NCR's promising commercial hub

Tribune Real Estate Bureau

Located along the Delhi-Gurgaon expressway, Aerocity, is fast turning out to be a promising hospitality and commercial hub for NCR. It was approved in 2007 under the partnership of GMR and the Delhi International Airport Limited (DIAL) to be 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).

Hospitality on the rise

This hospitality and mixed-use district is spread over 45 acres. The area has come up with more hospitality units than had been planned initially for the district. Prominent hospitality brands at Aerocity include Pullman, Novotel, Holiday Inn, IBIS, and JW Marriott, among others. Currently about 2,300-2,400 hotel rooms are operational here, while 1,600-1,700 hotel rooms are now under construction.

Potential as business district

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.

Ample office space

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.

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 per cent subsidiary of Bharti Enterprises.

What makes it a hot destination

Aerocity’s proximity to the International Airport is a favourable 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.

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.

Ram Chandnani, MD – Transaction Services, CBRE South Asia Pvt. Ltd. says, “Delhi NCR led prime corporate space take-up across the country’s leading office markets during the first quarter of 2016, with Gurgaon continuing to be favoured by corporate real estate occupiers. Aerocity’s proximity to this preferred office district is likely to attract the attention of occupiers seeking fresh workspaces. Going forward, the office market in Delhi NCR is likely to continue to attract occupier interest, especially in the suburban markets of Gurgaon and Noida, in forthcoming quarters.

— With inputs from CBRE