The ever-flourishing Delhi-NCR region is set to witness a skyrocket in real estate investment and businesses. In the past few years, the demand for commercial properties, both rental & return investment, has grown dynamically and is set to move for a more glorious fate in the coming years.
The market experts have predicted the growth to be approximately 12%. More than 11 million Sq Ft of office space will be absorbed in 2023 only.
The market trend is going to be the same for 2024 and here is how you can benefit from it.
The Current State of Delhi’s Commercial Property Market
Delhi’s commercial property market has been rising for the last few years. In the last year, the price of office space was around 100 per sq ft and it is expected to rise to 150 sq ft. The retail price was around Rs/- 250 sq ft. And is expected to rise to 300 sq ft in the next year.
This extensive sale of Delhi commercial properties was possible due to the extensive investment of several multinational companies and co-working spaces. Notably, the Delhi-NCR alone made a total of 11.4 million sq ft of land assets.
What Are the Factors Responsible for Driving Growth in Delhi’s Commercial Property Market?
Being the country’s capital city, Delhi’s nourishment was inevitable. But for the last few years, Delhi has gained a sight in investors’ eyes. The regions like Chattarpur, Dwarka Mor, Uttam Nagar, Greater Noida, and Gurgaon have been the centre of retail and commercial investment for individuals & MNCs.
Here are the factors below that we feel played a great role in doing so.
- Delhi, being the centre of all economic trade in the country, gained a strong pace for entrepreneurship and business growth. It created the demand for new office spaces in the regions mentioned above.
- MNCs are creating their offices in Delhi and NCR, giving a boost to the business culture & also the demand for high-quality luxury commercial space.
- Co-working spaces are heavily making their space for small business owners. They are supportive of new businesses and offer flexibility & cost-effectiveness.
Future State of Delhi’s Commercial Property Market
The future, as promised, looks prosperous. The real estate market in Delhi-NCR is going to be on the rise for quite a few years. The biggest challenges, however, are inflation, competition, and Delhi’s economic health.
The market is witnessing the government’s help that suggests the economic and property development of Delhi Commercial Properties.
The infrastructure development will finally result in high pricing of commercial & rental properties. Moreover, the government is heavily investing in improving the connectivity of the city by means of roadways, railways, and airports. The businesses here will prosper internationally and soon are set to meet international success through luxury commercial property deals.
The prices are set to rise as follows.
- The Delhi commercial property prices are going to be around 300 Rs/- per sq ft, which was earlier 250 Rs.
- The retail property prices are going to rise to 120 Rs/- per sq ft, which is 100 Rs/- per sq ft in 2023.
The strategic location of the Noida region, vast customer base, and robust developing infrastructure have made the region an attractive centre for all investors and retailers. The new centres of retail spots such as Yamuna Expressway, and Faridabad are in a rapid development mode that is welcoming businesses to Invest in Property in Delhi and establish their mark on the land.
Delhi’s commercial property market is also leveraging innovation and technology to bring revolution to the commercial forefront of the capital. The transformation is helping the local restaurant and retailer to leverage the amazing opportunities to create next-level personalised shopping experiences. Also, the line between online and offline retailing is now getting blurred.
The paradigm Swift with the help of technology is redefining the shopping experience. Niche markets are emerging that promise to fulfil some very narrow needs of specific customers.
Risks of Investing in a Commercial Property in Delhi
Delhi’s commercial property market is flourishing and is set for new heights in 2024. But it is also smart to understand the risk associated with the shiny advertisements.
- There is a potential risk of oversupply in the market causing the downfall of the commercial prices.
- The world is going through a recession. If the Indian economy gets affected by it, you may have to face a loss.
- Changes in government policies may cause some kinds of losses.
Tips to Get the Best Commercial Property in Delhi
- First of all, fix your budget range. This will help you filter through Delhi commercial property.
- Figure out your purpose of investment in real estate properties and search for the relevant amenities.
- Environmental policies are on the rise, as well the minimal living liabilities. Keep your eyes on the upcoming trends for better investments.
- Do check the credentials, track record, and legal compliance.
- Check for a property loan that suits your needs at favourable interest rates.
Omaxe offers you the best place to buy commercial property in Delhi and invites commercial property investors to start commerce.
Conclusion
Delhi’s commercial property market is on a continuous rise and currently at the maximum all-time. The total market growth has been spotted 12% which we can see as an absolute bombastic.
The future of commercial properties is set to shake again as the prices may go as high as 300 Rs/ per sq ft for rental properties. With projects like Omaxe Chowk, the government has opened the doors for MNCs to invest in the region for entrepreneurship, businesses, and connectivity to world tourism. The price of commercial property in Delhi NCR is going to rise with the rising giant of infrastructure and business.
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