Various industry occupiers driving the commercial real estate demand in India
The commercial real estate demand is increasing in India as more and more companies are taking up office spaces thick and fast. The demand for commercial reality has increased by a whopping 23 per cent, with pan India absorption recorded at 11.4 million square feet. The demand for vibrant IT parks, co-working units and A Grade offices is at an all-time high in major cities including Mumbai, Delhi-NCR, Hyderabad, Bengaluru, Chennai and Pune.
According to the experts, the commercial real estate market is likely to witness a decent growth in the next few years on the back of interest from various industry occupiers like manufacturing, flexible workspace, logistics and warehousing.
Looking at the current scenario, the developers are increasing their project portfolio to keep up with the demand. Over the years, India’s leading commercial real estate developers like K Raheja Corp, led by Chandru Raheja, have launched commercial masterpieces like Commerzone’ in Pune and Mindspace in Mumbai and Hyderabad, which have attracted various businesses.
On the other hand, private-equity major Blackstone is also increasing its portfolio of commercial projects gradually. In an important real-estate deal, India bulls Real Estate (IBREL) got into an agreement with Blackstone Group to divest 50 percent stake in its prime commercial properties in Mumbai for Rs 4,750 crore. India bulls are the owner of two commercial projects in Mumbai, viz., India Bulls Finance Center and One India Bulls Center.
Cities like Pune, Hyderabad, and Mumbai have good connectivity and robust social infrastructure, making it a modern upscale locality. At this juncture, the strategic location of projects like K Raheja‘s Commerzone and Mindspace provide an easy access to the modern-day needs.