By: CBRE
Aerocity located along the Delhi–Gurgaon expressway, is fast turning out to be a promising hospitality and commercial hub for the National Capital Region (NCR). Approved in 2007 under the partnership of GMR and the Delhi International Airport Limited (DIAL), it was predominantly developed as a hospitality district with mixed-use developments for shopping centers and corporate office space near the T3 Terminus of the Indira Gandhi International Airport (IGIA).This hospitality and mixed-use district is spread over a sprawling 45 acres. Currently about 2,300–2,400 hotel rooms are operational at Aerocity, while a further 1,600–1,700 hotel rooms are now under construction. The area has come up with more hospitality units than had been initially planned for the district. Prominent hospitality brands at Aerocity include Pullman, Novotel, Holiday Inn, IBIS, and JW Marriott, among others, across 5-star, 4-star, 3-star and Budget Hotel categories.
Aerocity’s proximity to the International Airport is a favorable factor for corporate real estate occupiers to locate their offices here. It also enjoys seamless connectivity with South Delhi, Dwarka, Gurgoan, and Dhaula Kaun through roadways and the Delhi Metro. Quality hotel developments, as a part of Aerocity’s hospitality district, also allow corporate players to effectively run their operations by providing convenient accommodation to international clients.
The availability of investment-grade space in Delhi at relatively affordable prices as compared to burdened micro-markets, such as the traditional Central Business District of Connaught Place, allows the region to attract strong occupier demand. And in cases where commercial realty rates are comparable, the brand positioning of Aerocity is more amenable for global as well as domestic corporate firms.
Overall, the micro-market offers multiple advantages vis-à-vis other business districts of Delhi. The region, moreover, has the potential to accommodate a major share of mixed-use developments across the NCR by housing multiple global players from diverse sectors under the same roof. With the completion of the three towers of Worldmark in 2015, the total available office space in Aerocity currently stands at just under a million square feet.
Prominent corporate real estate tenants with operational offices here include E&Y, Airbus, Goods & Service Tax Network (GSTN), Industrial Bank of Korea, Bank of Tokyo, Mitsubishi, Hike Limited, and OSC (Korea), among others. Although retail space at the Worldmark is yet to become operational, fit-outs for the food court, Epicuria, and the anchor, Central, are underway. The brand mix is expected to be fairly diverse, with global F&B brands, and experiential shopping and leisure opportunities likely to be a part of the development. The mixed-use project at Aerocity, a LEED platinum rated project, offering over a million square feet of investment-grade corporate real estate and shopping center space, has been developed by Bharti Realty, a 100% subsidiary of Bharti Enterprises.
With institutions such as DIAL and GMR responsible for the upkeep of Delhi’s Airport district, Aerocity enjoys excellent road infrastructure, regular power supply, green landscaping, security and safety controls, and well-managed vehicular and pedestrian traffic. A regulated and well-maintained business environment distinguishes Aerocity from other business districts in NCR.
