Registration of commercial properties as independent floors will attract investment in Haryana
Agencies
Synopsis
The flexibility offered by this amendment will attract both local and global enterprises, further propelling Haryana as an investment hotspot. “This will foster the growth of the commercial real estate segment. The move will create demand, leading to an increase in the prices of residential plots. As the decision allows people to open offices/commercial space on these floors, it will also drive up the rental value,” said Nayan Raheja of Raheja Developers.
By Faizan Haidar, ET Bureau
Haryana government’s decision to allow the registration of commercial properties as independent floors in licensed colonies will help the real estate sector in the region, industry experts said.
The flexibility offered by this amendment will attract both local and global enterprises, further propelling Haryana as an investment hotspot.
“This will foster the growth of the commercial real estate segment. The move will create demand, leading to an increase in the prices of residential plots. As the decision allows people to open offices/commercial space on these floors, it will also drive up the rental value,” said Nayan Raheja of Raheja Developers.
Mohit Goel, MD of Omaxe Ltd said the decision showcases the state government's commitment to creating a thriving business environment and fostering a conducive business environment.
Earlier, such a provision was only for the residential properties.
"This decision aligns with the evolving entrepreneurial landscape, acknowledging the significance of flexible space utilization. Just as adaptable work models have gained traction, the government adapts its policies to catalyze growth,” said Vishal Raheja, MD, InvestoXpert.com.
By bridging the gap between statutory provisions and market demands, the move will empower businesses and also amplifies investor confidence.
"In response to the evolving landscape of urban development, the Haryana government's decision will encourage economic growth and empower businesses while streamlining administrative procedures. The amendment of Section 3-C of the Act highlights the government's recognition of the changing nature of commerce and the necessity to adapt regulations accordingly,” said Sunil Sisodiya, Founder, Geetanjali Homestate.
While acknowledging the positive strides in facilitating business expansion, there's a need for careful consideration of potential consumer impacts as well.
“The move will strengthen the returns on investment, allowing investors a bigger scope of retail space. With this move, the revenue on residential properties will also increase, bringing a boost in returns. Also, the availability of commercial developments on these floors will also ease the life of end-users through enhanced amenities within reach,” said Rajjath Goel, Managing Director, MRG Group.
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“This decision showcases a forward-looking approach that will stimulate investment and business growth in the state. The passage of the Haryana Development and Regulation of Urban Areas (Second Amendment) Bill, 2023 demonstrates a commitment to fostering a business-friendly environment while ensuring urban development is both streamlined and inclusive,” said Pradeep Aggarwal, Founder and Chairman, Signature Global (India) Ltd.The flexibility offered by this amendment will attract both local and global enterprises, further propelling Haryana as an investment hotspot.
“This will foster the growth of the commercial real estate segment. The move will create demand, leading to an increase in the prices of residential plots. As the decision allows people to open offices/commercial space on these floors, it will also drive up the rental value,” said Nayan Raheja of Raheja Developers.
Mohit Goel, MD of Omaxe Ltd said the decision showcases the state government's commitment to creating a thriving business environment and fostering a conducive business environment.
Earlier, such a provision was only for the residential properties.
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"This decision aligns with the evolving entrepreneurial landscape, acknowledging the significance of flexible space utilization. Just as adaptable work models have gained traction, the government adapts its policies to catalyze growth,” said Vishal Raheja, MD, InvestoXpert.com.
By bridging the gap between statutory provisions and market demands, the move will empower businesses and also amplifies investor confidence.
ADVERTISEMENT
"In response to the evolving landscape of urban development, the Haryana government's decision will encourage economic growth and empower businesses while streamlining administrative procedures. The amendment of Section 3-C of the Act highlights the government's recognition of the changing nature of commerce and the necessity to adapt regulations accordingly,” said Sunil Sisodiya, Founder, Geetanjali Homestate.
While acknowledging the positive strides in facilitating business expansion, there's a need for careful consideration of potential consumer impacts as well.
ADVERTISEMENT
“The move will strengthen the returns on investment, allowing investors a bigger scope of retail space. With this move, the revenue on residential properties will also increase, bringing a boost in returns. Also, the availability of commercial developments on these floors will also ease the life of end-users through enhanced amenities within reach,” said Rajjath Goel, Managing Director, MRG Group.
(You can now subscribe to our Economic Times WhatsApp channel)