Integrated commercial complexes taking roots in India

NEW DELHI: Like integrated residential complexes, integrated commercial space developments are also taking roots in the country, a senior official of real estate consultancy firm Jones Lang LaSalle Meghraj has said.

"This is an emerging trend and a saleable one as well," Jones Lang LaSalle Meghraj Country Head Anuj Puri told PTI.

Such projects house office space, five-star hotels and retail area among other facilities.

While Brigade Group has already done such a project in Bangalore, many more such projects are coming up in various parts of the country.

"The developers' margin in such projects are higher as compared to other projects," Puri said.

BPTP Ltd has launched a project, Capital City, in Noida, Nirmal Lifestyle is doing such a project, Nirmal Galaxy, at Mulund in suburban Mumbai.

BPTP's Capital City is spread across 21.17 acres and comprises 2.1 million sq ft of office space, one million sq ft of retail and entertainment space and 1.1 million sq ft of hospitality space. Nirmal Lifestyle's project also houses all.

Venture Capital Fund Indiareit's Chief Executive Officer Ramesh Jogani said, "The development of integrated facilities within the commercial complex is not just required, it's a compulsion, when the projects are of large scale. It's a new trend in India, but not a unique one. In various parts of the world, such projects can be seen."

Projects encompassing everything to meet the need of the people in a particular area, be it residential or commercial, provides a balance to development and demand, Jogani added.

"The merit of such projects are undoubtable since its housing counterpart is already a success," one of the developers said.