Bids for leasing 2 land parcels in Chennai: RLDA VC
Dudeja was also the Chief Guest at the 15th Construction World Architect & Builder (CWAB) Awards – the Oscars of the building and design industry – held recently. Here, he spoke about the opportunities that the industry can grasp which are currently being provided by RLDA through their development works.
Managed accommodation spaces or co-living spaces are also likely to gain traction owing to renewed focus towards health, hygiene and wellness measures. Additionally, end-to-end services such as accommodation, safety, security, recreational facilities and a sense of community through shared living experiences, will retain them as an attractive option for millennials.
As far as commercial real estate is concerned, it has been the preferred asset class for investors owing to a higher return on investment. A commercial property gives the average rental yield of 6-10 per cent, as opposed to a rental yield 1.5-3.5 per cent from a residential property. A Colliers International report predicts continuity in private equity investment in Indian real estate over the long term, with a robust growth as compared to other major economies despite the COVID-19 outbreak. Pockets such as Adyar, Sholinganallur, Injambakkam in South Chennai have transformed into IT hubs housing a considerable population of millennials. The presence of Business Process Outsourcing (BPO) and IT/ITeS segments are expected to propel the demand for office spaces. Co-working is also expected to thrive due to a good return potential and the demand for flexible working models.
The COVID-19 crisis will also accelerate the deployment of emerging technologies in an endeavour to offer curated experiences to customers.
In an exclusive video interview with CW, Dudeja also informed us that RLDA is developing 62 stations leveraging the strengths of the private and public sectors.
About the Author:
Ved Parkash Dudeja is Vice Chairman, Rail Land Development Authority.