Developers from various parts of the country have now become bullish about the growth prospect of the sector in the near term and many of them are even planning huge investments.
The Covid-19 pandemic and the resultant lockdown have impacted almost all industries, including real estate. However, with the gradual relaxation in lockdown norms, construction work has resumed in most places across the nation, and buyers have also become active. In fact, many of them are even planning to buy a piece of property in the near future. A recent report by Housing.com and National Real Estate Development Council (NAREDCO), for instance, has revealed that a major chunk of the people (around 35%) still view real estate as the preferred mode of investment.
Keeping in view such reports as well as increased investor confidence, developers from various parts of the country have now become bullish about the growth prospect of the sector in the near term and many of them are even planning huge investments.
Taking the lead in this direction, Delhi-NCR based commercial real estate developer Bhutani Infra has announced its plans for investments to the tune of Rs 5,000 crore over the next three years towards developing three commercial real estate projects in Noida and Greater Noida. The company hopes to deliver close to 16 mn sq ft of commercial space in the next three years.
“The Covid-19 pandemic has affected every industry, including real estate. However, there has been no impact on the Grade-A office market in Noida and Greater Noida. As these two cities enjoy cost advantage compared to Gurugram, there is a pick-up in demand in the Noida & Greater Noida region,” said Ashish Bhutani, CEO, Bhutani Infra.
Bhutani Infra is currently developing three commercial projects – Bhutani Alphathum, Bhutani Grandthum and Bhutani Cyberthum.
Located at Sector 90, Noida, Bhutani Alphathum is a landmark commercial project, which offers around 35 lakh sq ft of office spaces and a shopping mall spread across 7 lakh sq ft. The project also offers 500 studio apartments.
The group is also developing Bhutani Grandthum, which is primarily a high street retail destination. Spread scross an area of 23 acres, it offers close to 6,00,000 sq ft for high street retail. The project – designed with unique concepts like Mirage Dubai, Ice Lounge, Gandola Ride, Yatch Club, is coming up at Greater Noida West.
Bhutani Cyberthum is another project which is being developed at a rapid pace. It is spread across 27 acres and is located in Sector 140, Noida, thus enjoying excellent connectivity via Noida like Noida-Greater Noida Expressway, Dadri Road. It offers retail shop and office space in varied sizes.
Another Delhi NCR-based developer – Signature Global – is also planning to launch 10,000 housing units before March 2021. Already, in the month of August, the group had launched a new affordable housing project in Gurugram, which will have around 832 units. The newly launched project is being developed under Deen Dayal Jan Awas Yojna at an estimated cost of Rs 400 crore.
And it is not that only the developers based in Delhi NCR are bullish about the growth prospects of real estate. Tricity (Chandigarh)-based developer GBP Group has recently launched a new township project – Central Town – in Zirakpur. Spread across 32 acres, the project will entail an investment of Rs 600 crore, funded partially through internal accruals and partially through bank funding and sales proceeds. The upcoming township will have a mix of residential units, plots and commercial offerings.
Interestingly, the project is one of the first township projects in the Zirakpur region, which traditionally offers affordable options as compared to the neighbouring areas.
“In the surrounding areas of Chandigarh, prices are three times as compared to the prices in Zirakpur. The population growth of Zirakpur is 3.5% annually as compared to the nearby regions’ population growth of 2.5%. So there is a huge requirement of real estate in this area. Central Town is in the heart of the city and is well connected with Ambala Highway,” said Raman Gupta, Director-Branding & Construction, GBP Group.