Wednesday, January 4, 2023

Strengthening Of The Commercial Real Estate Sector In 2023

 “Commercial Real Estate has remained steadfast with many large corporations- domestic and international brands making a great return to the workplace. The momentum to bring back the workforce had begun at the start of 2022, which continued to gather pace as the year progressed. On one hand, the post pandemic phase took off to a promising start with office spaces filling up fast paving way for the new normal. On the other hand, leading global asset management firms joined hands with established Indian realty players that kept the investment market busy. Heading into 2023, the overall picture for the Indian economy is looking extremely positive. In the year 2023, with overall expected growth, pick-up in job creation and ready-to-move-in housing will continue to drive demand. We are also expecting some rapid change in the workplaces, which means that it will also favour greater flexibility. All these factors are expected to drive demand for A-Grade office space. As captured by a leading industry consultant in its report, the market for A-Grade space is expected to touch 1.2 billion sq. ft. by 2030 buoyed by consistent demand. Another significant observation made by such a report opines that in the metro and non-metro cities, adoption of office space will breach the 60 million sq. ft. mark by 2023.  With companies taking significant steps toward sustainability, they are increasingly on the lookout for commercial spaces that align with their sensibilities. Taking this into consideration, certain established players are addressing this growing need of sustainable structures. At SATTVA, we are in the forefront of building commercial spaces that meet the highest standards of sustainability, where all our buildings come with LEED certification. Right from our futuristic tech park SATTVA Knowledge City, which is touted to be Asia’s best tech park to many more, which is home to fortune 500 companies to home grown tech giants.” – Mr. Bijay Agarwal, MD, Sattva Group.

About Sattva Group

With 3 decades of expertise, the Sattva Group has grown into one of the most trusted builders in the country today. Headquartered in Bengaluru, India, it is also a well-known name in Hyderabad, Kolkata, Pune, Coimbatore, and Goa. The Group will soon be expanding its presence in Mumbai. With 66 million sq.ft spaces completed, 28 million sq.ft under construction, and 39 million sq.ft in the planning stage, the Group is one of the most premium builders in India today. The Group’s cutting-edge marquee projects in Hyderabad include Knowledge City, Knowledge Capital, Knowledge Park, and Image Towers (Innovation in Animation, Multimedia, Gaming, and Entertainment), a PPP-based model with the Telangana State Government. By further expanding into various verticals such as co-working, co-living, education, hotels, facilities management, and warehousing, the Group today stands tall as a frontrunner, shaping India’s growth story. The Group’s unwavering adherence to quality has given it the “trusted” tag among builders in the country, renowned for its “A Stable” CRISIL rating for over a decade. 

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