Wave of IT and corporate parks sweeps Ahmedabad- Less takers dampen the investors
Ahmedabad was all set to go the Bangalore way and started constructing large spaced corporate and retail parks. However after the initial enthusiasm, corporate and retail parks with large space of average 12000-15000 square feet have not found many takers in Ahmedabad. In recent times, Ahmedabad has seen a rise in the number of corporate parks that offer individual office or retail space in sizes of 5,000 square feet to even 12,000-15,000 square feet. The conventional office space is sized around 1,000-2,000 square feet and is suited for 40-50 employees and the large sized offices in corporate parks are suited for larger employee base of over 100.
However Ahmedabad did not see too many MNCs queuing up to take up these spaces in the last few years due to the economies reeling under the pressure of recession and slow down. Hence there were not many takers and the occupancy levels remained at about 60% which amounts to huge losses for the builders of these corporate parks. High rentals and capital values had also dampened the sentiments of the Indian companies who wanted to set shops in Ahmedabad.
HN Safal Group has developed Mondeal Retail Park and Mondeal Business Park on SG Highway, however in terms of sales; the developer has sold out all of its 50-odd units. This may be a good news for the developer, but the investors who have bought space at these retail parks are bleeding as out of 16-odd units, only 6 are functioning. The low rental income is not able to neutralise the effect of non-occupancy and the developers and investors are trying to get a way out of this situation.
Source- Business Standard
Ahemdabad IT park, Ahemdabad IT parks, ise in the number of corporate park, IT park, IT park scheme of Ahemdabad
