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By the year 2017, around 150 million sq.ft of new commercial space would be created in important cities across the nation. The potential areas include Mumbai, Hyderabad, Pune, Delhi NCR, Kolkata, Chennai and Bangalore.
These cities in the coming years, would see completion of commercial space worth the market area of yet another Delhi National Capital Region and Mumbai. Considering the anticipated development of India’s marketable commercial footprint in the last decade, the observed growth has been about 800% in these ten years.
The anticipated development could be on par with foreign nations like Hong Kong or Malaysia. Yet, as compared with the big players in the global arena, the growth in commercial sector is less in India, therefore, there is more room for development.
Majority of this massive level requirement would be for IT/ITES companies, analysts observe and Northern areas of Bangalore is where most of the development would happen. Other areas like Outer Ring Road, Whitefield and Electronics City are the other areas of potential.
The next year 2014 to 2015 would be the time when maximum development would take place in this regard. The rental values in these areas might be under pressure owing to this anticipated development potential.
Bangalore is at the top with majority of developments taking place here. In addition to the conventional commercial space, many new areas are witnessing fast development into active commercial zones. Presence of top companies belonging to IT and other sectors also led to the current situation. Things look positive with even outskirts gaining popularity as commercial centers.
Of late, companies in other locations have shown willingness to shift to the IT City due to assurance of more opportunities.
Yet, an imperative aspect worth mentioning here is that to utilize the positive environment, effective planning and proper utilization of resources is needed.
These cities in the coming years, would see completion of commercial space worth the market area of yet another Delhi National Capital Region and Mumbai. Considering the anticipated development of India’s marketable commercial footprint in the last decade, the observed growth has been about 800% in these ten years.
The anticipated development could be on par with foreign nations like Hong Kong or Malaysia. Yet, as compared with the big players in the global arena, the growth in commercial sector is less in India, therefore, there is more room for development.
Majority of this massive level requirement would be for IT/ITES companies, analysts observe and Northern areas of Bangalore is where most of the development would happen. Other areas like Outer Ring Road, Whitefield and Electronics City are the other areas of potential.
The next year 2014 to 2015 would be the time when maximum development would take place in this regard. The rental values in these areas might be under pressure owing to this anticipated development potential.
Bangalore is at the top with majority of developments taking place here. In addition to the conventional commercial space, many new areas are witnessing fast development into active commercial zones. Presence of top companies belonging to IT and other sectors also led to the current situation. Things look positive with even outskirts gaining popularity as commercial centers.
Of late, companies in other locations have shown willingness to shift to the IT City due to assurance of more opportunities.
Yet, an imperative aspect worth mentioning here is that to utilize the positive environment, effective planning and proper utilization of resources is needed.
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