The future of commercial real estate is filled with endless possibilities and growth. Chennai has been experiencing steady growth in its commercial real estate market – in both the northern and southern parts of the city. This optimism in the demand curve provides a promising future for investments in the real estate market.
Commercial real estate – an introduction
Commercial real estate is a business property that is built, financed, and used only for business purposes. They are built only for profit generation, and not for other residential purposes. The taxes, laws, and regulations are different for commercial real estate properties. Their performance depends on several factors like sales prices, building, and occupancy rates.
There are the broad sections under commercial real estate:
- Shops, Grocery stores
- Multifamily, and
- Hotels, Malls etc.
The Current Scope of Commercial Real Estate in Chennai
The commercial real estate in Chennai has been flourishing. There have been developments across the city, providing business owners the opportunity to open up new shops and get more customers.
1. Development at Perambur
Located 3kms from Sow carpet, an ongoing project at SPR city holds a promising future. This project will provide business owners an easier and efficient way to carry out trading activities without any hurdles. This is the biggest opportunity for those looking to invest in new shops for their business.
2. North Chennai development
There is a notable increase in commercial real estate in North Chennai. Ennore, Red Hills, Royapuram, Tondiarpet, and nearby areas fall in North Chennai. The expansion of the commercial real estate market in Chennai is a result of the fast-paced user-driven nature of the market. Since the north of Chennai is becoming industrialized, the need for connectivity to other areas will affect the real estate market.
3. South Chennai development
Areas surrounding Adyar, Velachery, Thoraipakkam, and Injambakkam are constantly becoming residential. Consequently, there has been an increase in shops, hotels, schools, and colleges, malls, hospitals, etc. This opens the door for commercial real estate investment.
Into the Future of The Commercial Real Estate
The future of commercial real estate in Chennai is a promising one. Alongside the rapidly growing infrastructure and connectivity, there has been an increase in the number of shops. Additionally, start-ups and shops set up for small businesses have been a game-changer in the industry. The increase in shops and start-ups stands to reason that the future is filled with anticipation for the demand for commercial real estate in Chennai.
The major hotspots in Chennai where the commercial real estate market is expected to flourish are Perumbur, SPR city, Guindy-Mount Poonamallee Road, Perungudi, Thalambur, Pallikaranai- Medavakkam, and PTR road.
Although the idea of remote working and shopping is attractive, it is only so for the short-term. People will start buying from stores and shops in the long-term for the following reasons:
Try and Buy
Customers will continue buying from shops because they will want to try the product, or test it for themselves before buying it. The ability to ask questions about the product and ensure that the best purchase is made is only enabled in offline stores.
Need for speed
The younger generation favors immediate purchase over pre-planning and waiting for days. This will be possible only in offline shops.
Human contact is essential to build trust for most people. People prefer buying from shops they trust that giving their money to websites can be potential fraud.
Keeping these factors in mind, people will continue shopping in offline stores and businesses will start to flourish. This will re-open the doors for the commercial real estate market in Chennai.
The growth in this sector is predicted to take place in four stages:
- First, there will be an addition to the net space of the current market. New shops will open up.
- Second, the market will consider re-evaluation of the terms of renting and leasing.
- Third, people will start buying from shops that are closer to their home, or one to which connectivity is enabled.
- Finally, the confidence in spending for commercial real estate will be restored.
Why is MOI the best choice for commercial real estate?
The market of India is Chennai’s one-stop business destination with over 5000+ shops and offices, and 9+ markets. These are the various reasons why you should choose MOI:
Roads on all four sides: The troubles of traffic and obstructions in movements of goods are unthinkable at MOI. Roads are constructed on all four sides to ease customer movement and ensure that everything is carried out smoothly.
Similar Sector/Street name: To feed people’s love of familiarity, the street’s names are similar. This ensures that customers can find the respective shops easily.
Spacious parking: Market of India has a multi-level parking space for two-wheelers and four-wheelers It can also accommodate trucks and other heavy vehicles.
The footfall of 40 lakh people: With an average footfall of 40 lakh people per month, there will be continuous customer movement at your shop once fully operational.
Loading/Unloading facility: MOI provides a separate loading and unloading facility with separate gates for entry and exit. This facility is available throughout the year to ensure all your tasks are carried out perfectly.
All ancillary services: All the services you can think of are available under one roof which will give you easy access to any service you require at all times.
An E-commerce platform: The benefits of the online marketplace are no secret. At MOI, you will get the opportunity to expand your business and increase your visibility.
Business Concierge services: MOI assists you in getting all your needs fulfilled.
Quality Family time: You can spend quality time with your family at the lush green lawns or the SPR Multiplex mall.
The MOI Club: You become an important part of the club once you buy a shop. This is a platform for networking and connecting with fellow traders.
Market of India, hence, is the future of Chennai’s commercial real estate market.
The commercial real estate market in Chennai is on a higher growth trajectory in accordance with policy reforms and constant infrastructural developments. This development is backed by advancing technology and investments.
So, make the right choice and find your space at SPR city Market of India’s iconic destination. Drive the future alongside MOI!