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Bangalore has emerged as a
clear preference for sectors like office and retail, while coming a close third
the residential and hospitality according to Cushman & Wakefield, a real
estate research firm.In its report Cushman & Wakefield GRI India Real Estate Investment report 2009: 'Survival to Revival- Indian realty sector on
the path to recovery,' the firm said that Bangalore is expected to see the
highest demand for office space in the period 2009 - 2013 with approximately 34
million sqft.
The expected recovery in
the IT/ITeS sector would have a positive effect on the demand in Bangalore. The
demand for retail sector is also expected to be the highest in Bangalore with
approximately 7 million sqft. while demand for residential is expected to be
approximately 570,000 units over 2009 2013. The hospitality sector in Bangalore
too is forecast to register the highest compounded annual growth of about 26
per cent in demand, followed by NCR at 24 per cent and Pune at 23 per cent. The
city of Chennai is expected to witness the second highest demand for office
space in India between 2009 to 2013 with a projected cumulative 27.2 million sq
ft and the city also holds the fifth largest demand share for retail and
hospitality space demand in India.
Anurag Mathur, managing
director, India, Cushman & Wakefield said that the office market in Chennai
has seen a renewed interest from the corporate sector.Good infrastructure, high quality construction and competitive pricing would be the key reasons for the
location to see high demand from corporate sector.
Hyderabad is expected to
witness office demand of 16.6 million sq. ft. over a five year horizon and
records the highest compounded annual growth of approximately 28 per cent
during 2009 - 2013 in the office sector along with Pune and Kolkata.The
residential demand for Hyderabad is expected to be 290,000 units with the
highest compounded annual growth of 14 per cent in the next five years akin to Bangalore.
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