The year 2023 promises to augur a chapter of stellar growth for commercial real estate in India. In the wake of geopolitical uncertainties, this sector has emerged as a bastion of resilience, which has bolstered the Indian economy. Inspiring confidence in domestic homebuyers and international investors alike, the Indian commercial realty market has not only stabilized macroeconomic forces but also significantly mitigated the outflow of foreign exchange from the country. Commercial properties not only provide lucrative rental returns over extended timeframes but also become force multipliers by stimulating the growth of auxiliary and allied economic services in the ecosystem.
Additionally, the coming year is poised to spur property demands as the market rallies across a buoyed market sentiment across all commercial asset classes. With undulating high demand, financial pundits are confident that the country’s commercial real estate market will grow at a CAGR of around 13% between FY 2022 and FY 2027. Market growth trajectories have unequivocally indicated Grade-A office properties yielding some of the highest returns across the commercial real estate segment. The quintessential distillation of this fact was best exemplified by an impressive rise in the demand for office space in the Delhi NCR region, which witnessed an unprecedented 50 percent growth in 2022.
Standing out in this space is the DLF Prime Towers located at the highly sought-after Okhla Phase 1. The preeminent commercial landmark in posh South Delhi is designed to meet the business needs of multinational firms based in the Delhi NCR region. It has been set up to create a benchmark in the city, as a one-stop destination for businesses, with over 350 retail shops and office spaces which are 710 sq. ft. onwards.Spread across a total area of 1.95 hectares, the complex has close to 70% of open spaces designed as green belts.
As India’s coveted prime commercial real estate destination, Delhi NCR has emerged steadfastly as the indomitable hub for some of the most prominent businesses from across the globe. As competitive businesses continue to vie for a piece of this commercial landscape, land registration for commercial properties has increased Year-on-Year. This upsurge in demand has bestowed a cascading effect on the economic growth of the region, as the nation’s most trusted real estate developers have launched modern commercial projects.
Another ambitious retail and commercial landmark is Athena. Located in sec-16, Gurugram, and off NH-8, the project has a leasable area of 1.5 million square feet. Spread over 12.206 acres, Athena is envisioned to be a preferred premium business destination and will be a confluence of International and National Brands. The project is aesthetically designed in a modern and dynamic detailing intended to give visitors an exciting shopping experience. The commercial office space of Athena compromises a beautiful iconic tower with 21 floors and an extensive retail spread across 5 floors.