Demonetization has become a game-changer in the real estate industry. The Real Estate Regularization Act, as well as the reforms in the Benami Transactions Prohibition Act and GST implementation has brought big changes in the commercial real estate in Noida. The demand for premium office space by technology companies has driven the demand for premium office space in Noida. Other sectors driving growth in the real estate sector are engineering manufacturing, BFSI and co-working enterprises.
Office real estate in Noida has emerged as the largest office market in Asia. The trends shaping up the commercial real estate in Noida are.
1. Contractual leases
The demand for pre-commitments in office real estate leasing has defined the Noida real estate market. Large multinationals have started strategizing their real estate portfolio and pre-committed space for future needs.
2. Purchasing commercial property
A number of MNC’s have invested in real estate property as opposed to renting. IKEA has recently purchased close to 10 acres worth of plot in Gurugram from HUDA. Similarly, Lava International has obtained land in Greater Noida for a large-scale manufacturing unit. Hyundai, and GSK have also invested in massive property in NCR.
3. Long term lease
The long-term lease contracts have increased from 9 years to 12-15 years to prevent massive rental hikes.
4. Eco-friendly designs
Office real estate in Noida has become more eco-friendly in terms of available business amenities, infrastructure, and optimized energy foot-prints, etc.
5. Office-space consolidation
Corporates are saving on real estate expenditures by consolidating their work space requirements to improve business profitability.
Demand for commercial office space in Noida is increasing day by day. I thum Sector 73 Noida is a premium commercial project which offers a sophisticated infrastructure to meet the needs of modern office goers. The complex is located near the NH 24 are provides easy access to all parts of the city and surrounding regions. The elegant complex boasts of an innovative design, with a large water body and hanging creepers and plants surrounding it. The property has been designed to ensure a smooth flow of traffic. It has all modern amenities including 24-hour water and power backup, express lifts, conference rooms, and much more. The complex also has 24-hour CCTV surveillance, car parking, and more for employees and visitors. I thum 73 Noida is one of the premium projects for investment and will ensure a high return on investment.