INDIA COMMERCIAL PROPERTY (2008-2009)

The Indian real estate is growing and in the process of transition due to key regulatory developments happening in this space. India’s real estate market can be divided into two components:

· Residential Real Estate

· Commercial Real Estate.

There are huge demands for both the residential and commercial properties in the country but the commercial property is leading the race. Today, the big realty developers are eyeing all leading Indian cities to construct a hallmark commercial building in the form of shopping malls, IT parks, SEZs, Service apartments, Hotels etc. across Mumbai, Delhi, Chandigarh, Pune, Noida, Gurgaon, Chennai, Bangalore, Hyderabad and Kochi as well.

Market Trends and Forecasts

According to the market estimation of the consultancy firm Jones Lang LaSalle, 70 per cent of the office space requirements is driven by the over 7,000 Indian IT and ITES firms, other 15 per cent by financial services and pharmaceutical sector and the remaining 15 per cent by other industrial sectors and chennai real estate is picking much faster as compare to other sector.

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According to ‘Emerging Trends in Real Estate Asia Pacific 2007,’ published by PricewaterhouseCoopers and the Urban Land Institute, Mumbai ranked second after Singapore, placing it among the top cities in which to buy office space. The report identified Bangalore among the top five markets in the retail sector.