In the aftermath of the pandemic, almost every sector was left lifeless, waiting for some miracle to resuscitate them. Some got revived without much help while others had a hard time getting back to their pre-pandemic state. One of the sectors that was not only crippled by the pandemic but also struggled to get back on its feet was commercial real estate.
Commercial real estate has always been the backbone of our economy. But the pandemic and its subsequent lockdowns left it with a deep cut that hasn’t healed completely yet. As a result, it could not contribute to helping restore the economy, which took a plunge during the pandemic-induced lockdowns.
How Commercial Real Estate Turned Upside Down
During the pandemic, malls were shut down with no foot movement, retail shops were not allowed to operate past a certain hour, and only essential-items stores were allowed to operate but with time limits. This caused a major disruption in the sector, with brick-and-mortar businesses gasping for air. Those business owners could not make ends meet, vacating their spaces to avoid chewing away on their savings. What followed was the demand for commercial space in the country plummeted significantly, shooing investors away from potential investments. With no investments, real estate projects could not get the funding they needed for completion, coming to a halt.
Revival of Commercial Real Estate
As they say, there is always light at the end of the tunnel. The commercial real estate sector in India seems to have found its way to the end of the three-year-long tunnel. It turns out, the sector has finally been resuscitated as a plethora of commercial real estate projects entered the market at the beginning of the year 2023. As many as 23 shopping malls are expected to be operational by the end of the year. This is great news for everyone eyeing the sector to invest or start their business.
One of the areas that staged a strong comeback for the commercial real estate market is Ghaziabad, which has more than a dozen of shopping malls in the pipeline for the year’s end. One of the best projects among these is Himalaya City Center located in Raj Nagar Extension.
Role of Himalaya City Center in Ghaziabad’s Commercial Real Estate Revival
Himalaya City Center may be a new shopping mall in the heart of Ghaziabad, but the way it has attracted investors from different parts of the country makes it one of the most popular projects in the country today. So much so that international franchise businesses have already opened their new outlets in the malls, paving the way for new businesses to set up their business here. Catering to millions of families that reside in the vicinity, the project has successfully gathered the attention it needed to support the economy.
The rising popularity of Himalaya City Center indicates that if upcoming projects in the country are designed and built to offer world-class amenities and assurance of integrity and consumer satisfaction, reviving the commercial real estate sector won’t be as difficult as it was appearing just a year back.