The entire National Capital Region (NCR) along with capital city Delhi is rapidly rising as the hotspot for commercial real estate developments. The major influx of multinational companies and other big domestic firms is the main reason behind this increase in corporate office demand. As offices are coming up in every nook and corner of Noida, Gurgaon, Delhi and Greater Noida, more people are looking for housing accommodations in these areas. This is resulting in a rapid increase in the demand for residential development as well.
According to the reports prepared by the consultancy firm CBRE, the corporate office take up in the National Capital Region has witnessed a whopping 70 per cent upward movement as opposed to the June quarter of the last year. The office space take up was followed by the real estate requirements of the ecommerce industry.
The largest demand came from the IT/ITES sector followed by the ecommerce industry that made up for more than 30% of the total demand. Since a number of commercial real estate inventories were lined up for completion in Gurgaon and Haryana, no new inflow of inventory was seen. The same gamut of office spaces is lined up for completion in the year 2015.
The tremendous infrastructure development in and around the NCR will keep on improving the demand and supply of commercial real estate which will lead towards an increased leasing activity in the rapidly growing pockets of Gurgaon and Noida. Also, the NCR accounted for more than 25 percent of the overall supply infusion among the major cities of the country. The rental rates in the popular localities of Noida and Gurgaon are also expected to witness a rise of 2-5 per cent.
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