The first quarter of the year brought good news for the Indian realty sector. According to a real estate consulting firm, CBRE South Asia, the country witnessed an exponential rise in demand for the Lease land. The five metro cities including Delhi-NCR, Mumbai, Bengaluru, Chennai and Hyderabad saw an increase of 25 percent in the sale of commercial land.
The factors such as better working conditions, infrastructural development and India as the market for international trade played a pivotal role in the rising demand for commercial space in these cities. Also, the demand has tripled the earlier figures as the office spaces close to 11 million Sq.ft. were taken up by various companies in the first quarter of the year.
Bengaluru, known for being an IT hub reported the demand of maximum office spaces in comparison to the combined demand of Delhi-NCR, Mumbai and Hyderabad. The leading IT companies took up the 25 percent office spaces, whereas the BFSI Firms bought 24 percent of commercial space in the country. Similarly, the E-Commerce Companies occupancy of the similar spaces increased upto 15 percent. The option of ready-to-move-in commercial spaces is the result of pre-booking, particularly in Bengaluru. This city also witnessed a record growth of big deals while the dealing of commercial spaces in small and medium sizes recorded at 45 and 42 percent respectively.