Commercial Growth in Zirakpur matches the National Demand

Zirakpur became a valuable center for real estate investors and end-users equally with the arrival of reputed real estate developers

• Zirakpur is Best for office spaces when compared to Chandigarh.
• Zirakpur's commercial growth now matches the national growth.
• Zirakpur is the central location to Chandigarh, Punjab, Haryana, and Himachal.
• Zirakpur coming up with larger floor plates for bigger offices that can cater to the needs of MNC offices

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 growth in Zirakpur is in a match 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 investors.

The city became a valuable center for real estate investors and end-users equally with the arrival of reputed real estate developers with a presence across India. As Zirakpur is located on the route that connects Chandigarh with Delhi and other parts of Punjab, it is benefitting from the trade that takes place along this economic corridor. 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.

“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 the international airport makes Zirakpur the central location to Punjab, Haryana, and Himachal; in fact, connectivity through the airport makes it an excellent location in the whole of northern India. The reality that Zirakpur is best for workspaces 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 the Zirakpur market due to the presence of larger workspaces that fits the requirements of global brands.

Source - NewsVoir

Image - Sushma Infinium