NCR awaits 9-mn sqft real estate space

According to a Colliers International India recent report, the National Capital Region is all set to witness planned development of approximately 9 million sq ft of new SEZ supply over the next five years. This is so because flurry of the top-notch SEZ developers have their eyes set on the NCR market. SEZ developers like Ascendas and Ireo are coming up with new developments in Gurugram while builders such as Brookfield and DLF are adding new towers in their existing projects, senior associate director (Research) Surabhi Arora said, adding that over 70% of the upcoming supply will come in Golf Course Extension Road, Sohna Road and other micro markets of Gurugram. Rents in these regions are in the range of Rs 65-70 per sq ft per month. Currently the region has operational stock of about 20.1 million sq ft distributed across 12 SEZs, most of which is in Gurgaon and Noida. Similarly, Gurugram has about 72% of the total SEZ stock in the NCR. The region has witnessed a stable demand for SEZ office spaces over the past three years with 1.35 million sq ft of annual absorption, he added.