Ghost properties : Can they be revived?
Real estate as an investment has increased drastically,this had lead to large unoccupied buildings,where hardly anyone lives or a few live,40% of the property stays vacant.Builders abandoning the project,the no of NRIs investing in real estate sector ,poor rental income,no one willing to stay at the location and so on.They are many reasons that could lead to ghost properties.
This is not only restricted to the residential sector but also applies to commercial sector,There are a total of 57 ghost malls in the top eight cities. As high as USD 524 million of construction value is locked in these malls. If we remove such malls, the overall health of the malls in the country improves. Such malls also adversely impact the vibrancy of the social infrastructure of the area
The ghost properties can be repurposed and renovated :
- Giving it up on a long-term lease for commercial purposes to local businesses or use it for retail warehousing;
- Short-term leasing for temporary occupancy such as community events, and cultural shows;
- Transform into community spaces, and rebrand it as entertainment, children, or food and beverage hubs;
- Beyond the commercial merit of such properties, with the help of owners and the local community, these places can be used for societal causes, which can eventually enhance the traffic flow/footfall for the property
- Turning properties towards co living spaces,hospitality spaces could provide owners with regular income