March 12, 2010
The conditions of commercial property are finally ameliorating. Both the retail space and office are back in demand. Although, the development in 2010 is most likely to occur in tier-1 cities of Mumbai, NCR, Bangalore and Chennai, a new group of companies is, for the first time, considering off shoring in these destinations.
In 2010, an office space of about 60.9 million sq ft. is likely to come up in seven cities including Mumbai, NCR, Kolkata, Pune, Hyderabad, Chennai and Bangalore is the report by Jones Lang LaSalle Meghraj (JLLM), a global real-estate consultant. Around 74 percent of it will be supplied by the tier 1 cities.
The change that has come up in the market is noticeable to the realtors too. The General Manager of business development, Prestige Estates Projects, Nandakumar OP said that as far as commercial leasing activity is concerned, there is an appreciable increase in it. Since the price befits of offshoring/ outsourcing to India are eyed by a large number of spectators, there is a possibility of see a lot of new companies scouting for leased premises.
There is even a good scope of the retail side of the commercial market.
Mr Gupta of JLLM told that although numerous of retailers, both foreign and domestic, are evaluating their plans of expansion in India in the coming 2-3 years, the number of enquiries from retailers that are converting into consumption are mostly in the forthcoming malls only.
