Commercial realty on revival mode

After having remained in a dormant condition for months, the commercial market is currently on the revival mode as a large number of commercial property deals have been reported across major cities of the country. The healthy trend is an indicator of growth and will in turn push demand in other segments of real estate.

According to sources, the new telecom player Telenor recently closed a deal for 50,000 sq ft on Golf Course Road, Samsung signed up for 66,000 sq ft in Noida, while KPMG has also closed a deal for 100,000 sq ft in Mumbai’s Lower Parel area and Wipro has leased similar space in Powal. Likewise in Hyderabad GE has closed a deal for 60,000 sqa ft in Gachilbowli, informed CEO GenReal, property consultancy, Vivek Dahiya.

In addition to this, there are many other large companies like Reckitt Benckiser and HP which are in the market at the moment looking for large spaces. In the south, First Source and Amazon.com, both the companies have leased 100,000 sq ft of space each on Chennai’s OMR and Barclays Shared Services has leased 100,000 sq ft in Chennai’s Guindy area. The last couple of months have seen quite a bit of activities. The Chief Executive Officer, Business, JLLM, in a statement said that his company is about to lease close to 200,000 sq ft of space in the 1.8 million sq ft complex very shortly.

NBMCW