Commercial property in Uttar Pradesh on the move again
Leaving behind the downturn that hit the Indian real estate market during the global slowdown, the Indian real estate sector is back in full swing in the capital of Uttar Pradesh.
While demand-based growth in the Indian housing segment continues, it is the commercial property segment which has suddenly become hot in UP.
While Hazratganj continues to be the prominent shopping market area and Vibhuti Khand emerging as a hub for corporate offices, it is the most prominent and arterial road of Vidhan Sabha Marg which is suddenly witnessing a major transformation. Extending on to the Ashok Marg, which already had major corporate and government offices, this stretch passes through the heart of the city and is witnessing a lot of action on the commercial and office space front.
The Vidhan Sabha Marg was always the busiest and most important road of the city but due to old buildings and huge bungalows dotting the road it did not see much action all these years. All that is changing now with a couple of large projects coming up on this road.
A huge office complex — Ratan Square, which houses several MNC offices and telecom player Aircel, has already come up in a building that was locked up for many years. The once famous British-era Burlington Hotel has given way to a large commercial project which is underway. Other medium-sized projects are also underway at several spots either on the VS Marg or in localities abutting the road.
“Office rentals are around 32-35/sq ft a month in any of the modern commercial buildings on the Vidhan Sabha Marg. One can buy office space at Rs 5,000 per sq feet, one of the most expensive in the city,” said Manish Khemka, a property broker.
Tags: commercial and office space, indian housing, Indian Real Estate, real estate in Uttar Pradesh, UP real estate
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