IT and ITeS Pushing up Commercial Real Estate in India

April 4, 2007	(Be the first to rate this story!)  Loading ...
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Commercial real estate in India is believed to be turning milestones into stepping stones. Thanks to the increasing interests of the IT and ITeS sector that continues to be the primary driving force in the cities such as Pune, Hyderabad, Chennai, Bangalore, Mumbai and Delhi.

As per the data showcased by surveys, the sector accounted for 75% of the total office space absorption in Pune in the fourth quarter of 2006. The IT hub of the country, Bangalore continues to excel at the same pace with the support of knowledge based companies.

Interestingly, the other surveys which have released the city wise snapshots also gave the same results. Recently, Tie Leung put the 14.2 million office space absorption in Bangalore as the highest in the country. Currently, the IT/ITES companies are situated in the known IT corridor of the city extending from Whitefield to Electronic City. The real estate developments in India are to reach the best of its phase in the wake of upcoming infrastructure activities. The international airport scheduled to come up in Yelahanka in 2008 is such an example.

The report featuring the current scenario of real estate in India makes special mention of Hyderabad, which has emerged as one of the most sought after IT/ITes destinations in south India with Madhapur and Gachibowli micromarkets becoming a preferred destination in the city. Indeed, the area has 0.5 million sq. ft. Grade A office space absorption in this quarter. The total absorption in 2006 was around 3.8 million sq. ft.

Another upcoming IT/ITeS Destination, Shamshabad is expecting to have its international airport by March 2008. A hardware park spread over 5,000 acres promoted by the Andhra Pradesh Industrial Infrastructure Corporation.

News Published Under:   Real Estate India |

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