As the phase of recession is towards its end, an increase in demand of commercial real estate projects, including both office and retail space has been witnessed by firms and retailers.
The executive director for development services at consultants Cushman and Wakefield India, Ravi Ahuja said that in many cities including Mumbai and Delhi-National Capital Region (NCR), the commercial space leased out or sold by the firms is about 9.2 million sq. ft within just a time span of three months, while the space leased and sold during April-June 2009 was just 5.8 million sq. ft.
Last year, the retail space available was 6.3 million sq. ft. However, this year, some 16.4 million sq. ft of retail space is expected to be available. Consultant Jones Lang LaSalle Inc. has predicted 8.9 million sq. ft will be absorbed this year, compared with 4 million sq. ft in 2009.
Developer such as Assotech Ltd, Wave Inc. Anant Raj Industries Ltd and BPTP India Ltd and have also reported improving property demand.