
Dwarka Gurgaon Expressway, and main Gurgaon-Sohna Road have registered
great demand for state-of-the-art commercial properties.
Top developers like DLF, Unitech, Ansal Group, Vatika, Vipul, Hines,
Paras, etc, have come up with world-class commercial projects in the
Millennium City.
Ansal Housing is coming up with HUB 83 in Gurgaon, which will offer
retail and office spaces, while Ansals Town Walk offers high street
retail-cum-corporate spaces on
Dwarka Expressway in Sector 104.
Orient Bestech Business Towers, on NH-8, Gurgaon, have been created
keeping in mind the growing requirements of IT/ITeS firms. The project
offers nearly 6.25 lakh sq ft of
contemporary working spaces spread
across two towers. Commercial Hub by Bestech offers floor plate ranging
from 15,000 sq ft to 20,000 sq ft with retail space on ground floor for
banks, ATMs, and restaurants.
Floreal Towers, with a floor plate of 20,000- 60,000 sq ft, is located
in New Gurgaon and is over 7 acres with around 5 lakh sq ft of retail
and office space. This stateof-the-art office-cum-retail complex by
Orris is spread over two towers.
Innovative Legend Heights is a mega, Rs 250-crore commercial project;
with a total area of 4.5 lakh sq ft, Legend Heights has two glass-glazed
towers with ground plus 11 floors. It has a contemporary design and is
centrally airconditioned with three-tier basement parking. It offers
64,000 sq ft area dedicated to shopping and retail mall. However, 11
floors embracing an area of 1.20 lakh sq ft are designed as commercial
space and Innovative has already tied up with Hyatt Group of hotels for
mixed-use land development.
ABW Business Bay, a commercial project by ABW Group along NH-8 in Sector
83, Gurgaon, offers retail, restaurants, shops, and office spaces.
Ocus Medley by Ocus Group is over 4.14 acres; it is a mixed-use
commercial project with high street retail and a business tower for
office spaces along
Dwarka-Expressway in Sector 99, Gurgaon.
Ciel Square, an exclusively designed high-end commercial complex by
Uppal Group is near NH-8 and Dwarka-Manesar Highway in Gurgaon. It will
have expansive green spaces over 3.6 acres on a total area of 6.9 acres.
Ciel Square will have retails outlets on its ground floor and premium
business suites on the remaining floors.
Raheja Trinity by Raheja Developers offers the best of three worlds in
Gurgaonoffice space, retail, and service apartments. Located in the
heart of New Gurgaon in Sector 84, at the intersection of Dwarka
Expressway with the sector road dividing Sectors 83 and 84-Trinity is in
the midst of a bustling residential hub. A number of posh and high-end
residential projects are also being developed in this area. The affluent
neighborhood opens a great avenue for retailers. The location offers
excellent connectivity to and from
Delhi, the IGI airport, as well as
other parts of Gurgaon.
Raheja Trinity is an amalgamation of retail (ground and first floor),
service apartments, and offices for the market. The rooftop clubhouse
along with swimming pool, gymnasium, party area, and terrace garden are
the USPs of the project.
Ameya Group has recently launched Sapphire Eighty Three in Sector 83,
Gurgaon. The project is at the crossroads of several upscale,
fast-developing residential sectors. The ground and first floor are
dedicated to retail area followed by entertainment zone on the second
floor with multiplex, food zone, and restaurants. The remaining portion
of the project has plush one- and two- room suites.
Satya Group and Maple Group are coming up with Element One, a commercial
project in Sectors 47 and 49; the project offers 1BHK fully-furnished
apartments, high-end retail shops on the ground floor and first floor
with different design option for retail, entertainment, shopping, and
business suites.
EMAAR MGF has launched Capital Towers at Downtown-part of a mixed-use
development project in the heart of Gurgaon. Located at Mehrauli-Gurgaon
Road, near Guru Dronacharya Metro station, Capital Tower 1 at Downtown
is a bustling business project that offers business and retail space
with recreational amenities.
Ashish Jerath, VP of EMAAR MGF, says: “In August 2013, we launched a
commercial project, Capital Tower 1 over 3.5 acres; it is strategically
located at the gateway of Gurgaon and inspired by the very best of
international architectural design. We expect to deliver this project
sometime in 2016. Construction has begun on the project-the excavation
work is complete and foundation and basement work is in progress.”
Paras Buildtech has launched Paras Square, a mixed-use project with
commercial space. The group has delivered two commercial projects, Paras
Twin Towers and Paras Downtown Centre, in Gurgaon. Other commercial
projects like Paras Trade Centre and Paras Trinity are in the
construction stage, while Paras Square, the sole mixed-use project, will
come up next to Golf Course Extension Road in Sector 63A.
Microtek Infrastructures has lined up four commercial projects in New
Gurgaon area, in close proximity to Dwarka-Gurgaon Expressway.
Ajay Aggarwal, MD, Microtek Infrastructure, says: “Gurgaon has almost
exhausted its space, so the current developments have shifted to the
developing sectors of New Gurgaon. Development authorities like Huda and
MCG have adopted innovative action plans for the infrastructural
development of this part of Gurgaon.
That is why wider connectivity roads are being laid out and the much
soughtafter Dwarka-Gurgaon Expressway is being developed on a par with
international standards. With a number of residential projects either
launched or completed, there will be a need for commercial space to
support the modern lifestyle of the residents. We have lined up a few
commercial projects to this end.”
QUICK
BITES
APART FROM IT, NON-IT SECTORS LIKE CONSULTING AND BFSI (BANKING,
FINANCIAL SERVICES, AND INSURANCE) ARE ALSO EXPECTED TO INCREASINGLY
ABSORB THE AVAILABLE SPACE
GURGAON RECORDED AROUND 2.2 MILLION SQ FT OF OFFICE SPACE ABSORPTION IN
THE THIRD QUARTER OF FINANCIAL YEAR 2012. THIS IS MUCH ABOVE THE AVERAGE
QUARTERLY ABSORPTION OF THE NCR MARKET, WHICH RANGES BETWEEN 1 MILLION
SQ FT TO 1.5 MILLION SQ FT
10:46 PM
Lucknow
which is also called as the ‘city of Nawabs’ is one of the key
real estate development hubs in the entire Uttar Pradesh. The same
fact can be very well judged from the fact that there are many major
real estate players who have set up their eye on the real estate
market in Lucknow. Earlier there were traditional areas such as
Hazratganj that were in much focus but now the scenario is totally
changing as areas such as Gomti Nagar, Janakipuram and Mahanagar are
also gaining fair share of importance. In a recent real estate
development the famous real estate company EmaarMGF
has come up with a new project, Gomti Greens in Lucknow.
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