Commercial Real Estate: The evolution of the ‘Walk to Work’ living concept
Real estate is the third largest sector in India and the most globally recognised sector. The real estate sector contributed to about 6-7 percent to India’s GDP in the fiscal year 2017-18 and is expected to reach $1 trillion by 2030, making it the third-largest sector globally. The commercial real estate sector, comprising Offices, Retail, Industrial, Logistics, Multi-family, and Hospitality segments, has seen significant growth as well. The commercial sector had caught the eyes of the investors since the past few years because of the increase in rental prices, implementation of REITs and the strengthening of the established players. The 2019 fiscal year was witnessing a record leasing with 42 million sq. ft. before the pandemic struck and threw a curveball at the economy.
Government initiatives like Make in India, urban development policies, SMART City and AMRUT programs, and others along with the renewal of the economy in the Unlock phase are expected to bring back the rising demand for real estate infrastructure. Evident from a report which has recorded a whopping 138% increase q-o-q in the third quarter of 2020 in the gross leasing volume, the commercial real estate is well prepared to pick up the pace in 2021.
* Solus actual image
The existing social-civic infrastructure of Thane has developed into a progressive ecosystem to not only enhance the lifestyle of its residents but also make it a favourable neighbourhood for the commercial sector. And at the forefront of the paradigm is Hiranandani Business Park, Thane. Set amidst the mixed-use township of Hiranandani Estate, Thane, it is the biggest platform for business growth. Some of the commercial giants like Tata Consultancy Services, Bayer CropScience and WeWork have already made Hiranandani Business Park, Thane their home.
Hiranandani Business Park delivers the walk to work living concept. Offices spaces in this current scenario has undergone a major transformation, we are now looking at a blend of residential, commercial, cultural, institutional and entertainment uses all in one. From world-class schools, state-of-the-art hospital to an upcoming 5-start hotel, The Walk- the highstreet retail hub, you get to experience an unmatched walk to work living in an iconic setting. Working professionals often complain about long commuting hours, this will ensure quintessential ‘work-life balance’ with ready residential options from Studio to 5 BHK and OC Received boutique office spaces in Solus & Chesterton.
* Chesterton actual image
Solus offers brilliantly planned ready boutique office spaces for all business types. It features retail spaces on the ground and first levels, and office spaces in the rest of the premises. Whereas, Chesterton is designed for ideas greater than life with capacious spaces and convenient functioning.
Set off Ghodbunder Road, this business park occupies about 3.5 million sq. ft. These commercial buildings have dynamic and future-ready designs which are created to take your business to new heights in the vibrant, active and well-connected neighbourhood of Hiranandani Business Park. The upcoming infrastructural developments like Thane-Wadala Metro Line 4, Metro Line 4A and 5 which will connect Thane to Mumbai and its neighbouring suburbs with a flawless finesse, the widening of Kopri Bridge to Mumbai which will take away the traffic woes, the Thane-Borivali underground tunnel which will slash a one hour journey to 15 minutes and the waterways connectivity which will connect Thane to Vashi, Kalyan, Navi Mumbai and Mumbai are already opening up doors to more reputed business. The future smart city of Thane will play an instrumental role in the rise of commercial real estate with the aid of cutting-edge commercial centres like Hiranandani Business Park, Thane.
Chesterton MahaRERA registration number: P51700019400
Solus MahaRERA registration number: P51700000193