Top commercial real estate hotspots in NCR
One of the most prosperous business destinations of the country, the National Capital Region (NCR) has been grabbing the attention of industrialists and entrepreneurs over the years. The rapid urbanization and mega infrastructural developments in the region have continuously added to its capabilities in providing the requisite ecosystem to business houses. NCR is home to about half of Fortune-500 giants and has a presence of the highest number of Startups and unicorns. Noida - Greater Noida, Gurugram, Faridabad, and the fast-emerging Kundli and Manesar- are cynosure for corporate houses of the country and have acquired the status of a prime commercial location. A recent report of Knight Frank India supports the region being the most sought-after one; NCR has registered 24% growth in terms of leasing office spaces in the second half of 2020 as that of in the first half. Here are some of the most promising destinations in NCR.
1. Noida-Greater Noida
The twin cities Noida and Greater Noida are one of the brightest spots in the NCR's realty market. Rapid infrastructural development such as industrial corridors and metro networks over the years has continuously enhanced the region's growth. The proposed international airport and the ambitious Film City Project have further added to its value as being a commercial hotspot. The region is a flourishing destination for IT-ITes, retail, and electronic manufacturing companies with the presence of various big conglomerates in the region. In the post-lockdown period when the companies are pondering over a cut in operational cost, these cities are gaining more attention due to the competitive price of services.
The millennium city, Gurugram has evolved over the years and emerged as one of the finest business destinations for MNCs. Owing to the seamless connectivity with Delhi and other parts of NCR and great infrastructure, Gurugram has been an attractive destination for big corporate houses to establish and expand their business operations. This has regularly boosted the demand for commercial spaces in the city. Expressways, Delhi Metro, and Rapid Metro have strengthened the connectivity in the city, a prerequisite to conducting business operations. Equipped with all the facilities, the city provides a promising environment for corporate houses that have witnessed significant year-on-year growth.
Situated along Delhi-Mathura Highway (NH-44), Faridabad is an industrial hub of Haryana. The city is home to a great number of manufacturing units in sectors such as machinery products, automotive, apparel, and others. With the government’s emphasis on initiatives like AtmaNirbhar Bharat, Make-in India, One District One Product, etc growth districts at Faridabad holds immense potential for industrial clusters in the region. Owing to the EPE, NH2, FNG, and other planned and proposed infrastructure coupled with affordability services, growth districts in Faridabad have been gaining huge importance amongst MSMEs and Start-up sector. A strategic location, enjoying great connectivity boosts Faridabad - Greater Faridabad a ready base in emerging as an integrated industrial growth and commercial hub.
Located in Sonipat of Haryana, Kundli has evolved rapidly on the real estate map of NCR with continuous appreciation in property prices. The region has been witnessing the accelerated growth in the area and budget-friendly services are the major contributor to it. Situated along NH-1, the area is emerging as an educational hub as well with the proposed Rajiv Gandhi Educational City comprising around 100 universities and many world-class schools. The environment is quite favourable for companies, giving thrust to the demand for commercial spaces.
5. Manesar- Bhiwadi
Close to the commercial hub Gurugram, Manesar – Bhiwadi has immense possibilities of growth of a range of industries such as IT/ITes, hotels, manufacturing units, educational institutions and others. Part of the Delhi-Mumbai Industrial Corridor (DMIC), the region hosts dedicated industrial zone IMT Manesar which is thriving by the day. The prospects for commercial property seem bright here as several MNCs are looking for expansion in the area.