WHY COMMERCIAL: Avneesh Sood, Director, Eros Group
WHY COMMERCIAL!!!
Being a developing nation, India is one of the most pinguid and still pretty much unexploited real estate markets of the world that has long been known for being the eye candy of domestic and foreign investors. The infatuated foreign intervention through FDI in Indian realty market and ever increasing domestic presence of developers has somewhere given a lection boost to the country’s real estate sector over the last couple of decades. Statistically, real estate has been broadly classified into two main categories; residential and commercial. Both of these are interlocked as residential real estate can’t survive without a good commercial realty existence to meet the daily needs of residents and on the other hand, commercial real estate will always need residents around it to meet the catchment demand of the region.
The current Indian government has been extremely proactive with its approach towards providing houses to everyone; but will it actually suffice the entire purpose? Thus, ‘Commercial For All’ will be an equal need of the hour as ‘Housing For All’ so as to promote an overall growth of the economy and the realty sector as a whole. Real estate sector has been one of the highest contributors to the Indian Gross Domestic Product (GDP) and towards the country’s employment generation, due to which it has been a key focus area for all successive governments.
Commercial real estate has always played a vital role in making sure that this sector keeps it’s momentum going forward and enhances the economic scenario of the nation. Residential real estate can greatly satisfy domestic demand but foreign demand to a certain extent only. Whereas, commercial real estate provides this plus to the foreign investors; in fact foreign investors rely greatly upon a superior commercial setup in a country to enter and settle. Thus, the purpose of adding value with benefit to the sector and economy is better achieved with developing commercial projects in sync with residential projects.
