Gone are the days when being in a ‘Sarkari Naukri’ was the in thing. For a lot of ambitious 20 somethings, getting a ‘start-up’ tag on their resume is the focus.
With the Union Budget 2014-15 allocating Rs 10,000 crore fund to facilitate capital flow to start-ups, there has been a new enthusiasm not only among the working fraternity but the real estate trend watchers as well, who know that at lower entry costs the upcoming areas of Delhi NCR are in for many takers.
“A large proportion of the population feels it is better to live close to the metro station, so they move to affordable rental and capital destinations such as Chattarpur, Ghitorni or Mehrauli or even in the vicinity of Arjangarh Metro Station,” says Sagar Ratnani, broker at SR Properties.
Depending upon the nature of work – creative, distributor services, textile, retail, publishing and consultancy, there are a lot of choices and good connectivity is a must. “When I got into advertising, my small company of four heads needed an office boy for assistance. Clients sent small packages or received them from us. This meant we were constantly on the move and needed this expense to be economical. Consequently, we picked Chattarpur,” says Upasana Bilwaal.
Bilwaal further points out, “We opted for Chattarpur only because we are not a client facing company.” Other companies prioritize as chances of exposure, weight of a popular address and proximity to the clients’ offices. This way there is a better chance of getting ideas translated into business models.
Noida, Nehru Place, Udyog Vihar, Shahpur Jat, Kailash, Masjid Moth, Lajpat Nagar, Gurgaon, HUDA, Karol Bagh, Jhandewalan, Mehrauli, Netaji Subhash Place, Pitampura, Rohini, Laxmi Nagar, Shakarpur and Pandav Nagar are some of the popular and strategic locations due to the metro connectivity.
“Some areas like Dwarka or Atta in Noida are a strict no-no among start-ups,” informs Rohan, a techie by profession and proprietor, Start-up Shared Office Spaces, a discussion forum on Facebook. “While offices require a show value, affordable areas in the proximity serve as hot investible grounds for living,” says Ratnani.
For entrepreneurs, looking for an ecosystem to grow in, it is important to live close to work. Ratnani says, “Most upcoming locations are where startups want to set base. Indirapuram, Ghaziabad and some sectors of Noida with rents ranging between Rs 15,000-40,000 per month for commercial units. An increasingly large number of these young buyers are investing in 1 or 2BHK units around these upcoming locations. In the case of Gurgaon, well-to-do start-up founders can afford to live close to South City and Cyber City.”
Local realtors inform that most start-up professionals are late home buyers. They prefer to experiment with their job and see how well it pans out. Since the income might keep dwindling, the rental market is popular among them.