As the real estate segment emerges from the slowdown there have been several positive and innovative developments, especially in commercial reality. This may augur well for the future of this segment.
As India’s economy emerges from the slowdown and becomes an increasingly global player, one segment where change is visibly apparent is the commercial realty sector – be it retail, entertainment, F&B or plain office spaces. It isn’t just about glass and chrome exterior facades, or incorporating environmental friendly aspects during the construction… It is all about intelligent planning and about borrowing global concepts which are then molded, to fit Indian conditions. This is what is reflected in the actual work spaces of today.
It is just about the building’s exterior design, concurs, CMO, Aditya Birla Financial services Group (ASBF-SG). Rather, it is the interior that has come into focus. The new trends in interior design are all about integration, transparency and vibrancy. He gives the example of how almost 1,000 employees of ABFSG who were spread cross different locations in Mumbai and its suburbs have now been integrated into a single location, cross five floors of the ABFSG’s office building near Lower Parel. Besides location, the office architecture also binds the employees. Even tough the employees belong to different functional areas, there is a common synergistic element that unites them.. Glass cabins walls and separators communicate the transparency aspect, while vibrant corporate brand colors, used across all floors provide a common integrating aspect, he explains.
In suburban Mumbai, the partially completed Magnet Mall is being re-done to suit the modern day entrepreneur and the work force. Beyond Square feet, they have taken up the challenge of creating a unique organized retail space, says issues like revenue haring he mall owners and retail space lessons have to be worked out at the planning stage itself. When it comes to organized retail, things have changed and will continue to change. As a work place, organized retail has to meet the challenges of future requirements.
In Navi Mumbai, Haware Builders have come up with the concept of nano shopping complexes which provides smaller sized units and does away with the use of centralized air conditioning in order to minimize cost for its occupants. MD, Haware Builders points out that it has become necessary to empower customers with the sort of ok spaces that make sense to them. Times are changing and we need to be in sync with changing times.
Even tier 2 and tier 3 cities are now witnessing demand for world class commercial spaces. The new commercial spaces are all about getting a positive feeling, when on enters the work space. Citing the example of the Empress Corporate Tower in Nagpur it has an atrium that soars high. It also has a small retail section and a food court so that human resource at the premises enjoys the work experiences. Customization is the key here.
Commercial projects that are in sync with market requirement will prove to be successful. Referring to Dev Corporation, a project in Thane is said that the project reflects the new trend in commercial real estate, which remain constant through 2010. It offers the best of amenities and facilities and is located in close proximity to the catchment areas of man power that will work in such commercial.
According to, director of the Tirupati Group, modern work spaces need to be about effective use of real estate space that boosts the morale of employees and give them positive energy to perform. At the same time, housing infrastructure facilities, such as recreation communication canteen etc, to a common location makes sense in challenged economic times and results in enhanced cost efficiency. These trends vis-à-vis office spaces, reflect the needs of modern Indian corporates and are here to stay. Office spaces that convey a feel good factor to both visitors as well as to those who work there will be the ones that truly reflect the new India.