Refurbishment of Old Commercial Buildings in Metro Cities of India is an Enormous Business Opportunity

With the rising cost of contruction, in terms of materials, labour costs and of course with all the hassles related to permissions, etc. there is a new solution that is being preferred by many stake holders in the commercial real estate industry in India.

Construction professionals are restoring historic office buildings to meet the rising demand from firms and investors, some of whom are now motivated by environmental objectives. According to industry estimates, retrofitting and upgrading obsolete commercial office buildings in India with modern amenities, architecture, and building technology has an investment potential of about 6K crore rupees.

Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai, and Pune have approximately 100 million square feet plus of grade A office buildings that are over 10-15 years old and can be refurbished, whereas these top cities will experience a robust pipeline of office buildings over the next three to four years, with approximately 170 million plus square feet of grade A office stock in various stages of development.

As the country's investment activity rises, there is a spike in demand for technically and operationally suitable, state-of-the-art real estate projects. The benefits of remodelling a building outweigh the costs, since it may prevent the shareholder from suffering large financial, time, and legal losses.

According to experts, modernising ageing office buildings may help attract more tenants and prolong the life of the structure. Renovating old homes is one of the most lucrative real estate business opportunities in India today, especially in urban areas.