In a report by Colliers India, the commercial real estate developers who own office space buildings in India have a huge opportunity to refurnish and upgrade the facilities to leverage the growth in real estate in India.
They examined office building properties in six major cities and found that if the real estate owners can invest in the upgrade of buildings, they can reap the right benefits in the same proportion by attracting the right tenants, and increase the lease contract length.
The landlord tenant relationship is already changing because of the pandemic induced changes in the operational costs and budgets in running the offices, and the change in working model itself such as hybrid work use cases. So, lease restructuring is already part of the landlord tenant relationship.
See this Zee Business story (source) for more details.
In Mohali and Zirakpur, there are a few commercial properties that are not a viable business model anymore for the owners. They can take it as an opportunity because this real estate market is really growing and thriving in this region.