Is it Safe to Invest in Real Estate Amidst a Global Revenue Crisis Due to COVID-19 Outbreak?
Businesses are greatly affected due to the worldwide pandemic of coronavirus. There is perpetually no sector that is safe and thriving currently. While rumours of recession might not be true, but the revenues of most of the companies have plummeted. The aftermath of this coronavirus isn’t going to be favourable and we need to be wise with our investments. The real estate industry in India is developing at a fast pace with the booming IT hubs and Special Economic Zones, despite the current slag in the market.
There are many IT and Special Economic Zones coming up in different parts of India. Therefore, co-working spaces are gaining popularity among new entrepreneurs, freelancers, and self-employed individuals. The major IT hubs of India are in Bangalore, Pune, and Gurgaon.
NCR comprises of Delhi, Gurgaon and Noida area. Gurgaon and Noida house a majority of the Special Economic Zones. The SEZ in Sector 81, is a major business centre in Noida. It houses multiple IT and Tech companies. Facilities include convenience stores, food courts, ATM, etc. Gurgaon also has a huge base of IT and SEZ spaces. Candor TechSpace also offers furnished and unfurnished office space for rent in Noida sector 135.
Commercial property in Noida and Gurgaon is expensive. Explore companies that offer state-of-the-art amenities. Prime facilities include convenience stores, banks, ATMs, baby care centers, food courts, and restaurants. DLF Cybercity, a Gurgaon IT Park that houses some of the major companies in India. Located across four areas in Gurgaon, WeWork is a co-working space that leases and rents out modern office space to entrepreneurs and self-employed people. A fully furnished office space often comes at a steeper price. Located in Babavpada, the SEZ in Mumbai is still under construction. Most of the buildings in SEZ have solar panels for the generation of energy.
With the proposition of ‘Silicon Valley Asia’ in New Town, Kolkata, developers are looking out for land for this iconic commercial hub. IT giants like Infosys and Wipro have already booked 50 acres of land in this hub. There are many tech companies housed in Rajarhat area near Kolkata. It is economical to rent office space and commercial property in Kolkata. There is a fully operational IT/ITES zone in New Town, Rajarhat, Kolkata. It has 3.04 million sq. feet of office area complete with amenities like food courts, convenience stores, fitness centers, ATMs and banks. It also has a banquet and a swimming pool. Bangalore is often referred to as the Silicon Valley of India with thousands of IT companies, tech companies, and start-ups. Whitefield and Koramangala, in Bangalore have many IT companies and start-ups. Bangalore Aerospace SEZ is a fully functional SEZ located in Bangalore. Devanahalli Business park has multiple tech companies. Similarly, Bial IT Investment Region (ITIR) has over 55 multinational companies like Wipro, Infosys, TCS, and Cognizant.
Before you choose to invest in any of these properties, it is advisable to thoroughly check their brochures and conduct site visits. This may be just the right time to invest in real estate markets.