By Accommodation Times Bureau
Commercial Property in the upcoming year “Dirty Picture” for sellers and “Jannat” for buyers
Mr. Raj Sharma, President & Co-founder, Majestic MRSS’s:
“Market for commercial property in the next 12 months in INDIA may seem like ‘The Dirty Picture’ for sellers and ‘Jannat’ for buyers. The price correction that took place in 2011 will continue in 2012 also. However, the interesting opportunities for sellers would be in the areas where there is no supply of vacant spaces and demand is high. This will force the market to shift location and there could be a sudden spurt of new office areas altogether – Like Mini BKC’s and Mini Connaught Places across the country.
We have seen that most of our clients from the REAL ESTATE industry are betting big on the ‘Retail Industry’ and that too not necessarily in the big cities, it is the Non-Urban Market which will show the most growth.
However, one has to be cautious that the global cues will also have its impact on Indian market and it is not a standalone or protected market. However the one thing I can say is that in this case, INDIA are bound to beat CHINA over the next 12 months as the Indian commercial property market is not as protected and destabilised “
Delhi-NCR, Mumbai, Bangalore are key cities for the Indian commercial sector
Harpreet Singh Batra MD of Imperia Structures
The Indian Commercial Property sector has seen a surprise boom in past few years, asserting more profitable returns to the investors, in comparison to the residential property. The demand for commercial properties in India has already doubled from past years and the trends that are now driving it will multiply exponentially by 2020. Delhi-NCR, Mumbai, Bangalore are key cities for the Indian commercial sector, as, it will witness great growth in upcoming years. Despite the continuing turbulence and uncertainty in other parts of the globe, the Indian Real Estate will continue to grow.
Indian commercial property market has displayed flexibility in the past
Lalit Kumar Jain, CREDAI national president, Chairman – MD – Kumar Urban Development
The Indian commercial property market has displayed flexibility in the past. Despite all the highs and lows, the counties office market fundamentals continued to improve. This was assisted by strengthening business conditions, strong economic performance, and improving property market dynamics and increased corporate hiring. Many Indian and multinational companies have made significant fresh recruitments over the last few months, contributing to the office space take-up in Mumbai and other Cities. The consequences of the global economic slowdown have been subdued by expansion, relocation and upgrading demand, offering relief to its various stake holders, but the future seems to be demanding and forever growing.
Supply is high but there is no demand at all for commercial property
Pankaj Kapoor Managing Director at Liases Foras Real Estate Rating & Research Pvt. Ltd.
The current status of realty market is not doing well residential as well as commercial property market. However, supply is already huge and there is no demand at all, that is why developers have started giving discounts and partly payments, installments etc. schemes to luring buyers. Developers are also attracting to commercial space buyers by offering rebates on several types of duties. Even from last two quarters market has witnessed of less office space transactions.