Commercial Realty: Now & Then
Ar. Ashish Patil& Ar. PrachiChavarkar India has emerged as one of the most attractive destinations not only for investments but also for doing business, evident by its significant jump in the Ease of Doing Business rankings. It is one of the leading nations in terms of GDP growth rate. Since the launch of Make in India, FDI in India has followed an extremely positive trend witnessing 63% growth in FDI Equity Inflows. Continuing in this vein, the Real Estate Investment Trust (REIT) platform has helped in investments in the Indian real estate market. Indian real estate developers have moved to professionally managed businesses to meet the growing need for managing multiple projects across cities. While using the services of qualified professionals like Architects, Engineers and project managers, they have also invested in organising resources from material to manpower. In order to attract funding, they have revamped their accounting and management systems to meet due diligence standards. A massive urban transformation is waiting to happen in India. The emergence of metro rail services, in the urban landscape, has been one of the most defining transformations in India. Initiatives such as Make in India, FDIs, REIT and infrastructure development have consequently resulted in a growing demand for commercial space. The BFSI sector saw the most increase in the commercial space transactions’ share largely due to payment gateway companies taking up office spaces. Working out of co-working spaces, have allowed companies to reduce operating costs, given a flexible work environment, access to latest facilities and technologies, together with no upkeep issues and have attracted several corporates and start-ups to adopt the model. Mumbai, Pune, Bengaluru and the NCR have seen an increase in demand by for such spaces. The service sector has seen the largest FDI investment in recent years, and has recorded strong growth, in turn leading to a surge in demand for office spaces. To cater to the globally savvy, cost, time and energy conscious commercial real estate buyer, the real estate sector has adopted the latest technologies to drive projects in every stage from design to facility management. Augmented Reality and Building Information Modelling have enabled visualisation of the projects and have given professionals the edge in planning, design and execution. This has enabled reduction in costs, shrinking timelines and process efficiency. Virtual Reality has allowed potential clients to visualise a property even before the project is completed. Project Management Software (PMS) has helped to increase the efficiency, scheduling, clarity and accountability of all stakeholders working on a project. Cutting-edge tech like drones used during construction have enabled real-time monitoring of progress. Building management systems control and monitor the building's mechanical and electrical equipment such as ventilation, lighting, power systems, fire systems, and security systems. They aid in effective monitoring and targeting of energy consumption. Occupancy sensors allow automatic setback override during unoccupied periods. Lighting controls reduce unnecessary artificial lighting via motion sensors. Data is consolidated onto a single system to improve reporting, information management and decision-making. Property management software is used to track the performance and downtime of building equipment, ultimately making the entire property management process efficient. The favourable policy changes have led to a spurt in demand for commercial spaces. Good design, effectively engineered and professionally managed projects, incorporated with latest technology will definitely help in fulfilling the growing demand for commercial realty.
Tags : EXPERT ZONE