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IT and ITeS rule real(ty) growth


IT and ITeS rule real(ty) growth

Last updated: April 4 2007
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  • IT and ITeS rule real(ty) growth

    The IT and ITeS sector continues to be the primary driving force in the commercial real estate growth of many cities in the country, including Pune, Hyderabad, Chennai, Bangalore, Mumbai and Delhi.

    While the sector accounted for 75% of the total office space absorption in Pune in the fourth quarter of 2006, Bangalore continues to be the major IT/ITeS hub of India with 70% of total absorption of office space by such knowledge-based companies.

    In fact, the city-wise snapshots released by real estate consultancy DTZ Debenham Tie Leung recently put the 14.2 million office space absorption in Bangalore as the highest in the country.

    At present, the IT/ITES companies are locating in the IT corridor extending from Whitefield to Electronic City. But with the international airport scheduled to come up in Yelahanka in 2008, significant real estate developments have started showing their face in that area as well.

    The report makes special mention of Hyderabad, which has emerged as a preferred IT/ITES destination in south India with Madhapur and Gachibowli micromarkets becoming one of the most sought after IT/ITES destinations in the city.

    In fact, the area witnessed nearly half a million sq. ft. Grade A office space absorption in this quarter. The CBD area also witnessed absorption of 68,000 sq. ft. in the quarter. The total absorption in 2006 was around 3.8 million sq ft.

    Shamshabad is also expected to emerge as another IT destination as the proposed international airport in this area is expected to be operational by March 2008. A hardware park spread over 5,000 acres promoted by the Andhra Pradesh Industrial Infrastructure Corporation.
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