Commercial Real Estate has changed the world in many ways. The biggest change can be seen in the revitalisation and development of urban areas.
India is the most populated country in the world. With our country holding this demographic record, it has become important for urban development and revitalisation to rise. This is when commercial real estate comes in. Commercial real estate has transformed many small towns into urban cities. This has helped the people living and not living in the area to adapt to a better lifestyle, better job opportunities, and better stability. People living in the area get introduced to a better standard of living along with newer opportunities. Whereas people migrate to these areas because of the revitalisation in turn increasing the population density there.
Commercial real estate does not just mean commercial buildings. It is a mix of commercial, recreational, and public real estate. All of these put together increase the appeal of a town. And with this increased appeal, people prefer to start migrating to the developing area.
Commercial real estate creates job opportunities. Because of India’s unemployment rate, these are great opportunities for people to find work. Once people are given better jobs, their standards of living also become better hence making the overall area more attractive to outsiders. This also attracts bigger talents and finding people who never had the opportunity to explore their gifts. This results in people coming into the town to look for better jobs which increases the demographic which in turn gives the town an opportunity to become urban.
Commercial Real Estate enhances the culture of an area. Since culture is one of the biggest selling factors of a place, if properties like restaurants start adhering to and promoting a certain culture, it gives the area a chance to promote their culture. Being able to let outsiders know about their culture gives the area a chance to develop into an urban area by attracting others. People who might relate to this culture move to the area which incorporates a sense of belonging.
Commercial Real Estate celebrates the heritage of an area by preserving the historic buildings. They understand their values and open them to the public in order to show the area’s culture. This popularises and educates the public outside the area about the heritage of the place.
Preserving the heritage of forest areas and integrating eco-friendly buildings into an area also promotes the area thus inviting people to live in a culturally preserved region.
Commercial real estate also looks after the revitalisation of a region. If the region can be made more sustainable and can be saved with the help of modern technology, it is done by making a city plan for the area. Commercial centres will be built in order to promote a healthier and better lifestyle among the citizens. Places where people can explore a higher quality of life and different cultures are built which eventually leads to the development of an urban lifestyle.
Conclusion:
The role of commercial real estate in urban development and revitalisation is more than one would think. Commercialising an area is what draws the most attention to it. This is how small towns like Hyderabad and Gurgaon made a name for themselves and increased their demographic. Commercial real estate is an industry that has seen the potential of many regions and boosted them to help their urban development.
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