News & Views on Indian Real Estate

Friday, September 26, 2008

Real estate demand to cross 1,000 million sq. ft by 2012

Demand for real estate across office, retail, residential and hospitality sector is expected to cross the 1000 million sq.Ft. Mark by 2012, according to a report by Cushman and Wakefield.

Despite the expected slow down in the office market the demand for commercial office space is projected to be 243 million sq ft which is 22 percent of the total demand projections for the next five years.

The retail and hospitality segments are expected to constitute 95 million sq ft (nine percent) and 73 millin sq ft (six percent) of this total demand

Anurag Mathur and Sanjay Dutt Joint Managing Directors, India Cushman and Wakefield said, 'The world wide economic slow down is definitely impacting the real estate sector across the world and India alike. Fortunately this slow down is unlikely to last beyond the next two to three years.

"In the long term strong demand for real estate in India will remain intact and will probably see us through another real estate cycle once the market finds its own levels by responding tho these short to mid term global and robust demand for real estate across sectors", they said.

A dynamic workforce, liberalised economy, robust demand for real estate across sectors are the key factor that will make Indian market in coming times more reliable for investments especially in the real estate sector, the report said.

According to the report, Bangalore depicts the second larest CAGR in demand for commercial office space over the next five years and represents the highest cumulative demand among the top seven cities. (MORE) PTI JD MSR BN SS SS 09241944q ft) and retail

(10 mn) sq fet, Hyderbad ranks sixth. The residential demand is estimated to be 61 mn sq ft.

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