Huge demand for commercial property around residential areas
As the city spread and grew out of the central business district (CBD), many homeowners are renting out their residences to retailers as there is a huge demand for commercial property around residential areas. According to a survey, a mere 4-5 million sqft of ready retail space is currently available for retailers in the country. Another challenge for retailers is the non-availability of space in the right catchment areas. Investments in commercial real estate provide better annualized yields (11-13 per cent), compared to residential real estate (three-four per cent) in India.
The city’s mushrooming working population with deep pockets and a flair for all things branded has offered considerable promise to the organized retail sector.The residential areas of Koramangala, Indiranagar, Sadashivanagar, Whitefield, and BTM layout in Bangalore have now emerged as high street shopping centres. The 100 Feet Road in Indiranagar, New BEL Road and Bannerghatta Road have becoming bustling commercial areas where the retail industry is thriving.
“We decided to move out of this area and convert our existing home to rent it out to a showroom,” says BTM resident S R Reddy, who has a property on Bannerghatta Road. “Capital values are higher in retail spaces, they represent larger investments and a significant component of self-funding is required. This stands in contrast to residential properties,” he says.
“As the value of the land goes up and rental prices soar, it makes more sense to rent out to a commercial space,” says architect Krishna Kumar. “The city is growing and there is demand for office and showroom spaces in these areas. We have been getting many queries to design such spaces.When a home owner approaches us to convert his home into a commercial space, we look at the various factors,” explains Krishna Kumar. “For example, if he is looking at renting out his home to a showroom for ethnic clothes, and they want to create a cosy ambience, we will retain the inner walls and design the space accordingly.”
Owning a commercial space is today a lucrative investment. Commercial retail space has now become hot property. The structural issues and cost factor are the two main components that architects look into. Depending on the kind of commercial space, the home is either completely demolished or re-designed to suit the needs of the tenant.
Source: Times Property
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