Commercial space turns into residential

Q: Which are the builder who are develeping commercial space to residential space?

Jackie,

13th May 2013

Real estate News in Bangalore

commercial real estate

bangalore realty

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Last year, Godrej Properties, the real estate arm of Godrej Group, repositioned and re-sized their projects in Ahmedabad and Hyderabad with focus on residential development. The resizing and repositioning of Godrej’s Ahmedabad Township effectively reduce the developable area to 24 million sq.ft from 40.4 million sq ft, while increasing the ratio of residential area to 90 percent of total area from 65 percent.

Armaan Saxena, Bangalore

14th May 2013

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Kohinoor Group has also converted Kohinoor Square, which is an under-construction project with an entire 52 storey and 203 meters tall commercial tower, into a mixed use project with focus on residential development. The company is also planning to add hospitality units with serviced apartments, which will help the company to fetch higher development potential and will also reduce the possibility of losses. It will be interesting to see whether civic authority allows usage change for a ready tower.

Murali Krishnan, Bangalore

14th May 2013

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According to a real estate expert, it is better to risk your money and go for more residential projects now, as they are easy to sell compared to commercial space that may take long time to get absorbed.

Nikita Kapur, Bangalore

14th May 2013

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Real estate builders such as Godrej properties and Kohinoor have already executed such decisions in the past few months as the commercial real estate space continue to see growing vacancy levels.

Milind, Bangalore

13th May 2013

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Real estate biggies like Oberoi Realty is converting its office space project Oberoi Splendor Commercial into residential project located on Jogeshwari- Vikhroli Link Road in Andheri, a suburb in Mumbai. Brokerage firms like IDFC securities and Motilal Oswal have taken Oberoi Realty’s decision in a positive manner, given the possibility of better sales volume.

Vinu S,

13th May 2013

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