In today's changing world, repurposing of real estate assets is more relevant than ever. Changes in demography, consumer preference, technology, pre- and post-pandemic scenarios are parameters forcing to apply adaptive measures to real estate assets to be economically relevant.
The outbreak of COVID – 19 has only accelerated the need; considering foreseen and unforeseen changes in the way we work and travel, living across different segments. It is prudent that we realize the need and change with new times as businesses jet-set to get aligned with the current and future needs of the market.
Opportunities for repurposing real estate assets lie everywhere in India but more in older and growing Tier 1 & 2 cities of the country. There are many buildings, located especially in CBDs and SBDs of Indian cities which can benefit from application of repurposing measures. Repurposing of real estate assets, as an adaptive practice can also apply to newer properties and other locations of India.
Regardless of how promising and attainable it sounds, repurposing of real estate assets demands creativity, commitment, a strong vision, understanding of the local marketplace and expert marketing skills to fulfil the common goal.
This guide will assist its user during selection of properties, process of transformation, possible uses for different current uses, application of technology & ESG principles, estimating costs and timelines, understanding regulations and financing routes and other critical factors during planning stage for repurposing of properties.
This guideline is primarily readied for property owners, developers and property investors who seek to understand the broad principles that support repurposing and the resulting benefits.
In this guide and application manual, we have covered: