Kundli enjoys advantageous proximity to the upper-middle-class residential catchment of North Delhi. Against the backdrop of a landscape that is being increasingly defined by mega education, institutional and industrial projects as well as rapidly enhancing infrastructure, the prospects for the realty market within the Kundli-Sonipat belt remain upbeat.
We have studied the pattern of leasing activity over past few years and identified key industry verticals, which were acting as the fundamental drivers of office space demand in India. The IT & ITES sector – which saw a sharp decline in its share, falling from 48% in 2005 to 23% in 2009 – has improved its share to 39% this year.
With immediate effect, the minimum built-up area requirements to be met by SEZ developers will be 100,000 square meters for the seven major cities, 50,000 square meters for Category B cities and only 25,000 square meters for the remaining cities.
Suburban locations are home to the majority of office real estate occupiers and will have a growing role in determining the performance of the country’s office market. The absorption of office space in the country totaled 26.7 million sq ft in 2012 with suburban locations accounting for more than 60% of the total, or 16.6 million sq ft.
In Mumbai, the iconic Express Tower is a good example of a real estate asset in a prime location of India’s financial capital that is ideally suited for advantageous repositioning.