Bangalore office assets market witnessed a whopping transaction of 11.4 million Sq. Ft. in 2016. It is the highest transaction that has been recorded in five years. New conclusions observe an upsurge of 12% than what was seen in 2015.
Noida, 15th January 2017: The city has seen exchanges of 5.3 million Sq. Ft. amid the second 50% of 2016 with new consummations in this period at 3.5 million Sq. Ft.
The development in office space is rather than the private market where the request has declined fundamentally. In the second 50% of 2016, new dispatches of private units declined by 45% from a year back while deals volume plunges by 27%.
Demonetization has affected the city’s land advertise significantly in the final quarter of 2016. Amid this period, new dispatches and offers of private condos fell by 65% and 45% individually.
“While the development seems, by all accounts, to be decreasing, it ought to be noticed that the IT/ITeS division, which is the key request driver of the workplace showcase in Bengaluru, has developed and remains on a greater base today” said Satish B N, the Executive Director of Knight Frank India.
Regardless of a huge quantum of exchanges, development slant remains moderately obliged because of solid rivalry from different urban areas, principally Hyderabad. Opening rates proceed with its descending development in the blink of an eye at 6%. If you see the recent market, you will be able to make out a marked improvement in the demand as well as the price of the properties.
Bangalore has been regarded as the IT hub of India. As more and more companies are finding the city suitable for expansion, the demand for the commercial spaces has also gone up. This is the main reason for real estate property developers to invest more money in this sector. The OOR sector that is known for being the hub of commercial spaces had seen a decline in the last quarters. But due to the current developments, the market has gone up again. Real estate experts are also hopeful that the market will continue to develop from now on.
Author: Somdeepa Bhattacharjee
Somdeepa Bhattacharjee has a total experience of five years in the Content Editorial, Online Community and Internet Marketing domains. As a part of the content team of a3solutions.in, she develops research-oriented stories and News Articles on recent market trends. She has a proven strong analytical skill in her Articles which help readers to understand real time scenario of Realty Market. In her free time, Somdeepa engages in Blogging, Trekking, Reading Classics and Photography. She really fond of Entrepreneurship, Travelling and Foods.