Post-pandemic, Zirakpur’s commercial demand is high
In the Tricity region, Zirakpur has been attracting tremendous real estate growth. The city has been expanding for over a decade and has come to the point where investors and buyers are getting their money’s worth by investing in real estate assets.
The presence of major companies in the city is bringing economic prosperity to the region. The commercial segment has been witnessing an increased demand since the time pandemic affected the whole country. The demand has been mostly due to two factors – increased office demand, and investment potential. The key lesson from the pandemic was the emergence of real estate as an investment vehicle, with tier-II cities emerging from the shadows of the Metros to become real estate investors' preferred destinations. The last two years have also been exceptionally lucrative for the commercial sector, which has witnessed a large increase in investors looking to capitalise from the great returns available.
A report by Savills India opines that “private equity investment inflows into the real estate sector amounted to US$865 million during Q2 2021, registering a decline of 54% QoQ. However, the first half of 2021 saw about 41% of the investment inflows that the sector witnessed in the entire year 2020, indicating that investor confidence remains intact despite the pandemic-struck slowdown period.”
The effect can be seen from the increased attention projects like Motia’z Royal Business Park are getting. It is an ongoing project, a business hub with an integrated township located at Delhi-Chandigarh National Highway 22—one of Punjab’s largest business parks. Spread over 3 acres of land, the business park is replete with facilities like restaurants and the other necessary infrastructure to support growing businesses. It also has an in-house parking facility, 24×7 security and power backup. It is easily accessible by road and offers well-designed office spaces with a huge super built-up area.
“The demand is for spaces that can add value to people’s lifestyle. With this project, we are catering to a larger audience from people looking for recreation to people looking for offices. Post-pandemic, the need is to have commercial spaces that can help the economy come out of the economic setback,” says LC Mittal, director, Motia Group.
Motia'z Royal Business Park provides affordable office space, satisfying the need for Grade 'A' co-working spaces in and around the city. Motia Group has created this futuristic business centre to cater to the commercial needs of the corporate world, with Co-Working creating a structural change in commercial office markets and a growing need for the supply side to provide flexibility, services, turn-key solutions, scalability, and optimum design.
“The resurgence in Tier-II cities is being fueled by increased economic activity and infrastructural development in many of these towns, which is lowering outward migration to metros and resulting in a more evenly distributed real estate market. Businesses, office spaces, retail stores, and hospitality businesses all have various requirements. Spacious spaces surrounded by greenery, located in outstanding city locations with state-of-the-art infrastructure, are perfect for new-age enterprises and entrepreneurs,” says LC Mittal. The project has offices of Reliance Smart, USHA, Haier, Sunjin, TVS, The Brew Estate, among others.
Many statistics show that real estate investment in Tier-II cities has increased by roughly 20% over the previous year, indicating that buyers and investors are flocking to these areas. Indeed, the growth of physical and social infrastructures in major cities has pushed up the real estate demand, with airports, road infrastructure, improved connectivity, and new businesses entering these markets. And, Zirakpur scores on all these counts.
“The emergence of the IT/ITEs sector, and world-class education and medical facilities, are the key reasons for Zirakpur’s growing popularity. Today, the city can brag about having good infrastructure and cutting-edge office campuses like Motia’z Royal Business Park, which are attracting corporate and startups. Another major factor in putting Zirakpur on the real estate map is its continuously improving infrastructure,” says Mittal.