23-12-06
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#10
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Join Date: Nov 2006
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Hi Friends,
I'd like to share with you the this interesting piece of news which might in some way influence your investment decisions.
Quote:
The real estate boom in commercial sector has further picked up in the National Capital Region following the government’s drive to seal the unauthorised and illegal premises. In the first nine months up to September 2006, according to the latest report of global consultancy firm DTZ Debenham Tie Leung, Delhi witnessed an overall absorption of 6.03 million sq ft of commercial area as compared to the 3.5 million sq ft absorbed during entire the 2005.
Consultants feel that the strong demand for the commercial space would also drive the demand for the residential space in the region. A senior consultant said that though a substantial portion of the demand came to meet the requirements of those whose premises have been sealed in Delhi, a huge amount of office space was taken by new companies and by the existing companies which expanded their operations.
According to the report, companies like Tech Mahindra, EXL Services, Energizer, Accenture and Genpact took huge office space in the region. These companies would employ fresh people and so the demand for the residential space would be created.
The report said that the office market absorption in the country is mainly driven by Information Technology (IT) and Information Technology Enabled Services (ITES) sectors, which account for about 90% of the total absorption. The second biggest sector which created demand for the office space was banking and financial institutions.
However, a senior consultant said that because of the ongoing sealing drive in the last two months, vacancies in Delhi had further gone down. Interestingly, Noida overtook Gurgaon in office space absorption in the third quarter. The report said Noida accounted for 48% of the total absorption in the National Capital Region (NCR).
- TOI,Delhi
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