Focus on data safety to push realty demand
With technology aiming to transform the way industries and governments work, issues such as data security and privacy will take the spotlight. India is likely to bring in a data protection policy this year which is expected to push the demand for commercial real estate to house large data centres which are necessary to store India specific data locally.
The proposed bill requires that data processing organisations maintain transparency, appoint a data protection office (DPO), undertake data audits, and localise their data.
The data centre market is expected to reach $7 billion in the next two years, recording a growth rate of around 25% from the current estimated level of $4.9 billion, showed a study by Colliers International.
Property markets such as Bengaluru, Hyderabad and Chennai that already have established infrastructure to support data centres are expected to take the lead in such commercial developments with third-party collocation data centres.