Mushrooming IT companies have given a big push to the rates of commercial property in the country. In past few years, the IT sector in India has grown manifolds and has reached to new heights which mean more work and more of human resource and which in turn makes multinationals look out for bigger spaces for their enlarged operations into a single large building. Such a growing trend among various national and international IT companies in India has lead to the growth of commercial real estate to such a great extent.
Commercial real estate is soaring and the statistics are incredible. According to the property data exhibited by DTZ, in 2006, 10.6 million sq ft commercial space came up in the NCR and out of which, 4.6 million sq ft was pre-committed. Trends in the commercial market are changing fast, earlier the companies used to own a building but now they prefer to lease it. Initially the developers were indulged in only those commercial constructions with pre-commitments but now they blindly invest in a commercial project as the market suggests that they will get business with time.
In the country’s capital the rates of commercial capital and rental properties are surging like anything which is slowly making the properties in of ‘A’ grade less available. Since these ‘A’ grade properties will be soon unavailable people in Delhi have turned towards the secondary market like Saket, Bikaji Cama, Dwarka etc for commercial properties.
Commercial real estate prices are not only escalating in the capital but in almost all major metros and other important cities. Silicon Valley, Bangalore according to a real estate consultant Cushman and Wakefield, occupies 33.75% of the total commercial land being consumed in India.
Chennai takes second position as it absorbs 6.4 million sq.ft commercial land; Mumbai occupies commercial space of 5 million sq. ft., followed by Hyderabad at 3 million sq. ft., Pune at 2.6 million sq. ft. and Kolkata at 1.5million sq.ft.
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