Tier II cities are expected to lead the next wave of commercial growth, with five times more investment in commercial infrastructure in the last decade than metros and tier-1 cities.
As Zirakpur is located on the route that connects Chandigarh with Delhi and other parts of Punjab, it is benefitting from the trade that take place along this economic corridor.
The city became a valuable centre for real estate investors and end-users equally with the arrival of reputed real estate developers with presence across India.
The growth in Zirakpur is in sync with the national demands; the city has been coming up with buildings made on new concepts with larger floor plates for bigger offices that can cater to the needs of MNC offices. As per the trend in real estate investment, the scope in office spaces in Zirakpur is lucrative for the investors.
The data from global giant Knight Frank shows that PE (private equity) investment in real estate rose 16-fold to USD 3.2 billion in the quarter ended March 31, 2021, and office space continued to be the preferred segment attracting over 70% of PE investments during the quarter.
"The global giants and corporate are looking for tier II cities that can provide them with robust infrastructure to operate smoothly. Meeting the demand is Zirakpur, which has become a focal point for a number of world-class residential and commercial developments," says Prateek Mittal, Executive Director, Sushma Group, which is among the Top 10 Developers in Chandigarh and Top 10 Developers in Zirakpur.
The proximity to international airport makes Zirakpur the central location to Punjab, Haryana, and Himachal; in fact, connectivity through airport makes it an excellent location in the whole of northern India.
The reality that Zirakpur is best for work spaces comes from the lower rental when contrasted to Chandigarh, making it a superior choice to open workplaces. For instance, an office space of around 446 sq. ft. may come at a rental of around Rs. 19000 in Zirakpur compared to a rental of around Rs. 40,000 per month for a space of 128 sq. ft. in Chandigarh's Sector 35. With companies turning to Zirakpur due to lower rentals, the prospects of return are higher for investors here.
Additionally, the leasing market is witnessing healthy growth all over India. According to JLL office Market Update Q3 2021, "The gross leasing volume (GLV) touched 6.3 million sq. ft. during the quarter, an increase of 25% q-o-q, which indicates a sustained resurgence in demand. The demand picked up following the economic recovery.
The country's economic activity resurgence was evident in the third quarter of 2021, aided by the government's aggressive measures to curb the virus and mass vaccination drive. The quarter witnessed a net absorption of 5.86 million sq. ft. of Grade A office space across the top seven cities in India, up by 48% q-o-q and highest in the year 2021." The trend rings in good tidings for Zirakpur market due to the presence of larger workspaces that fits the requirements of global brands.
Located on the route that connects Chandigarh to Delhi and other regions of the whole of North India, Zirakpur is an outstanding example of Chandigarh peripheral's growing space. Projects like Sushma Infinium in Zirakpur by Sushma Group, one of the Top 10 Developers in Chandigarh and Top 10 Developers in Zirakpur, spanning 3.5 acres is an ideal place offering adapt-to-suit workspace that meets the demands and expectations of customers is one example.
The project is located at a very prime location connecting Delhi, Haryana, Himachal Pradesh, Punjab and well- connected to Chandigarh International Airport, including all the other prime areas. The region's tallest project is with optimum concrete to glass ratio for ample sunlight houses the fastest and the highest number of elevators also in the region.
The project by Sushma Group, which is among the Best Real Estate Developers in Chandigarh, has separate elevators for all mix use developments of 850+ units of different sizes catering all types of commercial needs and managed by professional housekeeping and facility management team which benefits the tenants immensely. Double basement car parking which provide ample parking space is managed by professional management team which is the key to the success of any commercial property.
Zirakpur currently boasts one of the world's most developing economies. In Zirakpur, many housing projects and commercial complexes have been completed or are under construction, contributing to the town's overall infrastructural development. Zirakpur's steady growth has attracted many investors who regard the city as a promising investment opportunity.
This story is provided by NewsVoir.will not be responsible in any way for the content of this article. (ANI/NewsVoir)
( With inputs from ANI )
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor