The ‘All Facility under one roof or establishment’ mindset has brought a significant impact on the commercial real estate sector. The commercial real estate class that has gained immense traction in the past decade is Shop-cum-Offices. The most prominent and profitable location for Shop-cum-Offices, which has seen the maximum growth in SCOs in NCR, is Gurugram.
Typically, SCOs comprise retail units, high streets, hypermarkets, offices, coworking spaces, restaurants & cafes, etc. They also offer spaces for banks, ATMs, healthcare centres, fitness centres, gyms, etc. Shop-cum-Offices are generally located in multi-corporate zones and commercial sectors with easy accessibility from every corridor. As per the latest research, there is a total of 71.6 acres of land under SCO in Gurgaon, and the market is expanding in the range of 30-40% yearly.
Shop-cum-Offices is a real estate market trend which proved to be a lucrative investment for realtors at the time of the global pandemic while the sales of other residential and commercial segments had trumped. In the NCR markets, Gurugram has emerged as an SCO hub. Not only has it witnessed an overwhelming amount of land under SCO plot development, SCO projects, which are in the vicinity of Dwarka Expressway and Golf Course Extension Road, have registered an uptick in sales as they offer a conducive corporate environment and allow flexibility for investors in the building plans and customisations.
Large swathes of land in Gurugram are currently under SCO development. Sectors close to Dwarka Expressway have seen capital appreciation and offer a well-boosting environment for SCO growth. The news of the opening up of the Gurugram section of the Dwarka Expressway has also brought on relevant searches and interests from investors and corporates. The state of normalcy achieved through a downslide in Covid cases and widespread vaccination programs in the first six months of 2022 has prompted companies who have either gone fully operational from offices or are functioning in hybrid working formats. This has led to a definite rise in the demand for office spaces in Gurugram, which is widely known as the IT hotspot of the country. A strong start-up culture, though, is witnessing a slump in funding but is still ably supported by government schemes, which have created an excellent demand for co-working spaces. Co-working spaces are cited as plausible financial investments for early-age start-ups.
Dwarka Expressway has become a hot station for SCO investments. Options are abundant for any type of commercial use. Shop-cum-Office plots are available and up for sale in the markets, which can be built and designed by investors according to their preferences and volition. There are also well-designed SCO buildings defined by levels, with each floor earmarked for a particular type of commercial use like office spaces, retail spaces, etc. They are built on a low-maintenance module and also offer other benefits like ample parking spaces, security measures etc.
Nowadays, eco-friendly measures are successfully incorporated in SCO projects to ensure a smooth functioning environment and contribute least to the high pollution levels. They are supplied with rainwater harvesting systems and solar light provisions to meet the ESG targets set by developers for their projects.
(By Bharat Kumar, Director, Spaze Group)