{"id":25319,"date":"2021-09-27T08:59:23","date_gmt":"2021-09-27T01:59:23","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=25319"},"modified":"2021-09-27T08:59:23","modified_gmt":"2021-09-27T01:59:23","slug":"indian-retrofitted-office-buildings-have-potential-value-of-1-28-billion","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/indian-retrofitted-office-buildings-have-potential-value-of-1-28-billion\/","title":{"rendered":"Indian retrofitted office buildings have potential value of $1.28 billion"},"content":{"rendered":"

Once upgraded, the buildings will become more investible and\u00a0adept to be bundled into a REIT<\/span>\u00a0<\/span><\/p>\n

\"\"
Investors are currently putting their stakes on under-construction buildings due to\u00a0a shortage of readily investible assets. Sapsiwai\/Shutterstock<\/figcaption><\/figure>\n

According to Colliers\u2019 latest report, the retrofitting of around 100 one million square feet of office space has INR90 billion (USD1.28 billion) worth of unrealised value in the top six cities of India, reported ET Realty.com<\/a>.<\/span><\/p>\n

Developers and landlords are missing investment opportunities,\u00a0and the report says that the upgradation of buildings will make them more investible.\u00a0<\/span>\u00a0<\/span><\/p>\n

As a result, investors and developers can bundle these reformed buildings into a REIT.\u00a0Investors are currently putting their stakes on under-construction buildings due to\u00a0a shortage of readily investible assets.\u00a0<\/span>\u00a0<\/span><\/p>\n

Ramesh Nair, chief executive officer India & managing director, Market Development, at Colliers India, said, \u201cThis is an opportune time for landlords to upgrade their properties. Many occupiers are considering moving from old-generation to new-generation buildings and, more than ever before, looking at aspects like HVAC upgrades, improved indoor air quality standards,\u00a0and smart features.\u201d\u00a0<\/span>\u00a0<\/span><\/p>\n

He also adds that the focus of upgradation will be on modern amenities that will boost operational efficiency and enable collaboration.\u00a0<\/span>\u00a0<\/span><\/p>\n

More: Indian city launches tax payment software to turn into paperless office<\/strong><\/a><\/p>\n

Additionally, demand for such buildings will come\u00a0via introducing new interests in tenants.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201cOccupiers are also looking at a reduced CAPEX from their side. In this context, retrofitting buildings will revive demand by generating a renewed sense of interest among occupiers. While up-gradation can involve increased costs, landlords can see the rental appreciation of up to 20 percent,\u201d he said.\u00a0<\/span>\u00a0<\/span><\/p>\n

\n
\n
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The Property Report editors wrote this article. For more information, email:\u00a0<\/span><\/i>propertyreport@propertyguru.com<\/span><\/i><\/a>.<\/span><\/i>\u00a0<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Once upgraded, the buildings will become more investible and\u00a0adept to be bundled into a REIT\u00a0<\/p>\n","protected":false},"author":12,"featured_media":25320,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[216,668,1086,2353],"class_list":["post-25319","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-india","tag-investment","tag-office-space","tag-retrofitting","news_country-india","news_author-property-report"],"acf":[],"yoast_head":"\nIndian retrofitted office buildings have potential value of $1.28 billion | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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