of the country real estate market Tremendous rise continues. There is a big jump in demand for commercial space along with residential. According to real estate consultant Colliers India, the demand for office space remains strong in six major cities of the country. The demand for office space in these cities is expected to increase by 35 percent on an annual basis in the January-March quarter. Colliers India released data on the workplace market for January-March nine days before the end of the current quarter.
Demand expected to increase in Delhi-NCR
According to the data, total office leasehold in six major cities – Bengaluru, Delhi-NCR, Mumbai, Chennai, Hyderabad and Pune – is estimated to grow by 1.36 crore sq ft during the first quarter of 2024. Leases in the same period a year ago were 1.01 crore square feet. According to the report, demand is expected to increase in Hyderabad, Mumbai, Bengaluru and Delhi-NCR, while there may be a decline in Chennai.
Golf course extension road becomes major hub
If we talk about NCR, Golf Force Extension Road (GCER) of Gurugram is fast becoming the new destination for big business houses or business institutions of the country. In the last year there has been a significant increase in companies looking for new offices in this location. There are two main reasons for this place emerging as an important office location. The first reason for this is India’s flexible economy, which is attracting multinational companies towards India. Anil Pankaj Singh, V.P. Corporate Leasing, AIPL informed that there has been a significant increase in demand for commercial space around Golf Force Extension Road. At present the demand for Grade A offices has increased rapidly.
Singh said that rental rates have increased rapidly in most of the business districts of Gurugram. There has been a significant increase in the rents of properties on Golf Course Extension Road. Due to the limited availability of Grade A office space, we expect the demand to increase further in the future. Over the past few years, Golf Course Extension Road in Gurugram has gained quite a reputation as the next big hub of the country. This can be attributed to its strategic location. This location has attracted companies involved in social and civic infrastructure here.
Noida Expressway also became a favorite location
Real estate experts say that after the arrival of Jewar Airport, the commercial properties built and being built around Noida Expressway are attracting investors. The demand for office space and retail space is the highest in this area. Many big companies are now opening their offices in this hot location. Demand is expected to increase further in the coming days. There has been a rapid increase in rentals due to demand.
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