Property prices are at an all time low and so are the loan rates.
Builders are giving great discounts on inventory and this is perhaps as good as it is going to get for investors.
Covid-19 has opened up a possibility of a permanent work from home option for IT companies, which are perhaps one of the biggest markets for office space absorption, but industry experts and multiple news artticles recently predict otherwise.
The IT/ITeS sector and InfoTech companies are looking to rationalise their spending and hence moving to smaller cities as real estate is becoming expensive in major cities.
Chandigarh and surrounding areas of Mohali and Zirakpur are seeing an exponential increase in the avaialability of office spaces.
Builders and industry bodies are expecting the above trend to increase in the future.
Office space scenario in the Tricity
Mohali is one of the biggest epmloyment destination in the tricity. Multiple IT companies, agro companies and call centers call Mohali their home.
Since, Chandigarh acts as a regional hub for Himachal, Punjab and J&K, (Haryana for a few companies) the office space demand in the region is usually quite strong.
Ever since the lockdown opened the office space demand has risen steadily although is not back to the pre-covid levels.
Commercial and Residential
Builders are responding to the area emeging as an IT destination and more and more office space and retail inventory is coming up near residential areas.
These Grade A spaces will be catering the bigger corporates that are either setting up regional offices or are moving out from the Metros to save costs.
This confluence of residential and commercial spaces is creating some very good infrastructure that will allow the employees to spend less time on commuting.
Office spaces in Zirakpur
For those who are not very well versed with the area, Zirakpur is a satellite town under the Derabassi tehsil of District Mohali (SAS Nagar).
I have written a blog post on Zirakpur lifestyle and attractions which might prove useful to the uninitiated.
Is this a good time to invest in Zirakpur and Mohali ? I have asked this question in another one of my blog and the answer is still a resounding yes.
Zirakpur is better known for it’s residential development but builders are now developing multy story office spaces to cater to the ever increasing working population in the region.
Zirakpur is an upcoming destination with a lot of potential for the trained eye.
I know of some really great commercial investment options in Zirakpur that are sure to provide very good returns.
Office spaces in Mohali
As mentioned earlier, Mohali, already is home to multiple multi national and national companies.
The office space demand in Mohali is pretty strong and my office floor itself has had three rather big companies move in after the lockdown.
All three are web development companies.
Trends in the office space market
Boutique office spaces with size ranging form 400 sq feet to 1000 square feet is seeing some good traction in the local market.
Under construction inventory is being gobbled up by investors who foresee the demand to grow in the coming years.
The attractive prices of course play an important role in the sale of these units.
India’s office market will remain resilient in the new year, reveals a Knight Frank report.
The report, titled ‘Asia-Pacific Real Estate Outlook 2021: Navigating the Post-Pandemic Recovery’, states that the Bengaluru market is expected to experience a rise in rental values in the next year while Mumbai and NCR are expected to remain stable in rental values. These trends indicate that despite a bleak period between April and June 2020, the overall demand for the office space could remain strong in the new year.https://www.financialexpress.com/money/overall-demand-for-office-space-may-remain-strong-in-2021-knight-frank/2139855/
What’s in it for the investors?
This is a detailed discussion wherein one will need to keep multiple factors in mind but according to this financial express report with the advent of the IT/ITES sector in Chandigarh and Mohali commercial investment is becoming more and more popular with HNI’s and NRI’s.
Higher rental yields, attractive returns and lease guarantees on commercial investment in Zirakpur and Mohali have made office spaces a very attractive bet for the investors.
Residential rental yields at the moment are in the range of 2 to 4% while some commercials are offering a 12 % return and 8 % lease guarantee (under construction).
I think any serious investor should be looking at commercial options such as office spaces in zirakpur and Mohali.
How can I help ?
I am a real estate blogger who also works as an authorised service/channel parter with multiple buider firms in the Tricity.
I can help you shortlist some great investment options in office spaces in Zirakpur and Mohali.
Similarly, for retail and for residential as well.
You can get in touch with me at 6283060221.