By Aman Sharma, Director, Spaze Group
Shop-cum-office (SCO) spaces are the new face of the commercial real estate sector and Spaze Group is among the top players in this segment. SCO spaces have emerged at the top of the real estate trends in the last two years, primarily as an outcome of the pandemic-induced learning. The hybrid model of working has motivated most companies to move to SCO spaces as they come with multifold advantages.
SCOs are freehold commercial properties that entitle owners to have 100 per cent ownership rights of the land where they can build retail shops as well as offices. Clients can use SCO spaces to construct properties, like banks, healthcare centres, automobile showrooms, white goods shop, retail shops, office spaces, restaurants, eating joints and cloud kitchens, along with offices in the same area.
The Haryana Government’s commercial plotted colony policy has also played a significant role in giving a push to the SCO segment. Under the scheme, developers can sell plots where buyers can construct up to four floors and use them for office or retail purposes. Encouraged by the scheme, real estate developers, particularly in Gurugram and Faridabad, are pushing shop-cum-office (SCO) plots as yet another realty asset. Multiple players are coming up with new offerings to lure investors to this highly attractive segment.
Post-pandemic, real estate developers have been toying with various business models to not just stay afloat but also to chart the growth trajectory. Investors and company owners have also changed their preference to full ownership of land resulting in surge in demand for SCOs. Various reports suggest that these mixed-use commercial spaces offer the best of both worlds – maximum capital appreciation, a steady stream of lease rentals and the least amount of risk. All these factors, coupled with the perception of domain experts, has inspired to the launch of Grand Central 114 by Spaze.
A strong testimony to the popularity of this segment is a recent observation by realty expert Anshuman Magazine, Chairman, India and South-East Asia, Middle East & Africa, CBRE. Speaking about its phenomenal rise, he said, “In the current scenario, SCOs are being perceived as a sought-after asset class for new-age investors looking to diversify their portfolios.” Many other domain experts, as also real estate veterans, have endorsed this view at various forums.
Besides, the trend of setting up a combination of retail and office complexes is rapidly spreading among Tier-II cities as well. The economy has also observed how pandemic has changed the preferences of the workforce as a majority of the population is comfortable working from their hometowns where the work and life balance is better. Also, there has been a major shift of the workforce towards Tier-II cities where the cost of living is less as compared to metro cities. In this regard, Gurugram in the NCR possesses the twin advantage of offering lower costs while providing all the benefits of the national Capital, because of proximity.
Grand Central 114, the new SCO project by Spaze Group, will be located at the largest commercial Sector 114 of Gurugram, a great commercial location that offers excellent connectivity to Delhi and the Indira Gandhi International Airport. An elite crowd, luxury commercial and residential projects and proximity to the airport make Sector 114 an ideal location for the SCO ecosystem. Several high-quality residential developments in the neighborhood makes this a sought after location. Once completed, Grand Central 114 will become an iconic destination for the people of Gurugram, like Khan Market and Connaught Place in New Delhi. The Spaze Group is aiming to make it the grandest SCO project in Gurugram.
Commercial real estate investment is expected to grow by leaps and bounds, which will make SCOs the next big thing. SCO is an upcoming concept that will give a big push to commercial investment in the real estate sector.
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