The Weekly Hive
NECTAR
Commercial Real Estate in Urban Development – Building Communities for the Future
Over the past decade, the country’s infrastructure has grown tremendously, paving the way for extensive urbanization. While proactive government policies opened the market to global opportunities, boosting the economic foundation for rapid urban developments, it was commercial real estate that accelerated real growth. A stable job market and availability of talent have made India a viable market for a lot of global players to expand, creating a robust-demand supply equilibrium of Grade-A office spaces. This opportunity prompted developers to actively acquire land parcels to give wings to their ambitious commercial projects, creating an innovative mix of office and shopping districts in key corridors. ?
Apart from enhancing the overall value of a location, commercial real estate development also drove development in other segments as well. With rapid urban development in various key markets, the residential market also got a major boost. A large number of people who came in search of better life owing to the possibilities offered by these urban commercial districts, also wanted spaces to live and thrive, creating opportunities for the residential sector to come up with large-scale housing projects. So, in a way, a commercial real estate created a holistic ecosystem where the pace of urban development accelerated.?
The perfect case in point is Gurugram and its various micro markets that grew rapidly over the last 2 decades owing to commercial real estate development. From large agricultural lands and a barren topography, Gurugram transformed into the list of the country’s most vibrant cities and all these developments can be attributed to commercial real estate. The swanky and massive corporate parks and commercial district not only attracted global companies to set up their operations but also scaled up the economic activity in the region. Soon, the retail sector grew rapidly to cater to the new market and eventually boost further urban development through premium and luxury residential projects.?
This also holds true of other cities like Bengaluru and Hyderabad. These cities emerged as prominent global IT destinations, building a strong foundation for the commercial real estate segment to spread its wings. The suburbs of these cities saw rapid urbanization as more and more IT NNCs opened up offices there, eventually creating a network of communities that are thriving in these cities.?
In a nutshell, it can be rightly deduced that commercial real estate has been the torchbearer of urban development in India, and the legacy is still carried forward. With digital transformation and India’s economic growth, commercial real estate has gathered more steam to race toward a brighter future and this momentum will keep picking pace in the years to come.?
- Shesh Rao Paplikar , CEO, BHIVE Group
THE BUZZ
Saket Modi's Safe Security Raises $50M?
AI-based cyber risk management SaaS startup Safe Security raised $50 million in a Series B funding round led by Sorenson Capital , with participation from Eight Roads , Titanium Ventures , WTI, the venture capital division of 富达 , and other existing investors.
Founded in 2012 by? Saket Modi , Vidit Baxi , and Rahul T. ,?Safe Security helps enterprises, boards, regulators, and cyber insurance carriers to understand potential cyber risks in real-time. In February 2021, Safe Security rebranded its name to Lucideus, continuing to provide organizations with an aggregated view of enterprise cyber risk, and cybersecurity teams gain visibility across their entire attack surface, technology, people, and third parties.
Story Courtesy: Indian Startup News
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