The First Dedicated section for Commercial Properties in India
In order to provide a single window solution to the demands for a business address, MagicBricks launches Commercial.MagicBricks.com. This dedicated section will provide local city-centric options for retail showrooms, shops and commercial office space.
May 2012: With the opening up of the Indian Economy to global manufacture & retail, the commercial real estate market is headed for renewed growth. The market for office rentals and retail is very strong and backed by huge demand from both foreign and domestic players, across the country.
In one of the user surveys conducted by MagicBricks.com to gauge market sentiment out of 467 Survey respondents, 456 respondents (98%) are looking to invest in commercial property. This overwhelming number shows that apart from residential property, people also view commercial property as an investment option.
Most Survey takers have high expectations regarding Return on Investment (ROI) on commercial property, with 49% of respondents expecting more than 12% ROI. Not surprisingly, annual ROI below 12% is only expected by 32% of Survey respondents
While property investors are interested in selling and booking profits after a few years, others buyers want to generate the attractive rental incomes they can gain from commercial property. There is also strong demand from end-users – SMEs, retailers & businessmen, who want to buy or lease a place to conduct their business.
For a majority of the survey takers (44%), the purpose of investing in commercial property is for Return on Investment. Renting/leasing (37% of respondents) comes a close second. Self-use found favour with 13% of the respondents, which indicates that they may be end-users. Interestingly, saving capital gains tax was selected as the purpose for investment by only 2% survey takers.
“Today, there is demand for business/retail space not only from organised business and small entrepreneurs but also from individuals who have wisened up to the fact that returns from commercial property are often much higher” remarked Sudhir Pai, Business Head, MagicBricks, while launching the new commercial section.
“While most real estate portals have a rudimentary commercial section, MagicBricks will be the only portal in India that will develop a full-fledged commercial section with large number of listings as well as content; & promote this market segment extensively.” explained Pai
Extensive research has also gone into developing Commercial.MagicBricks.com based on the user surveys, client feedback and in-depth interviews across developers, brokers and individual users to develop content, tools and features for the portal.
The site is being launched with over 5,000 listings in Delhi NCR to chose from with a wide variety of commercial properties all under one roof. Strong brands such as DLF, BPTP, M3M, Jaypee and Era showcasing their properties for lease and sale.
Speaking of their association, Amit Raaj Jain – Sr. VP. Marketing BPTP Limited, said, “”I would like to congratulate MagicBricks.com on launching their new Commercial Section. Commercial Property growth is a clear derivative of economic growth of the country or region. Since the Indian economy is growing at a steady rate, I foresee huge potential in this. BPTP wishes MagicBricks.com good luck and I am sure that this Commercial Section will greatly improve transparency and access to this segment.”
Commercial.MagicBricks.com will be the only portal which addresses both buyers & sellers needs in a comprehensive manner. The portal will showcase new projects for investors and focus on properties for rent/lease for end users.
In addition, there are dedicated sections catering to the information & advice needs of property seekers, be they corporate or brand, with exclusive access to “Expert Speak” a dedicated knowledge section, the latest reports on the commercial market space and a user Q&A segment as well.