Niranjan Hiranandani Founder and MD, Hiranandani Group
The real estate sector plays a vital role in the country’s economic growth story, be it as a contributor to the nation’s GDP or as a creator of jobs. Commercial real estate, comprising of Offices, Retail, Industrial Parks, Warehousing and Hospitality segments, has seen significant growth in recent years. Growth in investor interest, increase in rentals, and implementation of REITs has led to the strengthening of activities by established players in the commercial real estate sector.
While 2019 witnessed a record leasing (estimated 42 million sq. ft.), the first half of 2020 saw a slowdown unfortunately due to the pandemic. The recovery phase ever since has been a series of positive trends. A recent media report stated that the year 2021 is expected to witness close to 38-40 million sq. ft. of new completions, while the net absorption is likely to hover around 32-35 million sq. ft., at par with the annual net absorption levels seen during 2016-2018. The authorities have made the right moves to support commercial real estate through the pandemic; through existing initiatives like ‘Make in India’, urban development policies, Smart City, and AMRUT programmes. Additionally, PMAY, among others, will result in bringing back the rising demand for real estate and infrastructure.
Hiranandani Business Park, Thane has arrays of commercial real estate offerings befitting the needs of corporates, entrepreneurs and even professionals. The offerings span from outright boutique offices to leased commercial spaces for large conglomerates or corporates. The setup is amidst a full- fledge vibrant township with bustling residential, high street retail, cafes and restaurants, entertainment, convenience and healthcare amenities to offer the working populace a complete lifestyle.
Hiranandani Estates, Thane Township has evolved into a progressive ecosystem that enhances the living quotient of residents and the working quotient of the workforce operating from here. The established commercial cluster known as ‘Hiranandani Business Park’ accommodates many national and international corporate presence which include TCS, Bayer, Regus, WeWork etc. HBP, Thane has been gaining traction as one of the favoured commercial destinations in the Suburban Business District as it offers open space, thriving community, established connectivity coupled with upcoming mega infrastructure and a well- knitted socio- civic fabric to provide the quotient of ‘live, work and play’.
The main aspect which sets HBP, Thane apart is that it delivers on the ‘walk to work’ concept. In the ‘new normal’ post the pandemic, office spaces have undergone a major transformation. Businessmen and professionals often complain about the long commute to and fro from work. HBP, Thane, offers Studio to 5 BHK residential options in Hiranandani Estate along with OC Received boutique office spaces in projects like Solus, Chesterton, and large office spaces in Quantum that help ensure a quintessential ‘work-life balance’.
Solus offers brilliantly planned ready boutique office spaces for all business types. It features retail spaces on the ground and first levels, and office spaces within the rest of the premises. Whereas, Chesterton is designed for ideas greater- than- life and comes equipped with capacious spaces and convenient functioning. HBP, Thane comprises about 3.5 million sq. ft. commercial spaces. These commercial buildings offer dynamic and future-ready designs, created to take businesses to new heights in the vibrant, active, and well-connected neighbourhood: HBP, Thane.
The aspect which gives commercial spaces in Hiranandani Estate, Thane the winning edge includes existing and upcoming infrastructural developments. The Metro Lines (4, 4A and 5) will connect Thane to Mumbai and its neighboring suburbs with flawless finesse. The widening of the Kopri Bridge to Mumbai will take away the traffic woes, the Thane-Borivali underground tunnel will reduce a one-hour journey to a mere 15 minutes and the waterways connectivity will help connect Thane to Kalyan, Navi Mumbai to Mumbai. HBP, Thane has been opening up doors to more reputed businesses who wish to relocate and consolidate their pan-MMR operations at a central business district.
The future perfect smart city, Thane, will play a major role in the rise of commercial real estate across the MMR, with cutting-edge commercial centres like HBP, Thane leading the road to success.